The FIX Trading Community has called for significant changes to UK financial regulation in its formal response to FCA consultations on the UK consolidated tape and transaction reporting. Executive Director Jim Kaye emphasised that harmonising UK reporting rules more closely with EU standards would reduce complexity, lower the reporting burden, and improve the quality of market data. By addressing current concerns with post-trade transparency, the association aims to boost investor confidence in UK-based liquidity.
Regarding the 2027 equities consolidated tape, FIX recommends a single provider to ensure a “single source of truth.” Key proposals include aligning off-venue transparency exemptions with off-book exchange trades, removing duplicative reporting for trades already captured by EU Approved Publication Arrangements, and introducing disclosures for trade execution methodology. The association also seeks clearer regulatory guidelines for order chains and cross-border transactions to eliminate ambiguity in reporting responsibilities.
On transaction reporting, FIX advocates for a pragmatic approach to data sourcing, including the use of Legal Entity Identifiers for trusts and the FCA’s FIRDS as a primary data source. The response suggests removing specific RTS 22 fields while preserving essential transparency data. However, the association cautioned that proposed changes to data points, such as DEA indicators, may require significant system upgrades for firms. Overall, the recommendations focus on simplifying logic and maintaining data quality to support market integrity.
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