FCA released some new steps today to help support the UK’s success as a world-leading financial hub.
The FCA is working to make markets more transparent by setting up a consolidated tape (CT). The CT will collate information from multiple sources into one stream, lowering the cost and improving the quality of trading data. Initially, the CT will be for bonds, followed by equities. The FCA hopes to launch the framework by 2024.
Going forward, they are also consulting on changes to bond and derivative transparency. In October 2023 there will be new guidance in place to support firms with questions about needing authorization as a trading venue. Additionally, the FCA’s pre-application support service (PASS) will be available to firms to help them expand into the UK.
Read more: FCA Ends US Dollar LIBOR Bank Group | Brokers Times
