UK Consultation On Fairness And Effectiveness Of The Fixed Income, Currency And Commodities Markets

Author:Shearman & Sterling LLP
Profession:Shearman & Sterling LLP

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...

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