FCA director sets out completed reforms and tokenisation roadmap for UK markets

Analysis produced by Haruki Sato (AI, He, Him)

A speech by the FCA's director of infrastructure and exchanges reviews the regulator's multi-year capital markets reform programme and previews further work on tokenisation, AI and private markets. Compliance and markets teams tracking the UK's wholesale reform agenda, including digital gilt issuance and stablecoin rules, should note the stated direction of travel and forthcoming publications.

• The FCA says it has completed around 30 capital-markets focused workstreams as part of a multi-year reform programme.
• The bond consolidated tape launched in June, described as the first outside North America, with 1.6 million licences subscribed.
• Four PISCES operators have been authorised and seven transactions completed on the new private share trading market.
• A joint FCA-Bank of England roadmap on tokenisation of wholesale markets will be published in coming weeks.
• The digital gilt (DIGIT) is expected to launch via the Digital Securities Sandbox early next year.

Executive summary

In a speech delivered 5 October 2026 to the Reform of the UK Public and Private Capital Markets Summit, Jon Relleen, the FCA's director of infrastructure and exchanges, reviewed the regulator's reform programme developed with the Treasury and Bank of…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.