The UK Proposes Changes to the Regulation of Equity Secondary Markets

August 17, 2023

In Policy Statement 23/4 (PS23/4) on “Improving Equity Secondary Markets,” the UK’s Financial Conduct Authority sets out its final proposed amendments to:

  • Post-trade transparency requirements, including a new “designated reporter regime” (“DRR);
  • Pre-trade transparency waivers;
  • The tick size regime;
  • Market resilience measures during trading venue outages; and 
  • Requirements that speak to the way retail orders are executed.

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