UK market structure and regulation: the FCA, the Bank of England, HM Treasury and UK venues.
At the City Dinner, the FCA chief executive said threats to market integrity are 'as serious as I have seen them'. He named 24/7 trading, parallel market structures and insider trading on offshore prediction markets.
Bans on Bermingham, Moryoussef, Mathew and Bittar are revoked and their Final Notices removed. The Court of Appeal had overturned the convictions of six benchmark defendants earlier in October.
Barclays, HSBC, Lloyds, Morgan Stanley, NatWest and RBC Capital Markets will underwrite and distribute the DIGIT pilot, which is expected by Q1 2027.
CP26/34 covers the new client-indicator fields, conditional single-sided reporting and a weekend cutover window. It also asks whether EU-only instruments should be removed from FCA FIRDS early.
The FCA chief executive said the UK must move from pilots to adoption. He flagged a joint roadmap with the Bank of England and planned safeguarding rules, and questioned how disclosure and market abuse will work in 24/7 markets.
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