The FCA opened consultation on 29 October on how the UK equity consolidated tape would divide income among data contributors. July’s framework established the requirement to share income; CP26/39 supplies the proposed allocation mechanism. Responses close on 17 December.[1]
The amount set aside remains a separate decision. The FCA will specify the income measure and percentage in the provider’s five-year concession agreement, with a feedback statement planned for early 2027. The proposed allocation rules would divide that pool, whatever its eventual size.[1]
Proposed division of the contributor pool
| Portion | Eligible contribution |
|---|---|
| 50% | Post-trade data from all eligible trading venues and approved publication arrangements (APAs), weighted by trade value.Source 2 |
| 50% | Trades on central limit order books and periodic auctions, also weighted by value. Those venues can receive both portions.Source 2 |
Venues contributing less than 5% of eligible trade value would have their trade values multiplied by 4.5 in the calculations. Non-price-forming trades and trades not contributing to price discovery would be excluded. Income attributable to systematic-internaliser post-trade data would go to the reporting APA.[2]
Serious, persistent data-quality failures could reduce payments, subject to allowances for extenuating circumstances. Final payments would be due within six months of each measurement period’s end.[2]
A separate extension of incident reporting
The consultation also proposes bringing all consolidated tape providers into the enhanced operational-incident reporting framework. This includes the bond tape, rather than being limited to the planned equity service.[1]
The underlying rules take effect on 18 March 2027. Under their finalised guidance, an initial report is due as soon as practicable, expected within 24 hours after the firm determines that a reporting threshold is met. That is not permission to wait a full day. Significant developments require updates through the same report.[3][4]
The final report normally follows within 30 working days of resolution. Exceptional circumstances can extend that period, but the firm must explain the delay and submit within 60 working days. The clock concerns reporting to the regulator, not a promised deadline for restoring a customer’s data feed.[3]
Two decisions still ahead
The FCA expects an allocation policy statement in spring 2027 and the equity tape to start in 2027 or early 2028.[1]
Sources & further reading
- CP26/39: Consultation overview and timetable Financial Conduct Authority · 29 Oct 2026 · Accessed 29 Oct 2026
- CP26/39 — consultation paper and draft Handbook instrument Financial Conduct Authority · 29 Oct 2026 · Accessed 29 Oct 2026
- FG26/3: Operational Incident Reporting Financial Conduct Authority · Accessed 29 Oct 2026
- PS26/2: Operational incident and third party reporting Financial Conduct Authority · 18 Mar 2026 · Accessed 29 Oct 2026