The package confirms the framework for a future equity consolidated tape, consults on targeted market structure reforms and introduces an interim market activity reporting tool for shares.  

UK equity markets offer investors a wide choice of trading options.

The FCA’s assessment is that competition and innovation have delivered significant benefits for market users, helping create liquid and resilient markets. 

However, greater choice has also increased fragmentation. Obtaining a complete picture of trading activity can be complicated and expensive, meaning market-wide data is often under-used. It also means the depth and liquidity of UK equity markets is often under-appreciated. 

A consolidated tape brings together trading information from across the market into a single source. This package provides a path to deliver an equity consolidated tape within 18 months, making market-wide data easier to access and use. 

In developing the proposals, the FCA carefully considered a wide range of views on market data, transparency and market structure. The final package improves access to information, reflects strong support from market users and promotes effective price formation and resilient markets.  

The FCA’s assessment is that UK equity markets are functioning effectively. However, it is a complex ecosystem and markets evolve over time.

The consultation therefore sets out how market quality will be monitored and seeks views on the indicators it should track and the tools that could be available if proportionate intervention is needed in future. 

While the equity consolidated tape is being developed, the FCA has launched a market activity reporter for shares. The reporter provides visibility of overall UK equity market activity each day, helping users see a full picture of trading volumes before the full tape is launched. 

The package follows the launch of the UK bond consolidated tape in June 2026, which has attracted more than 1.6 million licence subscriptions. Together, these initiatives form part of the FCA’s wider programme of capital markets reform to improve transparency, access to information and confidence in UK markets. 

Simon Walls, executive director of markets at the FCA, said: “UK equity markets have evolved through competition, innovation and the choices made by investors and companies. These continue to be great foundations for a liquid and resilient market. A downside of choice can be complexity, but this needn’t mean a lack of transparency.

“A consolidated tape will make it simpler and easier for investors to see the whole market picture. Today’s package settles the big design questions and sets the path to deliver the tape within the next 18 months.”