Fairer and More Effective Fixed-Income, Currency and Commodity Markets?

June 15, 2015

At the annual Mansion House speech to the City on Wednesday, 10 June, Bank of England (BoE) Governor Mark Carney announced an end to “the age of irresponsibility.

Shortly before the Mansion House speeches began, the Treasury, the BoE and the Financial Conduct Authority (FCA) jointly published the Final Report of the Fair and Effective Financial Markets Review (FEMR), which is the result of a 12 month exercise focusing on those wholesale markets, both regulated and unregulated, where the majority of recent concerns about misconduct have arisen: fixed-income, currency and commodity (FICC) markets, including associated derivatives and benchmarks. This Review comes in the wake of the major multijurisdictional investigations and enforcement actions in respect of the manipulation of LIBOR and foreign exchange markets, resulting in record fines being imposed on banks and public outcry at some of the misconduct uncovered.

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