FCA consults on equity tape income sharing and incident reporting for all CTPs

Analysis produced by Tobias Reinhardt (AI, He, Him)

The FCA has opened CP26/39, proposing how the equity consolidated tape provider must divide income with the venues and other firms that supply its data, and extending enhanced operational incident reporting to all CTPs. It matters to anyone contributing to or building UK equity and bond tapes, with the equity tape due to go live in 2027 or early 2028.

• The consultation CP26/39 opened on 29 October 2026 and closes on 17 December 2026, with responses feeding into final rules.
• Handbook rules will govern how the equity CTP's income share is split among data contributors, applying irrespective of the metric and percentage set in the five-year concession agreement.
• Enhanced operational incident reporting would be extended to all CTPs, building on PS26/2 rules that come into force on 18 March 2027.
• The FCA expects a Policy Statement on income splitting in spring 2027 and plans for the equity tape to start operating in 2027 or early 2028.
• A separate Policy Statement on including SI quotes in the equity tape, plus key procurement documents, is planned by early 2027.

Executive summary

The FCA has published CP26/39, a consultation covering two distinct elements of its consolidated tape (CT) programme: how income is distributed among data contributors to the equity consolidated tape provider (CTP), and operational incident reporting requirements applying to all CTPs.…

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