FCA's new bond tape sparks 70% surge in corporate bond trades. Verified 27 votes Updated 2 hours ago The UK's Financial Conduct Authority wrapped up a sweeping set of market reforms, and the numbers are hard to ignore. Jon Relleen, the FCA's director of infrastructure and exchanges, laid out the agency's progress at the 2026 Reform of the UK Public and Private Capital Markets Summit - more than 30 workstreams done, covering everything from listing rules to post-trade plumbing. Why it matters. The FCA's comprehensive reforms signify a pivotal shift in the UK capital markets, aiming to enhance transparency and efficiency, which are crucial for attracting both domestic and international investors. By addressing key areas such as listing rules and post-trade processes, these changes could foster greater liquidity and reduce operational costs, ultimately bolstering the competitiveness of the UK market in an increasingly globalized financial landscape. As digital assets and innovative financial instruments gain traction, the introduction of a Digital Gilt further demonstrates the UK's commitment to modernizing its capital framework to accommodate evolving market demands. That's a lot of ground covered. Relleen walked through changes hitting both primary and secondary markets, pointing to cost reductions for issuers, a brand-new bond tape, and the early-stage rollout of a platform for private company shares. The FCA's pitch is basically that UK markets need to stay globally competitive, and sitting still wasn't an option. Read Economics Bond tape launch and secondary market gains. Discover more Trade Forex Trade Crypto Now Read Economics The headline number from secondary markets is the bond consolidated tape, which went live in June. It's the first of its kind outside North America - a genuinely significant claim - and it's already pulled in 1.6 million license subscriptions. Corporate bond trades jumped 70% on the back of it. Government bond trades rose 30%. Those aren't small moves for a market that can feel pretty static year to year. An equity consolidated tape is coming too. The FCA hasn't named a provider yet - that appointment is still ahead - but work is moving forward. No firm timeline was given, so it's unclear exactly when traders will see it live. On the primary market side, the UK listing regime got a significant overhaul. The FCA says the changes cut costs for issuers and helped drive more corporate transactions. In the first half of 2026 alone, 25 companies joined the Main Market, including seven IPOs. That's not a massive wave, but it's movement in a direction the FCA clearly wants to sustain. Post-trade is where some of the more technical - but genuinely impactful - changes sit. Transaction reporting rules were adjusted, and the FCA projects those changes will save firms roughly £100 million annually. Clearing and margining rules also shifted, with the clearing threshold for commodity derivatives raised in response to volatility in those markets. Firms dealing in commodities had been pushing for that kind of adjustment for a while. Discover more Trade Forex Trade Crypto Now Compare Brokers PISCES, Digital Securities, and the AI Push. Private markets are growing fast globally, and the FCA moved to build dedicated infrastructure for them. PISCES - a new platform specifically for trading private company shares - is up and running. Four operators are already authorized. Seven transactions have gone through so far, involving companies ranging from tech firms to brewers. It's early days, but the FCA seems to want PISCES to become a real venue, not just a regulatory experiment. The Digital Securities Sandbox is live too, and the upcoming digital gilt - called DIGIT - is designed to push digital activity further into mainstream UK markets. It's a signal that the FCA isn't treating tokenization as a fringe concern. They're building for it. AI is on the agenda in a pretty serious way. The FCA set up an AI Lab and an AI Consortium to work through what safe adoption actually looks like in financial markets. No specific rules were announced yet - it seems like the collaborative, exploratory phase is still running - but the FCA is clearly trying to get ahead of it rather than react after the fact. Asset management got attention too. The FCA's review of the Alternative Investment Fund Managers Directive aims to cut regulatory friction for the sector. And alongside the government's pension market review, the FCA is pushing to make the overall investment landscape more accessible to retail participants. Retail investors are seeing some real changes. Simplified investment advice rules and clearer product information have already moved the needle. The value of retail-denominated corporate bonds rose 50%, with domestic retail investors putting more into fundraisings than before. That's a meaningful shift in who's actually participating in these markets. Collaboration and what's still unclear. The FCA isn't doing any of this alone. Relleen made clear that the Treasury and the Bank of England are both involved in shaping the reform agenda. The FCA also said it's watching other jurisdictions and taking