What does the Qomply survey reveal about the FCA’s proposed MiFID changes (CP25/32)?

Qomply’s 2026 industry survey finds that 90% of firms expect the FCA’s proposed UK MiFID transaction reporting reforms (CP25/32) to reduce reporting costs and streamline operational compliance.

Which FCA MiFID reforms are expected to generate the greatest cost savings?

Respondents identified four high-impact reforms: removing instruments traded solely on EU venues, reducing the back-reporting window, reducing reportable and reference-data fields, and removing FX derivatives from MiFID transaction reporting scope.

Why do firms expect these MiFID reporting changes to reduce costs?

Firms expect cost reductions because the reforms aim to reduce reporting scope, minimise complex reference data requirements, shorten back-reporting obligations and simplify operational reporting processes.

When are responses to the FCA consultation CP25/32 due?

Responses to CP25/32 are due by 20 February 2026.

90% of Firms Support FCA MiFID Reform (CP25/32)

Q: What are firms saying about Conditional Single-Sided Reporting (CSSR)?

Despite FCA proposals to expand CSSR, the survey indicates deep scepticism. Around 90% of respondents questioned whether CSSR changes will deliver meaningful benefits in practice.

Author: Michelle Zak

Managing Director

20th January 2026

Following the FCA’s Consultation Paper, CP25/32: Improving the UK transaction reporting regime , Qomply’s 2026 industry survey reveals that 90% of firms expect the FCA’s proposed MiFID transaction reporting reforms to reduce costs and streamline compliance. The findings highlight strong industry support for simplifying reporting scope, data requirements, and operational complexity under the UK’s future reporting regime.

A recent Qomply survey of market practitioners shows strong confidence that the FCA’s proposed changes to the UK MiFID transaction reporting regime will reduce reporting costs. Most respondents expect a positive or very positive impact, and notably, none anticipate an increase in costs.

This sentiment suggests the FCA has struck the right balance. More than seven years after MiFID II went live, the regulator is now signalling a measured reboot of the UK’s reporting obligations.

Poll results: Impact of FCA MiFID proposal on reducing reporting costs (percentages by response) — Poll question: “How would you assess the potential impact of the proposed changes on reducing your overall reporting costs?”

When Qomply asked which reforms would generate the greatest efficiency gains, responses clustered around four key changes:

Removing instruments traded solely on EU venues
Reducing the back-reporting window from five to three years
Reducing the number of reportable and reference-data fields
Removing FX derivatives from MiFID transaction reporting scope

Poll results: Which FCA MiFID proposed changes deliver the greatest cost or efficiency savings (percentages by option) — Poll question: “Which of the proposed changes do you expect will deliver the greatest cost or efficiency savings for your firm?”

The FCA is also proposing a more flexible approach to Conditional Single-Sided Reporting (CSSR) to encourage greater industry uptake. However, the survey reveals deep scepticism—around 90% of respondents questioned whether CSSR will deliver meaningful benefits. Market adoption may ultimately depend on how sell-side firms and venues respond, and at what commercial cost to counterparties.

Poll results: Whether expanding Conditional Single-Sided Reporting (CSSR) will reduce reporting costs (Agree 11%, Unsure/Neutral 50%, Disagree 39%) — Poll question: “The proposed changes to expand the use of Conditional Single-Sided Reporting will reduce reporting costs for my firm.”

Responses to the FCA consultation are due by 20 February 2026.

For a more indepth perspective of the proposed reforms and their practical implications for firms, see Qomply’s overview:

Key Proposed Changes to Improve MiFID (CP25/32)

You can also read the FCA’s consultation paper in full here: Consultation Paper (CP25/32): Improving the UK Transaction Reporting Regime

Qomply survey of firms regarding proposed changes to MiFID

Qomply's perspective on proposed changes to MiFID

Industry Survey Results

90% of Firms Support FCA’s MiFID Reform: Lower Costs, Leaner Reporting

Sign Up To Our Newsletter

Request a Demo

Let's Get In Touch!