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, CP26/30, 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.
Why this matters
The consolidated tape has been a long-standing reform ambition for UK equity markets and a key pillar of post-Brexit competitiveness efforts: without it, London's liquidity is systematically underestimated by international asset managers who compare it unfavourably with the US, where a consolidated tape has existed for decades. Publishing the policy statement and committing to an 18-month delivery timeline is a concrete step that signals regulatory momentum. For issuers, better visibility of market-wide liquidity should support confidence in choosing a UK listing, which feeds directly into the FCA's broader mandate to make London a more attractive primary market. The simultaneous launch of the interim Market Activity Reporter demonstrates that the FCA is not waiting for the full CT before improving data availability.
On the Ground
The CT reform activates financial regulation and capital markets practices: firms advising exchanges, systematic internalisers, and data vendors will need to assess how the CT's contractual and technical requirements affect their clients' obligations. Issuers and their advisers will need to track how enhanced transparency changes their disclosure and investor-relations strategies. A trainee working on a regulatory project here would draft regulatory notification letters to the FCA, prepare compliance gap analysis memos identifying how a client's current data practices align with the proposed CT requirements, and coordinate responses to the CP26/31 and CP26/30 consultations by indexing supporting evidence and cross-referencing proposed rule changes against existing obligations.
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