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FCA to Release Full Trading Data for London-Listed Shares

lite News Desk 2 min read

At a glance

  • The FCA plans to publish trading data for all London-listed shares
  • Data will cover exchanges, dark pools, auctions, and OTC venues
  • Publication is a temporary step before a consolidated tape in 2027

The Financial Conduct Authority has announced plans to make detailed trading data for London-listed shares publicly available. This initiative is part of ongoing efforts to enhance market transparency and provide a clearer view of trading activity across the UK equity market.

The FCA’s planned data release will include information from a range of trading venues, such as exchanges, dark pools, periodic auctions, and over-the-counter transactions. According to the regulator, this approach is intended to offer a comprehensive picture of share trading in the UK.

Simon Walls, who serves as interim director of markets at the FCA, stated that the regulator believes UK market liquidity is often under-reported. He said the FCA considers there to be more liquidity present than is commonly perceived by market participants.

The FCA’s publication of trading data is described as a temporary measure. The regulator has indicated that this step will remain in place until the introduction of a consolidated tape, which is expected to provide a centralised stream of UK trading data beginning in 2027.

What the numbers show

  • Bilateral trading accounted for about 40% of UK equity trading in May 2025
  • This share increased from 31% in January 2018
  • The FCA launched a consultation on a consolidated tape in November 2025

In July 2025, the FCA published a discussion paper that highlighted the growing share of bilateral trading in UK equities. The paper noted that such trading represented approximately 40% of the market as of May 2025, compared to 31% in early 2018.

The FCA began a consultation in November 2025 on proposals to introduce a UK equity consolidated tape. The consultation focused on improving the visibility of trading volumes and prices across different venues, aiming to provide a single source of market data for all participants.

The consolidated tape, once launched, is expected to centralise trading information from multiple sources. Until then, the FCA’s interim data publication will serve as a bridge to improve transparency and inform market participants about actual trading conditions.

The regulator has stated that these measures are designed to address gaps in market data and support the competitiveness of UK equity markets. By making more detailed trading information available, the FCA aims to provide a clearer understanding of market liquidity and trading patterns.

* This article is based on publicly available information at the time of writing.

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