CP26/30: Supporting equity market transparency and considering market structure developments

Read CP26/30 (PDF) 

Why we are consulting

UK equity markets continue to function well, but trading now takes place across a wider range of execution mechanisms. Clearer, more consistent transparency data is increasingly important to support effective price formation, investor confidence and the UK’s equity consolidated tape.

We are consulting on targeted changes to improve trade reporting, strengthen the systematic internaliser (SI) regime and support more resilient market operation when outages occur. We are also seeking views on our approach to monitoring future market structure developments, so that UK equity markets remain efficient, resilient and continue to work well for their users.

Who this is for

This consultation will be of primary interest to:

• Trading venues
• Investment firms, including SIs
• UK branches of overseas firms carrying out investment services and activities

It will also interest Approved Publication Arrangements (APAs), law firms, market data and analytics firms, consultancies, retail investors and trade associations.

Next steps

Online response form 

We are asking for comments on this Consultation Paper (CP) by 16 October 2026.

You can send them to us using our online response form, email [email protected].

Or in writing to:

Priya Kotadia, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN.

We will consider all responses before publishing our final policy position.

Background

Since MiFID was introduced in 2007, UK equity trading has changed significantly. Competition and innovation have widened the range of ways to trade, lowered costs and increased choice. At the same time, trading has become more fragmented across different execution mechanisms, making the quality and consistency of transparency data increasingly important.

This work builds on the Wholesale Markets Review and earlier reforms, including PS23/4, Improving Equity Secondary Markets, which improved the quality and timeliness of trade reporting.

Our proposals are intended to protect and enhance the integrity of the UK financial system, while supporting effective competition and the UK’s international competitiveness and growth.

This consultation builds on Chapter 4 of CP25/20, published in July 2025, where we discussed developments in the structure and transparency of UK equity markets and sought views on whether reforms were warranted. We committed to consulting further in 2026, and this paper delivers on that commitment.