UK:
UK Consultation On Fairness And Effectiveness Of The Fixed Income, Currency And Commodities Markets
20 November 2014
Shearman & Sterling LLP
To print this article, all you need is to be registered or login on Mondaq.com.
On October 27, 2014, the UK's Fair and Effective Markets
Review ("FEMR") invoked a consultation on the fairness
and effectiveness of the Fixed Income, Currency and Commodities
("FICC") markets and ways in which those markets might be
improved. FEMR, which is a review undertaken by the BoE, PRA and
FCA: (i) proposes to define the terms "effective" and
"fair"; (ii) seeks views on where fairness and
effectiveness in the FICC markets are most deficient, focusing on
six areas – market microstructure, competition and market
discipline, benchmarks, responsibilities, governance and
incentives, and surveillance and penalties; (iii) seeks feedback on
the extent to which regulatory, organizational and technological
changes recently introduced are likely to address deficiencies in
effectiveness and fairness; and (iv) requests input on what other
steps could be taken to improve fairness and effectiveness in the
FICC markets.
The consultation closes on January 30, 2015 and FEMR will
publish its recommendations in June 2015. The consultation paper is
available at: http://www.bankofengland.co.uk/markets/Documents/femr/consultation271014.pdf
.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Finance and Banking from UK
Asset Recovery Comparative Guide
Bird & Bird
Asset Recovery Comparative Guide for the jurisdiction of UK, check out our comparative guides section to compare across multiple countries
Q&A: Safe Harbours For VASPs - Part 1
Ogier
Asian Legal Business was keen to hear from our experts on how this will allow virtual asset services providers (VASPs) to anchor in theses jurisdictions, despite increased regulatory burdens...
Q&A: Safe Harbours For VASPs - Part 2
Ogier
In 2023, Jersey and the British Virgin Islands passed legislation indicating they were welcoming virtual asset service providers, joining the likes of the Cayman Islands...
CRD VI And Its Impact On Lending Into Europe
Cadwalader, Wickersham & Taft LLP
December 2023 saw the publication by the EU of the near-final version of its ‘Banking Package' that makes significant changes to the Capital Requirements Directive known as ‘CRD VI'.
Financial Promotion Exemptions – UK Government U-Turn
Shepherd and Wedderburn LLP
In response to criticism, the UK Government announced in the 2024 Spring Budget that recent changes to the financial promotion exemptions eligibility criteria would be partially reversed from 27 March 2024.