Policy RoundUp - December 2025/January 2026

Market structure and transparency also remain firmly in focus. The FCA’s consultation on a UK equity consolidated tape (CTP) closes next week, aimed at improving price formation and liquidity visibility across fragmented markets. HM Treasury’s consultation on a future benchmarks regime to replace the UK Benchmarks Regulation is being considered by the Society’s Debt IR experts, including implications for investor disclosure, communication and the use of benchmarks in green bonds and commodities-linked instruments, against a backdrop of heightened volatility and significant price movements in several underlying reference markets.