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FCA launches consultation on equity trading tape

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Tape aims to improve liquidity visibility, support

listings

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Some in industry welcome tape, others say no need for it

(Adds details throughout, quotes, background)

LONDON, Nov 19 (Reuters) - Britain's Financial Conduct

Authority (FCA) said on Wednesday its equities trade tape

detailing pre- and post-trade data will be operational by 2027,

as it launched a consultation on the design and scope of the

regime.

The regulator's "consolidated tape" is intended to give

investors and companies a clearer view of liquidity across UK

equity markets and support listings. The FCA has proposed

including post-trade data and attributed best bid and offer

prices from multiple UK trading venues.

After two years of operation, the regulator will review the

tape's effectiveness and consider whether to adjust the level of

pre-trade data.

Simon Walls, interim executive director of markets at the

FCA, said that diverse trading options in UK markets made it

harder to assess liquidity as a whole.

"The tape seeks to tackle this challenge by delivering more

straightforward access to equity market data from across

venues," he said.

The U.S. has long operated tape aggregating for stock and

bond prices, while the European Union plans to select a provider

for its equities tape by year-end.

EuroCTP, a joint venture of European exchanges including

Deutsche Boerse and Euronext, is the only confirmed

bidder for ESMA's tape.

The FCA has chosen a provider for its bond tape, but that

rollout faces delays due to a legal challenge.

The proposals were welcomed by some in the industry.

Goldman Sachs' ( GS ) Eleanor Beasley, head of market structure,

said the tape would bring "long-needed transparency" and play a

"meaningful role in attracting capital and driving future

growth".

London Stock Exchange Group ( LDNXF ) has previously said

there was no clear use case for a tape containing pre-trade

data, as that information was already provided by a number of

vendors.

A person familiar with the group's thinking said that

position had not changed.