On 19 November 2025, the Financial Conduct Authority (FCA) published a consultation paper (CP 25/31) on its proposed framework for introducing an equity consolidated tape (CT) in the UK to be run by a consolidated tape provider (CTP).

Overview

The FCA set out in CP 25/31 that an equity CT will collate and distribute market data, such as prices and volumes of trades, with a view to providing transparency in relation to trades undertaken across different trading venues as well as those arranged over-the-counter. The FCA also made clear that in relation to scope the equity CT will cover shares, exchange-traded funds, depository receipts and certificates, and other similar instruments.

The FCA explained that the main outcomes it is seeking to achieve by introducing an equity CT are to increase the use of UK equity trade data and to provide a more comprehensive view of UK equity market liquidity to all market participants. In light of this, CP 25/31 asks for feedback on the following points, in particular:

  • The FCA’s proposed rules, which are intended to establish the main regulatory obligations in relation to the equity CT, key regulatory requirements for the operation of the CTP, and also set out proposed obligations for trading venues and Approved Publication Arrangements to provide information to the CTP. In relation to this, the FCA set out its proposed changes to the relevant parts of the FCA Handbook including the Glossary, the Market Conduct Sourcebook (MAR), the Decision Procedure and Penalties Manual (DEPP), the Enforcement Guide (ENFG), and to the Data Reporting Services (Amendment) Instrument 2025 and the Technical Standards (Data Reporting Services) Instrument 2025.
  • The FCA also highlighted that it wants to ensure the UK equity CT can be operational as quickly as possible and set out details of issues and questions for consultees around the process for CTPs becoming authorised, including in relation to the design of the equity CT, selecting an equity CT, the economic model for an equity CT and the scope of data coverage.

Next Steps

The FCA are asking for comments on CP 25/31 by 30 January 2026 and are also inviting expressions of interest to become the equity CTP.

The FCA have set out that it will aim to publish its policy statement in the first half of 2026, that procurement for an equity CTP will commence once this has been published and, finally, that is aims for the equity CT to be in operation during the course of 2027.