FCA appoints new secondary-markets advisory committee

The Financial Conduct Authority has appointed 27 members to its Secondary Markets Advisory Committee for the 2026-2028 term, expanding the panel from 25 seats as it continues to push ahead with UK market-structure reform.

The appointment list, reported by Financial News, adds executives from JPMorgan, BlackRock, London Stock Exchange Group, Rokos Capital Management, Optiver and BP. Existing representation also continues from firms including Goldman Sachs, Morgan Stanley, Barclays, Vanguard, Jane Street, Citadel and the London Metal Exchange.

The committee will advise the FCA across equities, fixed income, foreign exchange and commodities markets. Financial News said the panel is expected to meet at least quarterly.

Committee refresh

The new term runs from July 2026 to July 2028. It follows an earlier cycle of 25 members and a selection process that, according to Financial News, drew 51 applications, including 19 from existing members seeking renewal.

That larger applicant pool highlights the level of interest in a group that sits close to the FCA’s reform agenda. The committee does not set policy itself, but it provides market participants with a direct route into discussions on how the regulator should approach secondary-market oversight, transparency and market structure.

Jamie Whitehorn, speaking for the FCA, said the wider expertise on the committee would help the regulator develop effective, evidence-based reforms that support competitive, resilient markets and economic growth.

Who is on the panel

The mix of firms points to the breadth of the FCA’s remit. New representation from large banks, an exchange group, a hedge fund, a market maker and an energy company gives the regulator input from different parts of the trading ecosystem.

The continuing presence of firms such as Goldman Sachs, Morgan Stanley, Barclays, Vanguard, Jane Street, Citadel and the London Metal Exchange suggests the FCA wanted a panel that combines continuity with fresh perspectives. Financial News reported that the new membership reflects a broader roster rather than a wholesale reshuffle.

That matters because the committee’s advice is likely to inform areas where market participants often have competing priorities, including liquidity, disclosure, execution quality and compliance burden.

Reform backdrop

The appointments come as the FCA works through a broader post-Brexit reform programme for UK markets. That agenda has already included changes to transaction reporting and plans for consolidated tapes covering UK bond and equities data.

The secondary-markets committee is one of the FCA’s main channels for practical feedback as it weighs those changes. Its remit across equities, fixed income, FX and commodities means the regulator can hear from firms active in both listed and over-the-counter markets.

The timing also suggests the FCA wants the committee in place before the next phase of consultation work. Financial News reported that the regulator plans to publish a consultation on equity market structure later in July 2026.

Why it matters

The committee’s membership can shape how the FCA frames its next reforms, especially on transparency and accessibility in UK markets. For bond markets in particular, the combination of transaction-reporting changes and consolidated-tape planning makes market input more important than usual.

For firms, the appointments show which institutions will have direct access to the regulator’s advisory process over the next two years. For investors and trading venues, they signal that the FCA is still building its case for structural change and wants a wider set of voices around the table.

The broader market also gets a clearer view of where the FCA is heading: toward reforms it says should support competitive, resilient markets while keeping the UK attractive for trading and investment.

The immediate next milestone is the expected equity market-structure consultation later this month, which should give the new committee its first major policy backdrop.

Financial News first reported the appointment on July 8, 2026.