FEMR
The Fair and Effective Market Review (FEMR) is a UK review of Fixed Income, Currency and Commodity (FICC) markets chaired by:
- Nemat (Minouche) Shafik, Deputy Governor of the Bank of England,
- and co-chaired by Martin Wheatley, Chief Executive Officer, Financial Conduct Authority (FCA)
- and Charles Roxburgh, Director General, Financial Services, HM Treasury.
The formation of the Fair and Effective Markets Review was announced on 12 June 2014 with the objectives to identify ways to reinforce confidence in the fairness and effectiveness of wholesale financial market activity conducted in the UK, and to influence the international debate on trading practices.
The Review published its final recommendations in June 2015.
A copy of the report is available at http://www.bankofengland.co.uk/markets/Documents/femrjun15.pdf
The full terms of reference for the Review are also available at http://www.bankofengland.co.uk/publications/Documents/news/2014/tor.pdf
Commenting on the review, ACT CEO Colin Tyler said,
- "Users of financial markets, such as non-financial corporates of all sizes, expect markets to be fair and hope they are also effective in enabling investment, funding and hedging of risk.
- The ACT broadly welcomes the 21 recommendations of the FEMR."
- The Treasurer, July/August 2015, p6
