FCA launches consultation on consolidated tape for UK equity markets
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FCA launches consultation on consolidated tape for UK equity markets 19 November 2025UK Reporter: Zarah Choudhary
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The Financial Conduct Authority (FCA) has launched a consultation on proposals to introduce a UK equity consolidated tape, which it says will help increase capital investment and liquidity in equity markets.
With equity trading spread across multiple venues, the FCA highlights that it can make it challenging for market participants to assess overall market liquidity, causing it to be underestimated.
A consolidated equity tape brings data from across these venues together, providing investors with a more comprehensive and clear view of the market.
The proposed tape aims to be in operation in 2027 and after two years of operation, the FCA will review the framework's effectiveness.
Simon Walls, interim executive director of markets at the FCA, says: “UK markets offer diverse trading options which can be great for competition, choice, and lowering trading fees.
“But this landscape makes it harder to assess liquidity as a whole in our markets.
“The equity consolidated tape seeks to tackle this challenge head on by delivering more straightforward access to equity market data from across venues, supporting better decisions and boosting market participation.”
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