On 10 June 2015, the Bank of England (“BoE”), HM Treasury (“HMT”) and the Financial Conduct Authority (“FCA”) published the final report on the “Fair and Effective Markets Review” which had been launched one year ago with the aim of reinforcing confidence in the wholesale fixed income, currency and commodity (“FICC”) markets. During this period, a wide consultation was carried out with many entities and organisations, including some based outside the UK.

The report provides an analysis of the causes of recent market misconduct and other sources of perceived unfairness in FICC markets and evaluates the impact of reforms already in force or underway. It sets out 21 recommendations for further work and action.