Regulatory Alerts2026-07-30
Added
Supporting equity market transparency and considering market structure developments
This Consultation Paper proposes specific rule changes for UK equity markets, extending the post-trade transparency exclusion for non-price forming OTC transactions to equivalent transactions reported to trading venues and clarifying back-reporting rules. It also reformulates the reference price waiver, enabling trading venues to integrate midpoint dark orders within transparent limit order books. Furthermore, the paper requires equity Systematic Internalisers (SIs) to publish quotes showing the price and volume at which they are prepared to buy and sell up to standard market size. The Financial Conduct Authority also introduces guidance on market outages to clarify expectations for trading venues, with comments on these proposals due by 16 October 2026.