The Financial Conduct Authority (FCA) has opened its consultation on the UK equity consolidated tape. The regulator proposes, as the preferred option, a tape integrating post-trade data with attributed best bid and offer quotes from all UK venues, and acceptable latency to dissemination of 150 milliseconds. One of its main objectives is to deliver a single authoritative view of national liquidity from 2027.
The FCA proposes a single consolidated tape provider, appointed through a competitive procurement process. Its favoured design is a tape combining real-time post-trade data with pre-trade best bid and offer (BBO) data attributed to each venue. According to the regulator, this structure would provide a clearer and more comprehensive view of UK equity market liquidity. The consultation notes that UK liquidity is frequently underestimated when assessed only through central limit order books (CLOBs).
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Alternative solutions are considered, including a post-trade-only tape, delayed-data models, and a multi-provider architecture. The consultation weighs trade-offs around deeper pre-trade transparency and seeks views on the proportionality of new latency obligations. Proposed latency standards for data contributors are 50ms for both pre- and post-trade submissions at a 95% confidence interval. The regulator’s view is that this would enable dissemination of the tape within 150ms.
The consultation follows CP23/15, published in 2023, but provides far more granularity, drawing on analytical work already completed during the bond tape process. Since 7 May, the FCA has been engaging with the market under a preliminary engagement notice indicating a total project value of between £50 million and £60 million.
Stakeholders are asked to comment on whether additional pre-trade depth should be incorporated over time; how regulatory data fields should align with EU standards; how historical data should be structured; and what obligations the consolidated tape provider (CTP) should have regarding data quality, error detection and corrections. The FCA also seeks views on how best to ensure the tape reflects “addressable liquidity”.
In addressing market sentiment, the FCA acknowledges pressure for greater cross-border alignment. The consultation states: “Another wider issue to consider is the consistent theme in conversations with market participants that they would ideally like a CT that covered the UK, EU and Switzerland… some market participants are also keen that the UK equity CT should be based on the same requirements as those that apply to the CT and CTP in the EU.”
The consultation closes on 30 January 2026.
