Read more about our work to establish an equities consolidated tape (CT).
An equities CT collates market data, such as prices and volumes associated with equities. These relate to completed transactions and 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.
‘Equities’ covers shares, exchange-traded funds (ETFs), depositary receipts and certificates, and other similar instruments.
We have also put in place a regulatory framework for a CT for bonds, which started operation in June 2026.
Our work so far
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1
November 2025
We set out proposals in CP25/31, ‘The framework for a UK equity consolidated tape’.
We also invited expressions of interest to be the equities consolidated tape provider (CTP).
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2
July 2026
We published CP26/31, 'Policy statement for the framework for a UK equity consolidated tape and next steps for delivery'. This set the fundamental aspects of the operation of an equity CT in the UK, as we move from design to implementation.
As part of the same publication, we also:
- consulted on including systematic internaliser (SI) quotes in the equity CT
- sought views on key requirements which we intend to set in our contract with the equity CT (on income sharing with data contributors and the operating hours of the CT)
Alongside this publication, we also consulted on targeted reforms to support equity market transparency and price formation, and to establish a framework to monitor market developments over time. See CP26/30, 'Supporting equity market transparency and considering market structure developments'.
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3
October 2026
We published a further consultation on the equity CT (CP26/39, 'Income sharing distribution and operational incident reporting for consolidated tape providers').
This set out our proposals on:
- how the equity CTP should distribute income among data contributors
- applying enhanced operational incident reporting requirements to the CTPs for bonds and equities
Next steps
By early 2027, we intend to publish:
- a Policy Statement (PS) confirming our final rules on the inclusion of SI quotes in the equity CT and a Feedback Statement on key contractual requirements for the equity CTP
- key procurement documents, notably a tender notice, invitation to tender and draft concession agreement
We'll also continue to speak to firms potentially interested in providing the equity CT. If you’re interested in bidding to be the equity CTP, email [email protected].
We'll publish a PS on income sharing distribution and operational incident reporting in spring 2027.
Following the procurement process, we intend for the CTP to start operating in 2027 or early 2028.
Relatedly, we'll aim to publish a PS finalising any changes to equity market transparency in the first half of 2027.
Independent study
In December 2024, we published Europe Economics’ (EE’s) independent study on the issues around the inclusion of pre-trade data in an equities CT and an accompanying update to guide discussions with industry.
