IA response to the publication of the FCA's consultation on developing a Consolidated Tape

Galina Dimitrova, Director of Investment and Capital Markets at the Investment Association (IA), in response to the FCA’s further reforms to improve markets and bolster competitiveness, said: 

“The IA welcomes the publication of the FCA’s long awaited consultation paper on developing a Consolidated Tape (CT) framework in the UK.

"An appropriately constructed and fairly licensed CT will be an important cornerstone in reforming and tailoring UK capital markets. A CT for bonds followed by a CT for equities and ETFs will help ensure a golden source of market data on prices and volumes traded for these instruments and will enable all market participants, including retail investors, to access robust data in a timely fashion enabling IA members to best serve the needs of their clients.

“Additionally, we very much support the FCA’s intentions to run a competitive tender process to appoint a CT provider for bonds as this will likely aid competition and drive innovation. However, we caution that any fee structure associated with accessing the CT must be palatable and fair for all market stakeholders.

“We look forward to the speedy implementation of this vital initiative and hope to see detailed information regarding the framework for a CT for equities and ETFs in due course.”

For further information, please contact:

Helen Ayres, Head of Communications: [email protected]

T: +44 (0)20 7269 4620

Arianna Schardt, Communications Executive: [email protected]

T: +44 (0)20 7269 4625

IA press office: [email protected]

About the Investment Association (IA):

  • The IA champions UK investment management, supporting British savers, investors and businesses. Our 250 members manage £10 trillion of assets and the investment management industry supports 114,000 jobs across the UK.
  • Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
  • Our purpose is to ensure investment managers are in the best possible position to:
    • Build people’s resilience to financial adversity
    • Help people achieve their financial aspirations
    • Enable people to maintain a decent standard of living as they grow older
    • Contribute to economic growth through the efficient allocation of capital.
  • The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
  • The UK is the second largest investment management centre in the world, after the US and manages 37% of all assets managed in Europe.