The UK’s equity consolidated tape is moving towards procurement following the 16 October deadline for comments on systematic-internaliser quotes and related transparency reforms. The final framework, effective since 31 July, will combine post-trade data with the first level of pre-trade data—the attributed best bid and offer—to give brokers and investors a broader view of fragmented equity trading.[1][2]
A consolidated tape is intended to assemble trading information from fragmented UK equity venues and over-the-counter reports into one market-wide view. The FCA’s premise is that competition between execution routes can coexist with a common data product that makes total activity and liquidity easier to observe.[3][4]
The programme now has three different statuses
Framework, consultation and delivery
| Area | Position on 16 October 2026 | Next step |
|---|---|---|
| Core tape rules | Final rules took effect on 31 July 2026. | Trading venues and approved publication arrangements prepare to supply data once a provider is appointed.Source 1 |
| SI quote inclusion | Consultation closes on 16 October 2026. | The FCA will decide the remaining rules for systematic-internaliser quotes in the tape.Source 1Source 4 |
| Wider transparency reforms | CP26/30 closes on the same date. | The FCA will finalise trade reporting, SI and outage-related changes that support the tape and wider market structure.Source 2 |
| Provider contract | Key contract input closed on 18 September. | Contract requirements are to be finalised before procurement starts.Source 1 |
| Procurement and launch | Procurement expected in early 2027. | The FCA plans operation in 2027 or early 2028.Source 1Source 4 |
Delivery has three connected jobs: contributors need to supply consistent data, the appointed provider needs a workable commercial and operating contract, and users need to know the exact quote and trade coverage they are buying. The final framework requires the provider to share part of its income with data contributors; the allocation mechanism is part of the continuing design work.[1]
An interim activity reporter covers the build period
Market-wide data before and after the consolidated tape
| Feature | Current market-activity reporter | Future equity tape |
|---|---|---|
| Purpose | Estimate total activity in UK-listed shares across venues and UK-reported OTC trading. | Provide a regulated consolidated data service for ongoing use by market participants.Source 4 |
| Data architecture | Interim reporting tool assembled by the FCA. | Data supplied to an appointed consolidated-tape provider under final rules and contract.Source 4Source 1 |
| Continuity | Helps users understand fragmentation before the tape launches. | Intended to replace the need for the bridge as the principal consolidated product.Source 4 |
| Timing | Available during the build phase. | Planned for 2027 or early 2028.Source 4 |
The current activity reporter helps users assess trading across venues and UK-reported OTC activity while the regulated service is built. It remains available until the tape launches. A commercial tape will additionally depend on its contracted operating hours, licensing terms and resilience requirements.[4][1]
The remaining quote and contract decisions
Systematic internalisers execute client orders against their own account outside a trading venue. CP26/31 proposes a standalone, attributed SI best bid and offer displayed separately from venue quotes. That would extend the pre-trade picture while making the quote’s origin visible. Contract design also has to settle operating hours and the distribution of contributor income; CP26/30 addresses associated reporting, transparency and outage provisions.[1][2]
The bond tape provides experience for the equity rollout
The FCA reported that the UK bond tape launched in June 2026 and attracted more than 1.6 million licence subscriptions. Equities bring a different mix of venues and pre-trade quotes, so that experience provides evidence of demand for consolidated data while the equity service needs its own coverage and operating design.[3]
The planned sequence is to finalise the remaining rules and contract requirements, begin procurement in early 2027 and start operation in 2027 or early 2028. The FCA intends to review the service after launch, including whether to change pre-trade data levels, using observed operation to inform the next design decision.[1][4]
Sources & further reading
- CP26/31: Policy Statement for the framework for a UK equity consolidated tape and next steps for delivery Financial Conduct Authority · 31 Jul 2026 · Accessed 16 Oct 2026
- CP26/30: Supporting equity market transparency and considering market structure developments Financial Conduct Authority · 31 Jul 2026 · Accessed 16 Oct 2026
- FCA advances package of equity market transparency reforms Financial Conduct Authority · 31 Jul 2026 · Accessed 16 Oct 2026
- Equities consolidated tape Financial Conduct Authority · Accessed 16 Oct 2026