Britain’s financial regulator is preparing to publish comprehensive trading data covering all transactions in London-listed shares, in a move aimed at reshaping perceptions of liquidity in the UK equity market and strengthening the capital’s competitiveness as a listing venue.
The Financial Conduct Authority plans to make public aggregated data spanning all share trades, including those executed away from the main order book, according to a report by the Financial Times. The regulator believes current headline measures materially understate how much trading activity actually takes place in London-listed stocks.
At present, market liquidity is commonly assessed using data drawn largely from the central limit order book operated by the London Stock Exchange. However, a significant volume of equity trading occurs through alternative venues such as periodic auctions and so-called dark pools, where large transactions are matched without immediate public disclosure.
The FCA’s proposal would consolidate and publish trading information from across these venues, offering a fuller picture of how UK equities trade in practice. The regulator has described existing liquidity metrics as “drastically under-reported”, arguing that incomplete data risks deterring issuers and investors at a time when London is facing sustained competition from overseas markets.
Speaking to the Financial Times, Simon Walls, interim executive director of markets at the FCA, said the authority was prepared to “take some risk” in releasing more granular data if it helped correct misconceptions about market depth and activity. The comments underline a more assertive regulatory stance as policymakers seek to reinvigorate the UK’s public markets.
The data initiative follows a series of reforms introduced earlier this year to simplify capital-raising for listed companies and make secondary fundraisings faster and cheaper. Those changes were framed as part of a broader effort to reverse a prolonged slowdown in UK initial public offerings and follow-on equity issuance.
London has lost several high-profile listings in recent years, while other UK-headquartered companies have chosen to float in New York, citing deeper pools of capital and stronger liquidity. Regulators and ministers have increasingly focused on market structure and transparency as levers that can be adjusted without compromising investor protection.
Market participants are likely to scrutinise how the new data would be presented and updated, as well as what it might mean for existing commercial market-data products. Exchanges and data vendors derive significant revenues from selling trading information, and wider public disclosure could alter the economics of that market.
For investors, more comprehensive trading data could improve price discovery and benchmarking, particularly for less liquid stocks where activity is currently fragmented across venues. Asset managers and brokers may also gain better insight into execution quality and the true depth of demand for UK shares.
The FCA has not yet set a timetable for publication or confirmed the precise level of aggregation that would be used. Further consultation with exchanges, trading venues, and market participants is expected before any final framework is adopted.
If implemented, the proposal would mark a significant shift in how UK equity market activity is presented to the public — and could play a central role in efforts to reassert London’s relevance in an increasingly competitive global listings landscape.
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