ICMA responds to FCA Consultation on improving the UK transaction reporting regime
20 February 2026 ICMA has responded today to the FCA consultation CP25/32 on Improving the UK transaction reporting regime. ICMA’s response to this consultation covers two distinct perspectives, as we focus on: (i) MiFIR transaction reporting, as it relates to the reporting of cash bond transactions, as well as (ii) SFTR reporting, recognising that the latter is only a smaller component of the consultation. These two aspects of our response were led by two separate ICMA working groups. On the MiFIR side, the response is based on feedback provided by a dedicated MiFIR Transaction Reporting Taskforce, which has been created only recently, established as a sub-group of ICMA’s broader MiFIDII/R Working Group. On the SFTR side, we relied on feedback from ICMA’s well-established SFTR Taskforce, created back in 2015, to coordinate the industry’s implementation effort from a repo perspective and which has since continued to actively follow further regulatory developments.
In its response, ICMA strongly supports the FCA’s stated objective to “deliver a streamlined framework that will cut costs for business while ensuring effective regulatory oversight of our world-leading capital markets” and highlights that there is indeed ample scope for such improvements. While the response itself focuses mainly on the FCA’s proposals in relation to MiFIR transaction reporting, we also used the opportunity to share with the FCA a detailed list of proposals for a structured review of the SFTR reporting regime similar to those that had already been shared with ESMA recently. These are the result of a detailed review of the current requirements and issues flagged by members over the past years.
ICMA remains committed to contributing actively and constructively to the ongoing reviews of transaction reporting requirements across the EU and the UK, through our consultation responses, our bilateral engagement with the FCA and ESMA, and through official groups, such as the FCA’s recently created SFTR industry engagement group.
