Consultation outcome

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

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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.

Original consultation


This consultation seeks views on which additional major financial benchmarks should be brought into the regulatory framework originally implemented for LIBOR.

This consultation ran from

Consultation description

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.


Published 25 September 2014
Last updated 22 December 2014 + show all updates
  1. response document published
  2. First published.