Read more about our work to establish an equities consolidated tape (CT), including our consultation paper on its design.
An equities CT collates market data, such as prices and volumes associated with equities. These relate to completed transactions and, potentially, to the terms on which market participants are willing to buy and sell equities.
It aims to provide a comprehensive picture of transactions in equities, bringing together trades executed on trading venues as well as those arranged over-the-counter (OTC). We expect an equities CT to strengthen UK equity markets by making them more transparent and liquid.
We are considering the design features of a CT for equities (shares, exchange traded funds (ETFs), depositary receipts and certificates), alongside also establishing a CT for bonds.
Our work so far
In November 2025, we published CP25/31, setting out our proposals for a UK equities CT framework. We are also inviting expressions of interest to be the equities consolidated tape provider (CTP) in light of our proposals. This provides a further opportunity for potential providers to get in contact with us.
To inform the cost benefit analysis in our consultation, we surveyed a representative sample of potential users of an equities CT, asking about the demand for and use of an equities CT.
We discussed separately with firms the costs of setting up and operating an equities CT.
Independent study
In December 2024, we published Europe Economics’ (EE’s) independent study on the issues around inclusion of pre-trade data in an equities CT and an accompanying update to guide discussions with industry.
Next steps
Our consultation paper is open for responses until 30 January 2026. We want to hear views on our proposals including:
- The proposed design.
- The commercial relationship of the consolidated tape provider with data contributors.
- How we best support competition, speed and confidence in the tape through the number of providers we permit.
We also invite expressions of interest from potential equities CTPs over the same timeframe.
This will enable us to continue our dialogue with interested parties, helping us understand any concerns regarding our proposals. It will also enable other parties to approach us and enter similar discussions.
Following consideration of responses, we will make the necessary amendments to rules and guidance in our Handbook. We will aim to publish our Policy Statement (PS) in the first half of 2026.
Our procurement for an equities CTP will commence after we have published the PS and Handbook changes. We intend that the equities CT will start operation in 2027.
