A new UK equity consolidated tape, changes to market transparency rules and a streamlined transaction reporting regime mark the next phase of the FCA's equity market reforms. Compliance expert Keith Maner examines what these developments mean.
The FCA has published the above two consultation papers and a Policy Statement, which set out a package of proposed changes to the equity transaction reporting framework that are designed to improve transparency, strengthen access to market-wide information and support confidence in UK equity markets:
- CP26/31: Policy Statement for the framework for a UK equity consolidated tape and next steps for delivery
- CP26/30: Supporting equity market transparency and considering market structure developments
- PS26/15: Improving the UK transaction reporting regime
The package confirms the framework for a future equity consolidated tape (CT), and consults on targeted market structure reforms. IT introduces an FCA interim market activity reporting tool for shares that publishes an estimate of total trading activity in listed shares on UK venues or traded over the counter and reported in the UK.
The FCA's assessment is that competition and innovation have delivered significant benefits for market users, helping to create liquid and resilient markets. However, greater choice has also increased market fragmentation. Obtaining a complete picture of trading activity can be complicated and expensive, meaning that market-wide data is often under-used. It also means that the depth and liquidity of UK equity markets is often under-appreciated. A CT brings together trading information from across the market into a single source. This package puts the FCA on a path to deliver an equity CT within 18 months.
The consultation is open until 16th October 2026. As an interim step before the equity CT goes live, the FCA has launched a market activity publication tool – the market activity reporter for shares. This tool will stay in place until the equity CT is launched.
The FCA has also proposed, in its CP 26/30, targeted changes to improve trade reporting, strengthen the systematic internaliser (SI) regime and support more resilient market operation when outages occur. It is also seeking views on its approach to monitoring future market structure developments. This consultation builds on Chapter 4 of CP25/20, published in July 2025, where the FCA discussed developments in the structure and transparency of UK equity markets and sought views on whether reforms were warranted.
The FCA has also issued its Policy Statement PS 26/15, which provides final rules that make changes to the scope, content and operation of the transaction reporting regime. The rules are designed to simplify firms’ reporting obligations, reduce duplicative or low-value reporting and improve consistency in how key fields are populated.
What Does This Mean for Firms?
The FCA is introducing a UK equity CT to give market participants a clearer, more comprehensive view of trading in UK equity markets. This is intended to:
- enable innovation in market data products,
- support investment and trading strategies, and
- improve confidence in UK equity markets
This consultation will be of primary interest to trading venues, investment firms, including Systematic Internalisers, and UK branches of overseas firms carrying out investment services and activities. #
Equity 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 CT.
The FCA expects these changes to the transaction reporting regime to reduce firms’ reporting costs by more than £100m annually. These changes include reducing the number of transaction reporting fields from 65 to 52, removing reporting obligations for 7 million financial instruments which are only tradeable on EU trading venues, removing foreign exchange (FX) derivatives from the scope of reporting requirements, and reducing the default back reporting period from 5 to 3 years. This will lower by a third the number of transaction reports that need to be resubmitted.
How Thistle Initiatives Can Help
As a specialist compliance and transformation consultancy, we help firms understand regulatory change and implement practical solutions that support business objectives while maintaining regulatory compliance. We can assist with:
- assessing the impact of the FCA's consolidated tape framework on your business
- interpreting the new transaction reporting requirements and implementing the necessary operational and control changes
- reviewing reporting arrangements and data governance frameworks
- supporting back reporting remediation and resubmission programmes
- preparing consultation responses where firms wish to engage with the FCA on the proposed reforms
Meet the Expert
Keith Maner, Compliance and Technical Manager and CASS Lead 
Keith Maner is a seasoned compliance professional and the CASS lead at Thistle Initiatives. With over 20 years of experience in financial services, Keith specialises in helping firms navigate the complex requirements of the FCA’s Client Assets Sourcebook (CASS).
He also supports a wide range of clients, from newly authorised firms to established institutions, by providing a wide range of regulatory advice.