We have published a new report and an update on our work to establish an equities consolidated tape.
A consolidated tape (CT) collates market data, such as prices and volumes associated with trades in a financial market. It aims to provide a comprehensive picture of transactions in a specific asset class, bringing together trades executed on trading venues as well as those arranged over-the-counter. We expect a CT to strengthen UK markets by making them more transparent and liquid.
We said in CP23/33 that, before finalising design proposals, we would conduct an analysis of the possible impact of the inclusion of pre-trade data in an equities CT because views are polarised. In August 2024 we appointed the consultancy Europe Economics (EE) to conduct an independent analysis of these issues. Read EE's report.
We have published today a update highlighting key insights from EE's report, laying out our next steps for consulting on an equities CT in 2025 and seeking expressions of interest from potential providers of the CT.