Simon Walls, executive director of markets at the FCA, framed the initiative as a necessary step to provide investors with a comprehensive view of the market. The regulator confirmed it will include select pre-trade data in the feed, a move that has drawn scrutiny from the London Stock Exchange Group. LSEG previously warned that disclosing certain bids and offers before execution could prove counterproductive, hinting at a potential push for government intervention to reshape the scope.

To balance industry interests, the FCA adjusted its framework to mandate that the future tape provider redistribute a portion of generated income back to the firms supplying the data. With the tender process for a provider scheduled for next year, the regulator has begun publishing daily trading volume data to maintain momentum. The project remains a central plank of Britain's broader effort to combat perceptions of lagging liquidity and revitalize its financial markets.