On 30 July 2014, the terms of reference of the Fair and Effective Markets Review  were published by HM Treasury, the Bank of England and the FCA. The Review will focus on the regulated and unregulated wholesale markets where misconduct issues have recently arisen (fixed income, currency and commodity markets, including  related derivatives and benchmarks). The scope of the Review will cover trading practices, the regulatory perimeter, impact of recent and forthcoming regulation and supervision. The Review will be led by HM Treasury, the Bank of England and the FCA but will also include a separate market practitioner panel which will feed into the Review. The terms of reference of the market practitioner panel were also published. The terms state that the Review will, by June 2015, recommend: (i) principles to govern the operation of fair and effective financial markets; (ii) reforms to address standards of behavior; (iii) tools to strengthen the supervision of market conduct; (iv) whether the regulatory perimeter should be extended; and (v) any additional reforms to those already in play that may be necessary. In the interim, the Review must recommend a list of additional benchmarks that should be supervised under UK legislation. A consultation on the issues and proposals is expected in autumn.

Information about the Review is available at: