On 11 July 2023, HM Treasury published a near-final draft of the Data Reporting Services Regulations 2023 (the draft SI), along with an accompanying policy note.

The draft SI is part of HM Treasury’s programme to deliver a Smarter Regulatory Framework for financial services, tailored to the UK. As part of the Edinburgh Reforms announced on 9 December 2022, the government committed to having a regime for a UK consolidated tape in place by 2024. In order to deliver on that commitment, the draft SI will replace retained EU law related to Data Reporting Service Providers to facilitate the emergence of a UK consolidated tape.

A consolidated tape will collect market data used for price formation and best execution into one source. This is intended to improve market efficiency, lower costs for firms and investors and make UK markets more attractive and competitive.

The government welcomes any technical comments on this draft SI by 21 August 2023.