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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.
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’.