{"id":1701,"date":"2025-10-08T08:04:38","date_gmt":"2025-10-08T08:04:38","guid":{"rendered":"https:\/\/iqeq.com\/gb\/insights\/the-fcas-proposed-trading-venue-changes-and-simplification-of-the-systematic-internaliser-regime\/"},"modified":"2025-10-10T13:23:43","modified_gmt":"2025-10-10T13:23:43","slug":"the-fcas-proposed-trading-venue-changes-and-simplification-of-the-systematic-internaliser-regime","status":"publish","type":"post","link":"https:\/\/iqeq.com\/gb\/insights\/the-fcas-proposed-trading-venue-changes-and-simplification-of-the-systematic-internaliser-regime\/","title":{"rendered":"The FCA\u2019s proposed trading venue changes and simplification of the systematic internaliser regime\u00a0\u00a0"},"content":{"rendered":"<section class=\"text-block standard-spacing  \">    <div class=\"container fade-in\">\n        <p><i><span data-contrast=\"auto\">By Santiago Perez, Compliance Consulting Analyst<\/span><\/i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">On 4 July 2025, the UK\u2019s Financial Conduct Authority (FCA) published <\/span><\/b><a href=\"https:\/\/www.fca.org.uk\/publication\/consultation\/cp25-20.pdf\"><b><span data-contrast=\"none\">Consultation Paper CP25\/20<\/span><\/b><\/a><b><span data-contrast=\"auto\">, presenting significant potential benefits for impacted firms. If adopted, the proposed changes could lower costs and reduce compliance burdens for firms while fostering a more dynamic UK market environment.<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276,&quot;469777462&quot;:[908],&quot;469777927&quot;:[0],&quot;469777928&quot;:[1]}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Through this consultation, the FCA is proposing to:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276,&quot;469777462&quot;:[908],&quot;469777927&quot;:[0],&quot;469777928&quot;:[1]}\">\u00a0<\/span><\/p>\n<ul>\n<li><b><span data-contrast=\"auto\">Give trading venues more flexibility<\/span><\/b><span data-contrast=\"auto\"> by allowing broader use of reference prices and matched principal trading, removing unnecessary cost and constraints<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276,&quot;469777462&quot;:[908],&quot;469777927&quot;:[0],&quot;469777928&quot;:[1]}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Reduce compliance burdens<\/span><\/b><span data-contrast=\"auto\"> by scrapping the systematic internaliser (SI) regime for non-equity instruments<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276,&quot;469777462&quot;:[908],&quot;469777927&quot;:[0],&quot;469777928&quot;:[1]}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Encourage efficiency and competition<\/span><\/b><span data-contrast=\"auto\">, aiming for a market structure that better supports liquidity and price formation<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276,&quot;469777462&quot;:[908],&quot;469777927&quot;:[0],&quot;469777928&quot;:[1]}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">This consultation paper notably follows Policy Statement PS24\/14, which recently <\/span><a href=\"https:\/\/iqeq.com\/gb\/insights\/understanding-the-fcas-non-equity-transparency-regime\/\"><span data-contrast=\"none\">removed pre-trade transparency requirements<\/span><\/a><span data-contrast=\"auto\"> for SIs in bonds and derivatives markets, negating the need for firms to identify themselves as SIs in non-equity instruments.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276,&quot;469777462&quot;:[908],&quot;469777927&quot;:[0],&quot;469777928&quot;:[1]}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Aligned with the FCA\u2019s 2025-2030 strategy to be a smarter regulator and support sustainable growth, the reforms outlined in CP25\/20 aim to reduce complexity, bolster market integrity and attract global capital.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276,&quot;469777462&quot;:[908],&quot;469777927&quot;:[0],&quot;469777928&quot;:[1]}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">In this article, we provide a detailed overview of the key proposals and discussion points raised by CP25\/20.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276,&quot;469777462&quot;:[908],&quot;469777927&quot;:[0],&quot;469777928&quot;:[1]}\">\u00a0<\/span><\/p>\n<h2>Addressing the changes in the UK\u2019s wholesale markets regime<\/h2>\n<p><span data-contrast=\"auto\">In its 2023 Wholesale Markets Review (WMR), the FCA concluded that the 2018 MiFID II \/ MiFIR transparency regime for bonds and derivatives had not delivered meaningful pricing improvements. To address this, <\/span><a href=\"https:\/\/www.fca.org.uk\/publication\/policy\/ps24-14.pdf\"><span data-contrast=\"none\">PS24\/14<\/span><\/a><span data-contrast=\"auto\">, effective from December 2025, recalibrates non-equity transparency requirements, replaces rigid quantitative SI thresholds with a qualitative definition, and streamlines pre- and post-trade reporting.