FCA proposes equity market transparency reforms

The package includes a framework for a future equity consolidated tape, a consultation on targeted market structure reforms and an interim market activity reporting solution for shares. The FCA has concluded that competition and innovation deliver "significant benefits" for market users, but "greater choice has also increased fragmentation". The regulator said: "Obtaining a complete picture of trading activity can be complicated and expensive, meaning market-wide data is often under-used. It also means the depth and liquidity of UK equity markets is often under-appreciated." A cons...