Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she has taken to ensure that consolidated tape architecture does not create single points of failure in UK market infrastructure in the context of the Financial Conduct Authority consultation on the framework for a UK equity consolidated tape.

The FCA is responsible for protecting and enhancing the integrity of the UK financial system, and making sure that markets are effective, efficient and reliable.

The FCA have published a discussion paper, including analysis, on the levels of lit and dark trading in the UK, which can be found in Chapter 4.

CP25/20: Consultation Paper on the SI regime for bonds and derivatives

The previous government legislated to give the Financial Conduct Authority (FCA) responsibility for the policy design and the procurement process of a UK consolidated tape. The FCA consulted on the policy design of an equities tape in November 2025, including the importance of operating to high standards of operational resilience. As noted in the FCA consultation, an equities tape aims to help market participants to understand the full picture of UK liquidity.

CP25/31: The framework for a UK equity consolidated tape