international consistency seriously - it doesn't want UK rules to diverge so far from global norms that they create friction for cross-border activity. But the FCA also said it's willing to scrap existing rules when they're no longer working. That's a harder line than regulators usually take publicly. Whether it translates into faster rule changes or stays at the level of stated principle is genuinely unclear yet. Industry feedback is supposedly driving a lot of the agenda. The FCA says it stays open to ideas from the private sector. What that looks like in practice - and whether firms feel heard - probably depends who you ask. The AIFMD review is still ongoing. The pension market review is still ongoing. The equity consolidated tape provider still needs to be named. And the digital gilt hasn't launched yet. So for all the completed workstreams, there's a long list of things still in motion. Read Economics Retail-denominated corporate bonds rose 50% in value. Frequently asked questions. What is the FCA's bond consolidated tape and why does it matter? What is PISCES and how many transactions has it completed? Community Trust Index High Confidence Real96% 4%Fake 27 community signals Post Views: 13 Julie is a renowned crypto journalist with a passion for uncovering the latest trends in blockchain and cryptocurrency. With over a decade of experience, she has become a trusted voice in the industry, providing insightful analysis and in-depth reporting on groundbreaking developments. Julie's work has been featured in leading publications, solidifying her reputation as a leading expert in the field. Trade Crypto Now

FCA appoints three new members to its board. Lea Paterson CBE and Matthew Tobin join as non-executive directors alongside executive member Sarah Pritchard Quick Poll How often do you read Accountancy Today? One click - no sign-up All data is anonymised. Polling helps Accountancy Group better understand the Accountancy Today audience and tailor its editorial. The Financial Conduct Authority (FCA) has appointed Lea Paterson CBE and Matthew Tobin as non-executive directors, while deputy chief executive Sarah Pritchard has joined the board as an executive member. The three appointments, which took effect on 1 October, bring experience in public policy, financial services and regulation to the regulator's board. Paterson has held senior roles across economics, financial journalism, public policy and regulation. She is currently chair of the Senior Salaries Review Body, a Civil Service Commissioner and a board member of the Independent Parliamentary Standards Authority. Her previous roles include executive director for People and Culture and the Bank of England's first director of Independent Evaluation. Earlier in her career, she worked as economics editor at The Times and at The Independent. She was awarded a CBE for services to the economy in 2023. Meanwhile, Tobin joins the board following more than 20 years as a senior financing lawyer and partner at Slaughter and May, where he advised the government, regulators and major financial institutions. His work has included systemic risk, statutory schemes and interventions across banking, capital markets and lending. He advised HM Treasury on measures including the Asset Protection Scheme, Credit Guarantee Scheme, Covid Corporate Financing Facility and the nationalisation of Bradford and Bingley. He has also advised FTSE 100 and FTSE 250 boards and treasury functions on financing strategy, regulatory change, disclosure and operational resilience. Alongside the two non-executive appointments, Pritchard has joined the board in her existing role as deputy chief executive. She has held several senior leadership positions at the FCA and is involved in delivering its five-year strategy. Ashley Alder, FCA chair, said: "I am delighted to welcome Lea and Matthew to the FCA Board. Their experience and fresh perspectives will be invaluable as Accountancy Group continue to deliver its strategy for consumers, markets and the wider economy. "I am also delighted that Sarah Pritchard has joined the Board. Sarah has made a significant contribution to the FCA's leadership, and her deep understanding of our work will be a great asset as we continue to support growth and innovation while protecting consumers and market integrity." Published: 1m ago

New directors enhance FCA Board for 2026. The Financial Conduct Authority welcomes Lea Paterson and Matthew Tobin as new Non-Executive Directors from October 2026 The Economic Secretary to the Treasury has today confirmed that Lea Paterson CBE and Matthew Tobin have been appointed as Non-Executive Directors to the Board of the Financial Conduct Authority (FCA). Their terms will commence on 1 October 2026, and they will each serve an initial three-year term. Lea Paterson CBE brings a wealth of experience to the Board, having held various roles in Best value * | Unlimited access to 20,000+ articles * | Monthly print & digital editions * | Full access to its archive * | Available for individuals & organisations One-time purchase Buy this article. Download a PDF copy of this article for permanent access, no subscription needed.