Commodity ETP Trading Data Underreported Due to UK Reporting Rule Changes

A change to the UK's bond reporting rules has inadvertently created a blind spot in market data, affecting the visibility of trading activity in commodity exchange-traded products (ETPs).

The rules, which came into effect in December 2025, have altered the way certain trades are reported. Specifically, trades conducted over-the-counter (OTC) or via a systematic internaliser (SI) for 'category 2' fixed income instruments no longer require public reporting. Similarly, those executed on UK request-for-quote (RFQ) venues are now subject to a lengthy deferral of up to six months.

This change has significant implications for ETCs and crypto exchange-traded notes (ETNs), which are legally structured as debt securities and fall under these rules. As a result, a substantial portion of trading activity in these instruments is no longer visible in public data.