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276,&quot;469777462&quot;:[908],&quot;469777927&quot;:[0],&quot;469777928&quot;:[1]}\">\u00a0<\/span><\/p>\n<h3>Key proposals<\/h3>\n<p><span data-contrast=\"auto\">CP25\/20 builds on PS24\/14 and two core WMR commitments by proposing to:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276,&quot;469777462&quot;:[908],&quot;469777927&quot;:[0],&quot;469777928&quot;:[1]}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Remove the prohibition on matched principal trading by firms operating a multilateral trading facility (MTF), which the FCA states is an unnecessary and costly constraint\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276,&quot;469777462&quot;:[908],&quot;469777927&quot;:[0],&quot;469777928&quot;:[1]}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Permit trading venues operating under the reference price waiver to use a broader set of prices than just the primary market, or the most relevant market in terms of liquidity, to cross orders under their systems; this would also include allowing the use of the reference price waiver within the same system where the price is derived from<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276,&quot;469777462&quot;:[908],&quot;469777927&quot;:[0],&quot;469777928&quot;:[1]}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Remove the prohibition on investment firms that are SIs from operating an organised trading facility (OTF)\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276,&quot;469777462&quot;:[908],&quot;469777927&quot;:[0],&quot;469777928&quot;:[1]}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Remove the SI regime for bonds and derivatives, as well as structured finance products and emissions allowances<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276,&quot;469777462&quot;:[908],&quot;469777927&quot;:[0],&quot;469777928&quot;:[1]}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Together, these reforms aim to simplify the SI regime, lower costs for firms and foster more efficient, competitive UK wholesale markets.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276,&quot;469777462&quot;:[908],&quot;469777927&quot;:[0],&quot;469777928&quot;:[1]}\">\u00a0<\/span><\/p>\n<h2>Discussion on reforms to equity transparency<\/h2>\n<p><span data-contrast=\"auto\">In <\/span><span data-contrast=\"auto\">CP25\/20<\/span><span data-contrast=\"auto\">, the FCA has reviewed the evolving structure and transparency of the UK equity market, seeking stakeholder feedback on current market operations and potential reforms ahead of a more detailed consultation scheduled for <\/span><span data-contrast=\"auto\">2026<\/span><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The FCA highlights significant changes in UK equity trading dynamics over the past two decades, influenced by <\/span><span data-contrast=\"auto\">technological innovation<\/span><b><span data-contrast=\"auto\">, <\/span><\/b><span data-contrast=\"auto\">market structure evolution<\/span> <span data-contrast=\"auto\">and<\/span> <span data-contrast=\"auto\">regulatory developments<\/span><span data-contrast=\"auto\">. One key observation is the<\/span> <span data-contrast=\"auto\">increased dispersion of secondary market trading activity<\/span><span data-contrast=\"auto\"> across diverse execution venues, with a <\/span><span data-contrast=\"auto\">decline in the proportion of trading conducted on central limit order books (CLOBs)<\/span><span data-contrast=\"auto\"> operated by exchanges.