Opinion is divided on whether the Bank of England-led
Fair and Effective Markets Review(FEMR) is driven by
policy, or a belief that more needs to be done to improve
Some City lawyers have praised the review as pragmatic and
well timed, noting that the authorities are embracing an
industry-led response. Others find it hard to look past the
The FEMR was launched by the Chancellor in June. Its
consultation document, released on October 27, asks 49
questions on how to reinforce confidence in the fairness and
effectiveness of fixed income, currency and commodity (FICC)
The paper borrows from many themes established by the
Parliamentary Commission on Banking Standards in its 2013 paper
Changing Banking for Good.
"The idea of taking those concepts, to which there is a
degree of comfort in the banking context, and extending them to
create stronger FICC markets is a really...