Written on: 20 July 2022

FMSB Chair Mark Yallop spoke at the London Stock Exchange on 12 July at a Market Closing in honour of FMSB’s contribution to fairer and effective markets. Read the full speech here and the ‘LSEG welcome story‘.

“It will eternally be to the great credit of those at the Bank of England, the FCA and HM
Treasury who wrestled, in writing the Fair and Effective Markets Review, with how to
respond to the successive waves of wholesale market problems from 2008-2013, that
they did not double down on a complex, prescriptive, targets and rules-based regulatory
system that would have done nothing to change the accountability for market outcomes
and the trustworthiness of financial markets.

“Rather the Bank, the FCA and HMT deliberately sought to create a system that
reinforced a genuine sense of accountability for trust-able outcomes on the part of both
market makers and market users.”

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