CP23/32: Improving transparency for bond and derivatives markets

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We are consulting on proposed changes to the bond and derivative transparency regime in the UK.

Read CP23/32 (PDF)

Why we are consulting

This consultation sets out our proposals to:

  • revise the transparency framework for the bond and derivative markets in the UK
  • define scope and calibration of the new framework
  • clarify exemptions from post-trade transparency
  • improve the content of post-trade information: fields and flags
  • refine the definition of a systematic internaliser

Our proposals aim to improve the operation of the existing transparency regime by establishing a better balance between the need to support the ability of market participants to offer liquidity, and the need for better and more timely transparency for the market as a whole.

Who this is for

  • trading venues which admit to trading, or trade, bonds and derivatives
  • investment firms dealing in bonds and derivatives
  • UK branches of overseas firms undertaking investment services and activities
  • systematic internalisers in all types of financial instrument

Our proposals will also interest firms looking to become a consolidated tape provider (CTP), Approved Publication Arrangements (APAs) who publish trade reports for bonds and derivatives, Central Counterparties (CCPs), asset management firms, law firms, market data and analytics firms, consultancies, retail investors, and their related trade associations.

Next steps

Respond to our consultation via:

Online response form 

Or in writing: Stephen McGoldrick, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN.

Please send us your comments by 6 March 2024.  

Following consideration of responses, we will make the necessary amendments to the FCA Handbook rules and guidance.


This CP is part of the Wholesale Markets Review (WMR), a review of UK wholesale markets that we’ve been conducting with the Treasury.

The 2022 WMR found that the current transparency regime has not delivered meaningful transparency and has had limited impact on price formation while imposing a high cost to industry. It proposed to recalibrate the regime to properly account for the diverse nature of bond and derivatives markets.