Relleen outlines 30 market reforms and digital gilt timeline
The Financial Conduct Authority has completed around 30 workstreams across wholesale capital markets, Director Jon Relleen announced on October 5, 2026. The programme included a new listing regime, bond transparency tools and preparations for a digital gilt issuance.
Listing revamps and transparency gains
The reforms span primary, secondary and post-trade markets.
Under the revised listing regime, around 25 companies joined the Main Market, including seven IPOs in the first half of 2026.
In secondary markets, the bond consolidated tape launched in June has accrued 1.6 million licence subscriptions, driving a 70 percent increase in corporate bond trades and a 30 percent rise in government bond trades observed in real time.
Private market platform PISCES has authorised four operators and completed seven transactions across sectors.
Furthermore, transaction reporting changes are projected to save firms £100 million annually, while retail-denominated corporate bonds rose 50 percent in value.
Digital gilts and sandbox roadmaps
Looking ahead, the regulator is focusing on tokenisation and technological adaptation.
Through the Digital Securities Sandbox run with the Bank of England and Treasury, the UK plans to issue a digital gilt early next year.
An equity consolidated tape provider will also be selected next year.
Relleen noted that “keeping pace with other jurisdictions will require effective coordination between the private and public sectors,” confirming a joint wholesale roadmap will be published in coming weeks.
Execution decides the race
The delivery of 30 reforms demonstrates regulatory agility, yet UK listings still face stiff global competition.
Digital sandboxes matter only if institutions scale tokenisation beyond mere pilot projects.
Without deeper secondary liquidity, structural rule changes will not secure London's revival.