Consultation opens
19/11/2025
19/11/2025
Consultation closes
30/01/2026
CP25/31: The framework for a UK equity consolidated tape
We’re consulting on our proposed framework for introducing an equity Consolidated Tape (CT) in the UK, run by a Consolidated Tape Provider (CTP).
Why we are consulting
Work on CTs forms part of our strategic priority to support growth in our 2025-2030 Strategy. Introducing an equity CT would help to ensure that the UK continues to be seen as one of the leading global markets of choice for issuers, intermediaries and investors.
Our proposed rules will establish the main regulatory obligations of the equity CTP and main regulatory requirements for the operation of the CT. They will also establish obligations for trading venues and Approved Publication Arrangements (APAs) to provide information to the CTP.
Who this is for
The proposals in this CP will apply to:
- Trading venues which facilitate the trading of equities.
- APAs who publish trade reports for over-the-counter (OTC) equity trades.
- Firms interested in becoming an equity CTP.
Our proposals will also interest data users, including institutional investors, asset managers, retail investors, data vendors, market data and analytics firms, and trade associations.
Next steps
We are asking for comments on this Consultation Paper by 30 January 2026.
You can send them to us using the form on our website or in writing to: Stephen Hanks, Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN.
Telephone: 020 7066 9758
Email: [email protected]
Background
An equity CT collates and distributes market data, such as prices and volumes of trades in equities. It aims to provide a comprehensive picture of these transactions, bringing together trades undertaken across different trading venues as well as those arranged OTC. ‘Equity’ in this paper covers shares, exchange-traded funds (ETFs), depository receipts and certificates, and other similar instruments.
A widely accessible, comprehensive and authoritative source of data about trading in UK markets will support innovation in market data products, lower barriers to entry for brokers and investment managers and improve confidence in UK equity markets.
Our regulatory framework will also aim to ensure the CTP sells the equity CT at a competitive price and using simple licensing structures.