Read more about our work to establish an equities consolidated tape (CT), including the independent study to help shape 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.
The market for bond data is distinct from that for equities and the two need distinct assessments of the potential role of a CT provider (CTP), its characteristics, the appropriate economic model for the CT and its benefits in the relevant trade data market.
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
In the update, we committed to publishing a consultation paper on an equities CT framework by the end of 2025.
To inform our cost benefit analysis of consultation proposals, we are surveying a representative sample of potential users of an equities CT, asking about the demand for and use of an equities CT.
The survey asks questions about the use cases under different design features of the tape, including:
- The scope of the data to be consolidated.
- The latency of publication – that is, the length of time between the CTP collecting and publishing the data.
- Costs of purchasing the data.
We are also separately surveying firms on the costs of setting up and operating an equities CT.
Market participants who wish to contribute further to the discussion of the design of the equity tape should email us at: [email protected].
