BoE publishes Fair and Effective Market responses: BoE has published the full list of responses to its consultation on the Fair and Effective Markets review. It had asked respondents to comment on the fairness and effectiveness of the fixed income, currency and commodity (FICC) markets. It received responses from a wide range of national and international firms, industry bodies and regulators. The Market Practitioner Panel provided one of the more detailed responses. Andrew Hauser, Director of Markets Strategy, highlighted the number and range of respondents. From the responses he went on to draw out the following key issues:

  • the need for clear, effective and adequately complied with standards of market practice in the FICC markets;
  • standards of individual professionalism in FICC markets;
  • governance, controls and incentives ("culture") within firms operating in the FICC markets; and
  • ways for such firms to catch misconduct.

Despite highlighting these four issues he stressed the review raised a much wider range of issues and the final recommendations due in June will reflect this. (Source: Responses to the Fair and Effective Markets Consultation and Some Early Messages From the Fair and Effective Markets Review Consultation Responses)

BoE speaks on payment systems: David Bailey has spoken on the future of payments systems. He spoke of the importance of stable systems and key criteria BoE will use when assessing change. It will consider:

  • settlement risk;
  • robustness and resilience;
  • continuity of payment services; and
  • effective supervision.

He said the payments landscape is moving so BoE needs to be ready to support change. (Source: BoE Speaks on Payment Systems)