The Financial Conduct Authority says it expects to publish a joint roadmap with the Bank of England in the coming weeks, setting out how the UK’s wholesale markets should adapt to tokenisation and digitalisation. The timetable is more immediate than the regulator’s earlier statement that the roadmap would follow later in 2026, although no publication date or detailed schedule was given in Jon Relleen’s speech.
Relleen, the FCA’s director of infrastructure and exchanges, spoke on 5 October at the Reform of the UK Public and Private Capital Markets Summit in London. He said the roadmap would be developed by the two authorities as they work with industry to realise potential benefits from tokenised markets. Its purpose, he said, is not to forecast precisely what future markets will look like, but to ensure regulation can adjust as they evolve.
The announcement follows a joint FCA and Bank of England exercise earlier this year seeking views on tokenisation in wholesale markets. In September, the authorities said feedback from 123 respondents would inform a joint roadmap, then expected later in the year. They reported that respondents saw the strongest near-term opportunity in post-trade activity, particularly making collateral easier to move between parties. The forthcoming document is expected to give firms more clarity on the authorities’ work, but Relleen did not set out its contents or individual milestones in the speech.
Tokenisation means representing an asset and its ownership digitally, commonly using distributed-ledger technology. In wholesale finance, it could affect how securities are issued, transferred, traded and settled. The FCA has identified prudential treatment, custody and market infrastructure as areas where firms are seeking certainty. The regulator has also said that the roadmap will include timelines for work on wholesale tokenisation. Those timelines have not yet been published.
Relleen placed the commitment within a wider programme of capital-markets reforms, saying the FCA had completed around 30 focused workstreams. He described changes spanning primary markets, trading transparency and post-trade rules, while arguing that maintaining high standards should go alongside more room for informed risk-taking. The FCA’s stated approach is to favour clear outcomes, transparency and accountability where detailed prescription is not needed, without weakening market integrity.
Among the examples in the speech was the bond consolidated tape, which began operating in June. The FCA said 1.6 million licences had been subscribed to the service. Relleen also cited increases in the bond trades visible in real time following transparency changes: 70 per cent for corporate bonds and 30 per cent for government bonds. The FCA is moving towards an equity consolidated tape and expects to appoint a provider next year; until then, it has introduced a market activity report on UK equity trading.
The speech also reviewed PISCES, a new regulated market for trading shares in private companies. The FCA said four operators had been authorised and seven transactions had taken place, involving companies in areas including technology, brewing and board games. In primary markets, Relleen said around 25 companies had joined the Main Market since listing-rule changes, including seven initial public offerings in the first half of 2026. He also cited new public-offer rules intended to make fundraising simpler and more flexible.
Further reforms remain under way, including work on securitisation, listed-company disclosures, benchmarks, and clearing and margin requirements. The regulator has also supported tokenised investment funds and the Digital Securities Sandbox, where firms can test the issuance, trading and settlement of digital securities in a regulated setting. The speech said the sandbox was expected to support issuance of a digital gilt early next year, known as DIGIT.
The roadmap’s significance will depend on the practical dates, responsibilities and regulatory changes it sets out. For now, the new statement advances the expected timing but leaves the policy detail open. The FCA and the Bank of England have framed the work as a response to industry demand for clarity, while the next step is the publication of their joint plan in the coming weeks.
