“I’m here primarily to talk about the Fair and Effective Markets Review, a joint initiative by the Bank of England, the Financial Conduct Authority (FCA) and HM Treasury, launched by the Governor of the Bank of England and the Chancellor last June. The aim of the Review is to reinforce confidence in wholesale fixed income, currency and commodity markets – or ‘FICC’ for short – in the wake of LIBOR, FX and other appalling cases of misconduct that have come to light since the height of the financial crisis1. The Review is interested in three key questions. First, what were the root causes of this behaviour? Second, how far have the steps taken by firms and regulators since the crisis gone to put things right? And, third, what remains to be done? We have been consulting very widely on these questions both here and overseas, and that consultation ends tomorrow.”
The full speech is available here.