The Financial Conduct Authority has launched a consultation on proposals to create a consolidated tape for UK equities. Last month, the regulator proposed changes to short‑selling disclosure, moving from naming individual holders to publishing aggregated, anonymized net positions with faster filings.

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According to the regulator, both initiatives aim to enhance market oversight and improve liquidity visibility.

FCA Proposes UK Equity Consolidated Tape

Equity trading in the UK occurs across multiple venues. While this promotes competition and innovation, it can make it difficult to assess overall liquidity. A consolidated tape would compile data from different venues, providing a more complete picture of market activity.

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The FCA says the initiative is part of its strategic goal to support growth and maintain the UK’s position as a major financial centre. The framework is designed to provide a consistent view of trading volumes and prices, support UK listings, and encourage investor participation through easier access to market data.

The tape is also expected to help compare UK liquidity with other financial centres, including the US and EU.

Regulator Plans Two-Year Tape Review

Simon Walls, Interim Executive Director of Markets at the FCA, said the tape will make data from multiple venues more accessible. He noted that diverse trading options in “UK markets can make overall liquidity harder to assess”.

The consultation seeks feedback on a tape that would include post-trade data and the attributed best bid and offer prices. The design aims to balance market benefits with timely implementation and risk management.

The FCA expects the tape to begin operating in 2027. The regulator plans to review its effectiveness after two years, including whether adjustments to pre-trade data levels are required.