FEMR progress report commends the efforts of firms to drive higher market standards

By Rob Moulton and Katy Sanders

HM Treasury (HMT), Bank of England (BoE), and the Financial Conduct Authority (FCA) have issued a progress report in relation to the Fair and Effective Markets Review (FEMR). The progress report follows almost three years after the final FEMR report and recommendations were published, in an attempt to restore trust in the Fixed Income, Currency, and Commodities (FICC) markets after the attempted manipulation of LIBOR.

Whilst the progress report does not identify any new initiatives, it nonetheless provides a good summary of the work firms and authorities have undertaken and development to date across the following four areas:

  • Strengthening individual accountability
  • Improving market standards
  • Embedding a forward-looking approach to FICC markets
  • Strengthening benchmarks