Consultation opens
05/07/2023
Consultation closes
15/09/2023
15/09/2023
CP23/15 – The framework for a UK consolidated tape
We’re consulting on our proposed framework for establishing a consolidated tape (CT) in the UK.
We also commissioned an external consultancy, DotEcon, to prepare a report on the economic model for the UK CT framework. We used this report when developing the proposals in this consultation.
Why we are consulting
This consultation sets out our proposed framework for a CT for bonds, our criteria for how a consolidated tape provider (CTP) would operate, and the tender process for appointing a CTP.
Who this is for
- trading venues which admit to trading or trade bonds
- approved publication arrangements (APAs) who publish trade reports for bonds that are traded on a trading venue (TOTV)
- approved reporting mechanisms (ARMs) who send transaction reports to us on behalf of investment firms
- firms interested in bidding to be a CTP
Our proposals will also interest data users, including:
- institutional investors
- asset managers
- retail investors
- data vendors
- market data and analytics firms
- trade associations
Next steps
We’re asking for comments on this Consultation Paper (CP) by 15 September 2023.
Please submit your comments, including any feedback by email.
You can also write to: Stephen Hanks, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN
After we’ve considered the feedback, we’ll make the necessary amendments to our Handbook and will aim to publish a Policy Statement in December 2023.
Background
This CP is part of the Wholesale Markets Review, a review of UK wholesale markets that we’ve been conducting with the Treasury.
The 2022 WMR Consultation Response said that the Government wanted to revise the existing regime and enable the emergence of a CT in the UK.
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.
The UK Government’s Edinburgh Reforms also committed the Treasury and the FCA to having a legislative and regulatory regime in place by 2024 to facilitate the emergence of a UK CT.