CP26/31: Policy Statement for the framework for a UK equity consolidated tape and next steps for delivery

As well as final rules, this publication also includes consultation and call for input chapters on further aspects of how the equity CT will work.

Read CP26/31 (PDF)[3]

Why we are changing 

We’re introducing a UK equity CT to give market participants a clearer, more comprehensive view of trading in UK equity markets. This will:

• enable innovation in market data products
• support investment and trading strategies  
• improve confidence in UK equity markets  

As an interim step before the equity CT goes live, we have launched a market activity publication tool – the market activity reporter for shares[4]. This tool will stay in place until the equity CT is launched.

The CT will be run by a Consolidated Tape Provider (CTP) appointed through our procurement process. 

Who this is for

Our final rules apply to:

• trading venues that facilitate the trading of equities
• approved publication arrangements (APAs) that publish trade reports for over-the-counter (OTC) equity trades
• the equity consolidated tape provider (CTP)

The proposals in our consultation will apply to:

• systematic internalisers (SIs)  
• firms that offer arrangements by which SIs make their quotes public  
• the equity CTP  

Our final rules and proposals will also interest data users, including:

• institutional investors
• asset managers
• retail investors
• data vendors
• market data and analytics firms

Our call for input will interest all such firms, especially firms interested in becoming the equity CTP. 

What we've decided

In line with our proposals in CP25/31[2], we've decided the equity CT will include both post-trade data and the first level of pre-trade data (the attributed best bid and offer).

We’ve also decided that the equity CTP must share a portion of its income with data contributors. This is a change from our original proposals.

Our final rules set out:

• main requirements for the equity CTP and obligations for running the CT
• obligations for trading venues and APAs to provide information to the CTP once one is appointed 

What we’re seeking views on

We believe there’s a strong case for requiring the CTP to publish attributed SI quotes – displayed separately to pre-trade data from venues. We are consulting on including a standalone SI best bid and offer on the equity CT. See Chapter 10 of CP26/31[5].

Alongside rules in our Handbook, the equity CTP will also be subject to requirements via its 5‑year contract with us. We are seeking views on 2 further issues that will form part of our contract with the CTP:

• how income sharing should work in practice
• the CTP's operating hours

Relatedly, we’re consulting on targeted changes to support the value of the UK’s equity consolidated tape.  

Read CP26/30: Supporting equity market transparency and considering market structure developments[6].

In autumn 2026, we will consult on how any income shared by the equity CTP should be distributed among data contributors.

How to respond

You can respond to our consultation and call for input using our online response forms.

Please tell us whether you:

• are responding as an individual or on behalf of an organisation
• consent to your response being made public

Consultation: inclusion of SI quotes  

Read Chapter 10[6] for our proposals on whether to include SI quotes in the equity CP.

The consultation closes on 16 October 2026.  

Respond using our online form[7]

Call for input: key contractual requirements for the equity CTP

Read Chapter 11[8] for more details on our planned key contractual requirements for the CTP.

Share your views on income sharing arrangements and operating hours.  

The deadline to respond is 18 September 2026.

Respond using our online form[9]

Next steps 

Our final rules, consulted on in CP25/31[5], come into force on 31 July 2026.

Trading venues and APAs should review current arrangements to check you’ll be ready to share data with the CTP once one is appointed.

Firms considering bidding to become the CTP should also review our rules as part of your planning.

Once the consultation and call for input close, we'll finalise the remaining rules and contractual requirements. Then, we expect to launch our procurement process in early 2027. We intend the tape to begin operating in 2027 or early 2028.

We'll also consult separately in autumn 2026 on how income shared by the CTP should be distributed among data contributors.

We’re grateful for industry’s engagement on the equity CT so far and will continue to work closely with market participants to make sure its implementation is a success.

Background 

We consulted on our proposed framework for an equity CT in CP25/31, published in November 2025. This built on our earlier work on a bond consolidated tape[9], which began operating in June 2026.

In January 2026, we published a note on the methodology underpinning the cost benefit analysis (CBA) in CP25/31[10], following a request for more information on this.

Introducing an equity CT is part of our wider programme to reform UK wholesale markets to support economic growth and the UK's position as a leading financial centre.