Closed consultation

UK Wholesale Markets Review: a consultation

We are analysing your feedback

Visit this page again soon to download the outcome to this public feedback.


The Government is carrying out a review of the UK’s regime for wholesale capital markets. This consultation will run from 9am on 2 July to 11:45pm on 24 September.

This consultation ran from

Consultation description

This consultation considers how the UK’s regime for wholesale capital markets can be reformed to deliver a framework that is fair, outcomes-based and supports openness and competitiveness, whilst maintaining the highest regulatory standards.

It outlines the government’s proposals to clarify the regulatory perimeter to ensure the market can operate in confidence, and to remove requirements that limit firms’ ability to access the most liquid pools of capital where they can get the best outcomes for investors. The consultation considers how the transparency regime for fixed income and derivatives markets can be recalibrated to ensure it is proportionate to the characteristics of these markets. It finally proposes reforms to the UK commodities regime as well as amendments to the market data regime, to ensure that market activity is not unnecessarily restricted and to enable participants to identify the best available prices, respectively.

In addition to enhancing the effectiveness of our current regulatory framework, and in line with the Chancellor’s vision for financial services, the consultation also considers how the Government can best ensure that the UK’s approach to capital markets regulation enables firms and regulators to address the challenges and opportunities of the future, as well as the present.


UK Wholesale Markets Review: Consultation

This file may not be suitable for users of assistive technology.

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email Please tell us what format you need. It will help us if you say what assistive technology you use.
Published 1 July 2021