The UK's Financial Conduct Authority has published a package of reforms for the country's equity markets, confirming the framework for a future equity consolidated tape while consulting on additional market structure changes.

The reforms build on the FCA's 2023 proposal to introduce a UK consolidated tape, with the regulator initially prioritising bonds before extending the initiative to equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term.

The FCA's announcement comes shortly after the European Securities and Markets Authority authorised EuroCTP as the EU's first consolidated tape provider for shares and ETFs. Although developed under separate regulatory frameworks, both initiatives aim to improve transparency and provide easier access to market-wide trading data.

FCA Targets Equity Tape Within 18 Months

The regulator said the measures are intended to improve transparency, widen access to market-wide trading information and support confidence in UK equity markets. The package also introduces an interim market activity reporter for shares while the consolidated tape is being developed.

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According to the FCA, competition and innovation have created liquid and resilient equity markets. However, the growth in trading venues has also increased market fragmentation, making it more difficult and costly for market participants to obtain a complete view of trading activity.

A consolidated tape combines trading information from multiple venues into a single source. The FCA said the package settles the main design questions and keeps the project on track for delivery within the next 18 months.

Simon Walls, Executive Director of Markets at the FCA, said UK equity markets had developed through "competition, innovation and the choices made by investors and companies." He added that while greater choice has increased complexity, "a consolidated tape will make it simpler and easier for investors to see the whole market picture" and that the package "settles the big design questions" to deliver the tape within the next 18 months.

Bond Tape Reaches 1.6 Million Licences

The FCA said it considered a broad range of industry feedback before finalising the proposals. It said the measures are intended to improve access to information, support price formation and strengthen market resilience.

Alongside the reforms, the regulator launched a market activity reporter for shares, providing a daily overview of UK equity trading before the consolidated tape becomes operational.

The consultation states that UK equity markets are functioning effectively but continue to evolve. It seeks feedback on how market quality should be monitored and what tools could be used if future intervention is needed.

The latest measures follow the launch of the UK's bond consolidated tape in June 2026, which the FCA said has attracted more than 1.6 million licence subscriptions.

The equity tape forms part of the regulator's broader capital markets reform programme to improve transparency, access to market information and confidence in UK financial markets.