Recent developments in financial markets

The FCA has published a speech given by its CEO, Andrew Bailey. The speech is entitled Recent developments in financial markets. The speech begins with an overview of the state of financial markets in the UK. Amongst other things Mr Bailey touches on two important pieces of work the FCA is involved in. First, the FCA has been looking hard at the risks from open-ended fund structures. Second, algorithmic trading where Mr Bailey explains that the regulator’s intent is not to stand in the way of the use of algos, but rather to ensure that firms have robust governance, risk management and compliance standards. Mr Bailey adds that used well, algos are an obvious innovation in trading, but used badly they can cause wider risks to the system. Mr Bailey then discusses MiFID II, stating that the FCA was very clear that its highest priority was that the introduction of MiFID II did not lead to market disruption. Mr Bailey confirms that despite some inevitable roughness around the…

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