Fair and Effective Markets Review’s benchmarks to bring into UK regulatory scope
This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government
This consultation has concluded
Download the full outcome
Implementing the Fair and Effective Markets Review's recommendations on financial benchmarks: response to the consultation
Ref: ISBN 978-1-910337-60-8, PU1737 PDF, 214KB, 20 pages
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Detail of outcome
Having carefully considered the responses to the consultation, the government’s view is that all 7 benchmarks recommended by the review be brought into the UK regulatory regime. This document summarises the responses received and sets out the government’s response.
This consultation ran from
This consultation seeks views on which additional major financial benchmarks should be brought into the regulatory framework originally implemented for LIBOR.
On 12 June 2014, the government announced the establishment of a joint review by the Treasury, the Bank of England, and the Financial Conduct Authority (FCA) into the way wholesale financial markets operate. The ‘Fair and Effective Markets Review’ is led by Bank of England Deputy Governor for Markets and Banking, Minouche Shafik, with Martin Wheatley (Chief Executive Officer, FCA) and Charles Roxburgh (Director General, Financial Services, HM Treasury) as co-chairs.
The review will publish its final report in June 2015. But as a near-term interim output, the Chancellor of the Exchequer asked the review to recommend a list of additional major benchmarks across the fixed income, currency and commodity markets that should be brought into the regulatory framework originally implemented in the wake of the LIBOR misconduct scandal. This report sets out the review’s recommendations in response to that request.
HM Treasury has launched a consultation, seeking views from interested parties on the recommendations made by the review.
Read the news story, ‘Government consults on extending LIBOR powers to more financial benchmarks’.
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