The FCA, Bank of England, and Fixed Income, Currencies and Commodities Market Standards Board (FMSB) have signed a joint Memorandum of Understanding.
The Memorandum sets out a framework for the continuation of cooperation between the three entities in relation to the delivery of FMSB’s primary objectives, as identified in the Fair and Effective Markets Review Final Report. These objectives are:
- to promote fair and effective global wholesale FICC markets;
- to produce clear guidance on how businesses should be conducted to eliminate or mitigate vulnerabilities; and
- to promulgate such guidance as widely as possible globally and obtain commitments for its use.