The Bank of England has published the Fair and Effective Markets Review (FEMR) implementation report. The report sets out progress by the Bank, FCA and HM Treasury in implementing the recommendations of the Review, which were published in June. The report discusses progress in the near-term actions to improve conduct in the fixed income, currency and commodities (FICC) markets and the conclusions include that significant progress has been made in taking forward the FEMR recommendations. However, responsibility now falls increasingly on market participants to see through the changes in market practices and behaviour to restore the industry's reputation and deliver fair and effective markets. The report warns that a failure to do so will inevitably lead to further regulation.