UK equity consolidated tape planned within 18 months

A consolidated tape is a single data feed that collects the prices and volumes of trades in a security from every trading venue and from trades arranged over the counter (OTC), meaning directly between two parties. In the UK, shares trade on many venues, so no single source shows the whole market (FCA equities consolidated tape page (external site)).

On 31 July 2026 the Financial Conduct Authority (FCA) published final rules for a UK equity consolidated tape, which came into force that day (FCA CP26/31 (external site)).

Before, no single feed brought together the data of each venue and of the firms that publish OTC trade reports. After, one consolidated tape provider (CTP), selected by the FCA, collects that data and distributes it as one feed (FCA CP25/31 (external site)).

The tape carries post-trade data, the details of trades already done, and the first level of pre-trade data: the best bid and offer, attributed to the venue that shows it (FCA CP26/31 (external site)). As an example, a single screen would show the best price to buy and to sell a share across UK venues, and which venue quotes it.

The CTP shares part of its income with the venues and other firms that contribute data, a change from the original proposals. A separate consultation, CP26/39, covers how that income is split (FCA CP26/39 (external site)).

The rules apply to trading venues for equities, to approved publication arrangements (APAs), the firms that publish trade reports for OTC equity trades, and to the CTP. A proposal would add quotes from systematic internalisers, investment firms that trade against client orders on their own account (FCA CP26/31 (external site)).

• Trade & Transaction Reporting Analyst: OTC trade reports published through APAs become part of a single public feed.
• IBOR & Investment Data Analyst: one feed of UK prices and volumes can serve as a source for portfolio and price data.
• Reference & Security Master Data Analyst: maps securities and venue identifiers to the tape's data.
• Investment Operations Analyst: can check trade prices against the consolidated best bid and offer.

The FCA consulted on the framework in CP25/31 in November 2025 and published the final rules on 31 July 2026; both dates are confirmed (FCA equities consolidated tape page (external site)).

The FCA said the package puts it on a path to deliver the tape within 18 months (FCA press release, 31 July 2026 (external site)). Procurement of the provider is expected to start in early 2027, with operation in 2027 or early 2028, so the go-live date is expected (FCA CP26/31 (external site)).

The same package included a consultation on targeted equity market structure reforms, CP26/30, and an interim tool reporting overall UK share trading each day until the tape starts (FCA press release (external site)).

A UK consolidated tape for bonds started operating in June 2026 (FCA press release (external site)).