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The Fair and Effective Market Review (FEMR) was 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 Fair and Effective Markets Review was established in June 2014 with the objectives of identifying 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 recommendations and progress report are available, at Bank of England, FEMR.

Commenting on the review, former 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

See also