The FIX Trading Community has called for greater consistency, transparency and operational resilience in UK equity markets in responses to two Financial Conduct Authority consultations covering market structure reform and the proposed equity consolidated tape. Its recommendations include more granular liquidity reporting that distinguishes trading phases, execution mechanisms and genuinely addressable volumes, alongside clearer identification of automated and manual off-venue transactions.
FIX also advocates aligning UK trade flags more closely with EU standards, identifying technical and non-addressable trades, and introducing standardised, machine-readable communications for market outages.
For the consolidated tape, the association recommends keeping trading venue and systematic internaliser quote data separate, while prioritising completeness, reliability and resilience as trading models and operating hours evolve. FIX additionally cautions against extending transparency requirements to complex synthetic equity transactions without clearly defined scope, identifiers and assessment of regulatory implications.
The proposals aim to improve market data usability while reducing operational complexity for trading firms and data consumers.
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