This post was originally published on fca.org.uk
Turning reform into results
You can see our approach in the reforms we have already delivered.
We have completed around 30 capital-markets focused workstreams. And there’s an even larger number across the FCA’s broader work.
That’s too many to discuss individually in this speech. To summarise some of them:
In primary markets, we introduced once-in-a-generation changes to the UK listing regime, significantly reducing costs for issuers and supporting competitiveness with other jurisdictions. Since then, we have seen many corporate transactions that have been simplified as a result. And around 25 companies have joined the Main Market, including 7 IPOs in H1 2026.
Our new public offers framework raised the thresholds for when prospectuses are needed by companies raising capital and we also introduced public offer platforms to facilitate off-market fundraising. We have already seen a rise in capital raised by companies, including via debt markets, alongside the broader benefits of a simpler and more flexible regime.
In secondary markets, we have significantly improved transparency in bond and derivatives markets. This includes the bond consolidated tape, which launched in June – the first consolidated tape outside North America – which already has 1.6 million licences subscribed to it. These changes are shining a new light on UK markets, delivering a 70% increase in corporate bond trades and 30% for government bond trades observed in real time and enhancing the way market participants view the market.
We are moving towards an equity consolidated tape too and will appoint a provider next year. In the meantime, we launched a market activity report, so investors see the true scale of UK equity trading.
We have also responded to the growth of private markets through the creation of PISCES, a new market for trading in private company shares. Four operators have been authorised and we’ve seen seven transactions – involving companies ranging from tech firms, to brewers and board-game makers.
In post-trade, we’ve adjusted transaction reporting, with initial proposals estimated to save firms £100m per year.
And we’ve altered some of the clearing and margining rules, including increasing the clearing threshold for commodity derivatives following volatility in commodity markets.
On the investor side, we are streamlining regulatory requirements for the asset management sector, via the AIFMD review, and supporting the government in its review of the pension market.
We’re also supporting retail participation by improving access to investment advice and simplifying product information.
And our changes to primary market rules have positively impacted retail investment. We’ve seen a 50% increase in the value of retail-denominated corporate bonds and an increase in domestic retail investor allocation in fundraisings.
We are not done though.
A range of further reforms are planned or underway.
For example, on securitisation markets; listed company disclosures; benchmarks; and rules on clearing and margining.
We’re always in listening mode. So if you have ideas that would benefit UK markets please tell us.