The FIX Trading Community has urged that changes should be made to UK financial regulation, following on from the Financial Conduct Authority’s (FCA) consultations on the UK consolidated tape (CT) and transaction reporting.
Ahead of the introduction of the UK CT for equities, currently set to go live in 2027, the community emphasised concerns around post-trade transparency, outlined in six recommendations, indicating that these issues should be addressed to boost UK market data and investors engagement with UK-based liquidity.
Specifically, the recommendations encompass: aligning post-trade transparency exemptions for off-venue activity to apply to equivalent off-book on-exchange trades, remove post-Brexit duplicative trade reporting, add disclosure of trade execution methodology for off-venue trade reports, clarify regulatory guidelines and gaps and have a single consolidated tape provider.
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Jim Kaye, executive director of FIX, said: “FIX has long been of the view that the UK could benefit from harmonising more closely with EU reporting rules, to reduce complexity and improve efficiency, and reduce the reporting burden.”
“These two consultations represent an excellent opportunity to move UK markets in this direction.”
The recommendations also cover transaction reporting, with the FCA consultation proposing that changes should be made to “reduce the regulatory burden on firms, support sustained economic growth in the UK, enhance our ability to fight financial crime and protect market integrity.”
Read more – AFME backs FCA UK equity consolidated tape framework consultation
Following this, FIX has recommended shifts, largely focused on simplifying reporting.
The proposals aim to align rules with EU post-trade reporting, clarify single-sided reporting responsibilities, promote practical data sourcing and quality standards, streamline fields while preserving transparency, avoid unintended complexity or data degradation, and acknowledge the operational impact of adding new reporting requirements.
The FCA’s consultation on the UK equity CT framework closed on 13 February 2026, while the transaction reporting counterpart ended on 20 February.
The regulatory body is set to publish feedback on responses and issue a policy statement on both matters once all comments have been reviewed.