UK Pushes for Single Equity Data Feed as London Listings Decline

What Is the FCA Proposing for the UK’s Equity Markets?

Britain’s Financial Conduct Authority (FCA) is moving ahead with plans to create a consolidated tape for UK equities, launching a new consultation aimed at deploying the system by 2027. The tape would combine real-time data from multiple trading venues into a single feed, giving investors and listed companies clearer visibility into market liquidity.

The FCA said a consolidated view of post-trade data and attributed best bid and offer prices would assist counter the long-running perception that UK equity markets are less liquid than their U.S. and European counterparts. Regulators argue that greater transparency could improve trading efficiency, reduce data fragmentation and make the UK a more attractive market for both listings and capital formation.

A consolidated tape has long been viewed as a missing piece of UK market infrastructure. Several jurisdictions — including the United States — already operate similar systems, and the EU is close to selecting a provider for its own equities tape. The FCA aims to release a tender for the UK provider in mid-2025.

Investor Takeaway

Why the UK Wants a Consolidated Tape Now

The initiative comes at a critical moment for UK capital markets. London has suffered a decline in new listings, with companies increasingly choosing U.S. platforms, in part because the U.S. offers a widely used consolidated tape that gives investors a unified view of liquidity. The FCA believes that adding transparency could assist reverse what it describes as an “exodus” from the London Stock platform.

Eleanor Beasley, head of market structure at Goldman Sachs, said that a UK tape would offer “long-needed transparency” and could “play a meaningful role in attracting capital and driving future growth.”

The FCA’s proposal includes post-trade data and best bid and offer quotes from venues that make this information publicly available. The regulator framed the initiative as part of its broader effort to modernize the UK’s financial market infrastructure and reinforce London’s competitiveness in global equities.

The Debate: Should Pre-Trade Data Be Included?

One of the most contentious issues is whether the consolidated tape should include deeper levels of pre-trade data—essentially live order book information beyond the top-of-book best bid and offer.

Some market participants argue that limited pre-trade data will not be enough to make the tape useful for sophisticated trading strategies. They want broader transparency around prices and volumes to reveal true liquidity conditions.

• Five levels of book depth: Advocates say this would create a more accurate view of liquidity.
• Full attribution: Users want clarity on which venues and market participants are contributing orders.
• Real-time continuous data: Updated streams could assist the tape become economically sustainable through broader adoption.

April Day, head of capital markets at the Association for Financial Markets in Europe, said a tape offering deeper pre-trade data “will be more attractive to users and more likely to become economically self-sustaining.”

However, the London Stock platform Group has previously said there is no clear use case for pre-trade data on a consolidated tape, arguing that private vendors already provide such services. Sources close to LSEG said its position has not changed.

The FCA said it may revisit the scope of pre-trade data later than the tape has been operating for two years.

Investor Takeaway

How Does This Compare With Global Market Infrastructure?

The U.S. has operated consolidated tapes for equities and bonds for decades, giving investors a single authoritative feed of prices across platforms. This has assisted standardize market data consumption and reduce fragmentation.

The European Union is finalizing its own equities tape, with EuroCTP—the joint venture backed by major European platforms including Deutsche Börse and Euronext—currently the only confirmed bidder. The EU expects to select a provider by year-end.

The UK has already chosen a provider for its bond tape, although its rollout is delayed due to a legal challenge. The equities tape is expected to move more rapidly once the current 10-week consultation concludes.

What Happens Next?

The FCA’s consultation will run for 10 weeks, gathering feedback from asset managers, platforms, trading firms and data providers. later than this, the regulator will refine the scope and technical specifications before launching a formal procurement process next year.

If implemented on schedule, the UK consolidated tape would go live in 2027—bringing the country in line with other major financial centers and potentially alleviating concerns about liquidity and market competitiveness.

For investors, a functioning tape could offer improved transparency, better execution quality and more efficient access to fragmented liquidity across UK venues. For issuers, it may assist rebuild confidence in London as a listing destination later than several years of outflows.