Fair and Effective Markets Review, Final Report

HM Treasury, Bank of England, FCA

Download Document

Date Published 2015
Primary Author Bank of England
Other Authors
Country United Kingdom


This Report has three main purposes. First, it provides an analysis of the root causes of recent misconduct and other sources of perceived unfairness in FICC markets. Second, it evaluates the impact of the significant reforms already completed or under way. And third, it makes recommendations to fill remaining gaps. Broader issues, such as how to boost the effectiveness and resilience of financial markets from a macro-economic and financial stability perspective, are beyond the scope of this Review. The purpose of the recommendations in this Review is to enhance the fairness of FICC markets while also boosting their overall effectiveness, by increasing confidence and reducing risk premia. But they clearly need to be seen against the broader canvas of other ongoing reforms to the international financial system.

< Back to Search Results