The Financial Conduct Authority has elected to implement a consolidated tape across UK financial markets. Its goal is to improve transparency and efficiency in capital markets by creating a single view of trading activity across multiple venues. Currently, reforms are being implemented to support a bond-focused consolidated tape to enhance price discovery and reduce data fragmentation. UK government efforts seek to lower market data costs, improve competition and strengthen its attractiveness as a global financial centre.

UK financial markets are governed by rules inherited from European directives and regulations, including MiFID and MiFIR. Included within these regulations are rules designed to provide investors with access to ‘real-time’ information about prices and trading volume information for securities traded on both exchanges and OTC markets.

On 1st December 2025, the FCA’s amended transparency regime took effect. These changes in transparency rules act as a stepping stone towards the UK implementing the Bond and Derivatives Consolidated Tape in June 2026, as they mandate the standardisation of pricing data in OTC markets. To achieve this goal, the new rules change post-trade transparency calculations, pre-trade transparency rules and deferral rules.