In his annual Mansion House speech, given on 12 June 2014, George Osborne MP announced that the Treasury, Bank of England and FCA will conduct the Fair and Effective Markets Review (the “Review”) into fixed income, currency and commodities markets, to be chaired by the new Deputy Governor of the Bank of England, Minouche Shafik, Martin Wheatley, and Charles Roxburgh. The Review’s report is due to be published in June 2015. In addition, George Osborne MP announced that the Government plans to extend existing powers regarding regulation of LIBOR to cover further major benchmarks across foreign exchange, commodity and income markets, many of which are currently unregulated. Based on the conclusions of the Review, the Government will publish and consult on the full list of benchmarks to be covered by the additional regulatory powers. The new regulatory regime is due to be put in place by the end of 2014.