Speech by Jon Relleen, director of infrastructure and exchanges, at the Reform of the UK Public and Private Capital Markets Summit 2026.

Speaker: Jon Relleen, director of infrastructure and exchanges 
Event: Reform of the UK Public and Private Capital Markets Summit 2026
Delivered: 5 October 2026  
Note: This is a drafted speech and may differ from the delivered version
Reading time: 9 minutes

Highlights:

• The FCA’s wide-ranging reforms over recent years are making UK capital markets more effective, competitive and attractive.
• Trust, market integrity and high standards set the foundations for sustainable growth, and it is crucial that we also enable informed risk-taking.
• We’re preparing for tomorrow’s markets by supporting innovation, including tokenisation.

The Economic Secretary to the Treasury has discussed the contribution of UK markets to economic growth.

I want to build on that by talking about the FCA’s role in reforming capital market rules.

The headline is that we've been very busy over the past few years.

We’ve now completed major aspects of a multi-year programme of work, to ensure capital markets work well for our economy and support growth.

This has already delivered positive changes. But there’s plenty more to come.

We are working on further reforms, while also adapting to rapid changes in markets and use of technology.

In fact, areas such as tokenisation, AI and markets for trading private company shares have become central to our capital markets policy programme.

And that tells us something important. As markets change, our approach has had to change too.

The question has not been whether regulation changes. It has been how we adjust in a way that preserves trust while also supporting innovation and growth.

Let me start by talking about our approach to the work.

We have been working with the Treasury, the Bank of England and in close dialogue with the private sector, on a raft of wholesale market reforms.

These draw on formal reports, like the Wholesale Markets Review, our process of reviewing inherited EU regulation, and issues raised by market contacts.

Some have suggested the work programme is a list not a strategy. But I think that underestimates it. There are some key principles running through it.

Reforming from a position of strength

First, we are reforming from a position of strength, by building on the UK’s advantages.

The UK is home to deep, trusted and internationally connected capital markets.

London continues to rank among the world’s leading financial centres. Our markets are respected and characterised by strong institutions and a reputation for integrity.

And the UK offers a full range of markets and services, supported by a diverse system of issuers, investors, intermediaries and infrastructure.

So our work programme is broad too. Covering primary markets, secondary markets, post-trade arrangements and a broad range of assets.

But successful markets cannot stand still.

Capital is increasingly mobile. Technology is reshaping markets. Private markets have grown. And new forms of trading and market infrastructure are emerging.

So our challenge is to preserve these strengths, whilst keeping UK markets dynamic and internationally competitive.

Rebalancing risk

In some areas this requires us to think differently about regulation.

For a while, financial regulation became more detailed and prescriptive. Often for understandable reasons following periods of market stress.

But we know that growth, innovation and investment all depend on taking risk.

That is why our approach is founded on the principle of maintaining high standards while creating more space for informed risk-taking and innovation.

This is especially relevant in wholesale markets, where professional participants assess opportunities and weigh risks every day.

Our role is to create regulation that enables this through clear rules and good disclosures, so that firms and investors can make informed decisions.

This is what we mean when we talk about rebalancing risk.

It does not mean lowering standards or weakening market integrity.

It means being deliberate about where regulation is needed and where market participants can take decisions themselves, armed with good information and appropriate disclosures.

In many cases, that means we can shift away from detailed prescription towards outcomes, transparency and accountability.

In doing so, we must never forget the underlying objective.

Ultimately, we want companies to have good options for how to raise capital, so they can invest and grow. And investors to have access to a broad range of investment opportunities.

Regulation cannot, on its own, drive economic growth. But good regulation and markets that work well are vital for a healthy economy.

Turning reform into results

You can see our approach in the reforms we have already delivered.

We have completed around 30 capital-markets focused workstreams. And there’s an even larger number across the FCA’s broader work.

That’s too many to discuss individually in this speech. To summarise some of them:

In primary markets, we introduced once-in-a-generation changes to the UK listing regime, significantly reducing costs for issuers and supporting competitiveness with other jurisdictions. Since then, we have seen many corporate transactions that have been simplified as a result. And around 25 companies have joined the Main Market, including 7 IPOs in H1 2026.

Our new public offers framework raised the thresholds for when prospectuses are needed by companies raising capital and we also introduced public offer platforms to facilitate off-market fundraising. We have already seen a rise in capital raised by companies, including via debt markets, alongside the broader benefits of a simpler and more flexible regime.

