Equities consolidated tape

A CT collates market data, such as prices and volumes associated with trades in a financial market. It aims to provide a comprehensive picture of transactions in a specific asset class, bringing together trades executed on trading venues as well as those arranged over-the-counter.  

We expect a CT to strengthen UK markets by making them more transparent and liquid.

We are considering the design of a CT for equities (shares and exchange traded funds (ETFs)), alongside also establishing a CT for bonds[1].

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.

Next Steps

Feedback to our consultation shows that interested parties hold different views on whether, and how much, pre-trade data (information about bids and offers) should be included in an equities CT.

We said in CP23/33[2] that, before finalising design proposals, we would conduct an analysis of the possible impact of the inclusion of pre-trade data on the stability and resilience of UK equity markets and the outcomes for different types of users of the market. As we noted, it is important for policy proposals to have a firm evidence base in relation to the use cases for pre-trade data, the ability of a CT to support them and any potential unintended consequences for UK markets.

Independent study

We have now appointed consultants from Europe Economics[3] to undertake the analysis on an independent basis.

Read the terms of reference[4] for the study.

As part of the work, Europe Economics will be seeking to conduct interviews with a wide range of market participants. When completed, this analysis will be an important input to our decision making on an equities consolidated tape.

We intend to provide a further update before the end of 2024.