FCA publishes Primary Market Bulletin 65, launching an equity consolidated tape consultation and an interim market-data tool for UK equity markets

The Financial Conduct Authority (FCA) published Primary Market Bulletin 65 in August 2026, setting out three linked initiatives aimed at strengthening transparency and data access in UK equity markets. The centrepiece is CP26/31, a policy statement finalising the framework for a future equity consolidated tape (CT) and setting out the next steps for delivery, alongside fresh consultation on a small number of outstanding design questions. A consolidated tape is a single source that aggregates trading information from across multiple venues into one unified feed. At present, the fragmentation of UK equity trading across exchanges, systematic internalisers (investment firms that execute client orders over-the-counter rather than on a formal exchange), and other bilateral mechanisms means comprehensive market-wide data is costly and complex to obtain. The FCA's view is that this fragmentation causes the depth and liquidity of UK equity markets to be under-appreciated by portfolio managers globally. The CT will include both post-trade data and pre-trade best bid and offer (the top of the order book), with quoted venues attributed. The FCA expects the equity CT to be operational within 18 months of this publication. Responses on the inclusion of systematic internaliser quotes are due by 16 October; views on contractual requirements for the CT provider are due by 18 September. As an interim measure until the CT becomes operational, the FCA has introduced the Market Activity Reporter for Shares, which publishes end-of-day market-level trading data across execution mechanisms. A third instrument, , consults on targeted changes to the UK equity markets framework to improve price formation, strengthen transparency data, and clarify rules across the full range of modern execution mechanisms. The FCA states that UK equity markets are functioning effectively but that market evolution requires the framework to be kept current.