FCA is consulting on clarifications to the regulatory perimeter for trading venues and related services. The consultation is part of the wholesale markets review and reflects concerns expressed as part of the feedback on that that firms are sometimes unsure of what regulatory permissions they need. FCA says it is not modifying the perimeter. Although, post-Brexit, it could now suggest legislative change to do so, and it can consider changes better suited to the UK markets, it is now merely clarifying its view of the concept of a multilateral system and how this applies in various scenarios.
As part of the consultation, FCA is also seeking view on whether the trading venue regime could be more proportionate for smaller firms.
Consultation closes on 11 November.