Financial Services: Stocks and Shares
The question
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential impact of the proportion of equity trading taking place on lit markets on perceptions of capital market liquidity.
Answered by Lucy Rigby
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.
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