In secondary markets, we have significantly improved transparency in bond and derivatives markets. This includes the bond consolidated tape, which launched in June – the first consolidated tape outside North America – which already has 1.6 million licences subscribed to it. These changes are shining a new light on UK markets, delivering a 70% increase in corporate bond trades and 30% for government bond trades observed in real time and enhancing the way market participants view the market.

We are moving towards an equity consolidated tape too and will appoint a provider next year. In the meantime, we launched a market activity report, so investors see the true scale of UK equity trading.

We have also responded to the growth of private markets through the creation of PISCES, a new market for trading in private company shares. Four operators have been authorised and we’ve seen seven transactions – involving companies ranging from tech firms, to brewers and board-game makers.

In post-trade, we’ve adjusted transaction reporting, with initial proposals estimated to save firms £100m per year.

And we’ve altered some of the clearing and margining rules, including increasing the clearing threshold for commodity derivatives following volatility in commodity markets.

On the investor side, we are streamlining regulatory requirements for the asset management sector, via the AIFMD review, and supporting the government in its review of the pension market.

We’re also supporting retail participation by improving access to investment advice and simplifying product information.

And our changes to primary market rules have positively impacted retail investment. We’ve seen a 50% increase in the value of retail-denominated corporate bonds and an increase in domestic retail investor allocation in fundraisings.

A range of further reforms are planned or underway.

For example, on securitisation markets; listed company disclosures; benchmarks; and rules on clearing and margining.

We’re always in listening mode. So if you have ideas that would benefit UK markets please tell us.

Competitiveness without compromise

We are doing this work to make markets work better, which is our statutory objective.

By doing that, we support growth and international competitiveness.

Capital is mobile. Businesses have choices about where they raise finance, invest and operate. The UK cannot ignore that reality.

But competitiveness does not come from a race to the bottom.

The UK's reputation for openness, stability and high standards is a strategic asset.

Our approach is pragmatic. We will challenge inherited rules when they no longer serve markets effectively, learn from other jurisdictions, and recognise the value of international consistency.

But we will do so without compromising market integrity, which provides the bedrock for sustainable growth.

Preparing for tomorrow’s markets

I want to finish by talking about how we’re preparing for tomorrow’s markets.

We want to support innovation. To ensure markets evolve and use technology that opens up opportunities, efficiencies and encourages new entrants.

One example is working with firms to support the safe and responsible adoption of AI. Through our AI Lab, the AI Consortium with the Bank, and innovation sandboxes that allow firms to test ideas with us.

And we are enabling firms and markets to explore tokenisation.

With the Bank and Treasury, we set up the Digital Securities Sandbox, which will support issuance of the new digital gilt (or DIGIT) early next year. Many think that the success of DIGIT can catalyse digital activity in UK.

We have worked with industry on new rules and governance for tokenised investment funds and the launch of the UK’s first fully-native tokenised fund.

And with Treasury and the Bank we’ve developed a regulatory framework for stablecoins.

But we are at a critical point. Keeping pace with other jurisdictions will require effective coordination between the private and public sectors. Industry leadership will be at least as important as public policy.

Firms need to build, scale and innovate, moving beyond pilots to demonstrate real commercial use.

The UK’s Wholesale Digital Markets Champion, Chris Woolard, is playing a key role in coordinating the sector.

We know that regulatory clarity matters too. That’s why in May we published a joint vision with the Bank of England, setting out the regulatory principles for tokenised wholesale markets.

The feedback was clear. Industry wants to move quickly. In turn, we will provide certainty in areas such as prudential treatment, custody and market infrastructure.

In coming weeks we will publish a joint roadmap, setting out how the UK’s wholesale markets will adapt as we work collectively to realise the benefits from tokenisation and digitalization.

Our objective is not to predict exactly what future markets will look like.

It is to ensure that our regulatory framework can adapt as markets evolve.

Conclusion

We want UK capital markets to remain among the most trusted in the world, whilst also being among the most innovative, competitive and attractive. Markets that allow businesses to raise capital, help investors, and support the wider economy.

Our wide-ranging reforms have already delivered positive outcomes, across a variety of markets.

The approach is to build on the UK’s strengths and enable informed risk-taking, while preserving the trust, integrity and high standards on which successful markets depend.

The programme of reform will continue to evolve as markets change.

But the direction is clear. We are building markets that are ready not only for today's economy but for tomorrow's as well.