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">While this fragmentation has fostered greater competition, resulting in <\/span><span data-contrast=\"auto\">lower latency<\/span><b><span data-contrast=\"auto\">, <\/span><\/b><span data-contrast=\"auto\">enhanced resiliency<\/span><b><span data-contrast=\"auto\">, <\/span><\/b><span data-contrast=\"auto\">reduced trading costs<\/span> <span data-contrast=\"auto\">and<\/span> <span data-contrast=\"auto\">broader investor choice<\/span><b><span data-contrast=\"auto\">,<\/span><\/b><span data-contrast=\"auto\"> it has also reshaped liquidity distribution. Fragmentation has existed since the introduction of <\/span><span data-contrast=\"auto\">MiFID<\/span><span data-contrast=\"auto\">, but the nature of that fragmentation is shifting, with an <\/span><span data-contrast=\"auto\">increasing role for negotiated bilateral trading<\/span><span data-contrast=\"auto\"> \u2013 as evidenced by the market trend shift from <\/span><span data-contrast=\"auto\">January 2018 to April 2025<\/span><span data-contrast=\"auto\">, where CLOB trading fell by <\/span><span data-contrast=\"auto\">19%<\/span><b><span data-contrast=\"auto\">,<\/span><\/b><span data-contrast=\"auto\"> while bilateral trading rose by <\/span><span data-contrast=\"auto\">10%<\/span><b><span data-contrast=\"auto\">.<\/span><\/b><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">This trend raises concerns about the transparency of execution services. CLOBs have historically served as foundations for transparent price formation. The FCA questions whether the <\/span><span data-contrast=\"auto\">existing pre- and post-trade transparency framework<\/span><span data-contrast=\"auto\"> sufficiently supports a comprehensive view of market liquidity and efficient price formation considering these market shifts.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The paper also explores the <\/span><span data-contrast=\"auto\">equity SI regime<\/span><span data-contrast=\"auto\">, raising several critical points:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<ul>\n<li><b><span data-contrast=\"auto\">Scope of instruments<\/span><\/b><span data-contrast=\"auto\">: Which classes of instrument should be included within the equity SI regime?<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Trade reporting transparency<\/span><\/b><span data-contrast=\"auto\">: Are trade reports adequately indicating SI exposure to market risk?<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Quote quality metrics<\/span><\/b><span data-contrast=\"auto\">: What indicators best measure the usefulness of SI quotes for price formation or liquidity assessment?<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Price improvement conditions<\/span><\/b><span data-contrast=\"auto\">: Should existing conditions for offering price improvement be revised?<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Quote sizes<\/span><\/b><span data-contrast=\"auto\">: Is the current method for calculating the minimum quote size appropriate considering protecting liquidity and supporting meaningful price formation?<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<li><b><span data-contrast=\"auto\">Call for further evidence<\/span><\/b><span data-contrast=\"auto\">: The FCA invites further input from market participants on these issues.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276}\">\u00a0<\/span><\/li>\n<\/ul>\n<h2>Implementation timeline<\/h2>\n<p><span data-contrast=\"auto\">The feedback deadline for this consultation paper was 10 September 2025 with the policy statement set to be released in Q4 2025 in line with the full implementation date of PS24\/14 on 1 December 2025.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276,&quot;469777462&quot;:[908],&quot;469777927&quot;:[0],&quot;469777928&quot;:[1]}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">There is no current set date for the regulator\u2019s future consultation on reforms to equity transparency, but this is planned for 2026.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:276,&quot;469777462&quot;:[908],&quot;469777927&quot;:[0],&quot;469777928&quot;:[1]}\">\u00a0<\/span><\/p>\n<h2>How we can help<\/h2>\n<p><span data-contrast=\"auto\">To discuss what the FCA\u2019s\u202fproposed trading venue and SI regime changes may mean for your firm, or to develop an implementation plan and find out more about the support available from IQ-EQ\u2019s expert <\/span><a href=\"https:\/\/iqeq.com\/gb\/services\/compliance-consulting-uk\/\"><span data-contrast=\"auto\">UK compliance consulting<\/span><\/a><span data-contrast=\"auto\">\u202fteam, please\u202f<\/span><a href=\"https:\/\/iqeq.com\/gb\/locations\/united-kingdom\/#contact-us\"><span data-contrast=\"auto\">contact us today<\/span><\/a><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n            <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"","protected":false},"author":51,"featured_media":1702,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[1],"tags":[],"expertise":[16],"service_category":[],"class_list":["post-1701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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