ICMA Responds to FCA Consultation on Improving the UK Transaction Reporting Regime

Why It Matters

The response could shape future UK reporting rules, delivering cost efficiencies and stronger regulatory oversight for banks, asset managers and repo market participants.

Key Takeaways

• ICMA submitted detailed feedback on MiFIR bond reporting.
• SFTR taskforce proposes structured review of repo reporting.
• Supports FCA aim to cut costs, maintain oversight.
• Engagement will shape UK and EU reporting standards.
• Collaboration with ESMA mirrors cross‑border regulatory alignment.

Pulse Analysis

The Financial Conduct Authority’s CP25/32 consultation marks the most comprehensive review of the United Kingdom’s transaction‑reporting framework in years. By targeting both MiFIR cash‑bond disclosures and the Securities Financing Transactions Report (SFTR) regime, the FCA seeks to streamline data flows while preserving market integrity. Industry bodies such as the International Capital Market Association (ICMA) are pivotal in translating regulator intent into practical standards. ICMA’s latest response, filed on 20 February 2026, leverages its specialised MiFIR Transaction Reporting Taskforce and long‑standing SFTR Taskforce to provide granular feedback that could reshape reporting obligations for banks, asset managers, and custodians.

On the MiFIR side, ICMA’s feedback emphasizes proportionality, urging the FCA to align reporting granularity with the actual risk profile of cash‑bond trades. The association also recommends automated validation tools to reduce manual entry errors and lower compliance costs. For SFTR, the SFTR Taskforce proposes a structured review that mirrors recent ESMA initiatives, focusing on simplifying repo‑level data fields and harmonising timestamps across jurisdictions. These suggestions aim to eliminate duplicate submissions, accelerate trade‑life‑cycle processing, and provide regulators with cleaner, more actionable datasets.

If adopted, the proposed changes could deliver measurable cost savings—potentially millions of pounds annually—for market participants while enhancing the FCA’s supervisory capabilities. Moreover, a coordinated UK‑EU approach would mitigate fragmentation risks, supporting the City of London’s status as a global capital market hub. ICMA’s ongoing dialogue with both the FCA and ESMA signals a collaborative regulatory environment, where industry expertise informs policy, ultimately fostering a more efficient, transparent, and resilient financial ecosystem.