Written on: 14 July 2025

14 July 2025 – FMSB features in an article by Andrew Large and published on Reuters. In the article: ‘Guest view: The City of London requires a strategy’, Andrew emphasises the need ‘… to encourage a move more towards a standards-based regulatory approach to international and wholesale finance, based on outputs rather than binary “blackline” rules. Such regulations are necessary in areas such as authorisation and capital adequacy. But writing specific rules to cover new, complex, and fast-changing areas of financial activity can be both stultifying and inhibiting.’

He went on to say, ‘Standards of good practice developed by practitioners have proved an effective complement to FCA regulation in the fixed income markets through the work of the Financial Markets Standards Board, which was set up with official endorsement in the wake of the Libor and foreign exchange scandals…. Standards can also be much more effective in new areas such as artificial intelligence, green finance, and cryptocurrencies, where the required outputs can be defined but the means of delivery are fluid. Moving further in this direction should be part of the government’s strategy.’

Recent posts: