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UK: Financial watchdog uses new powers in wholesale market review

By  |  November 20, 2013

The UK’s Financial Conduct Authority said it plans to launch an inquiry into the wholesale financial markets to test whether they are competitive, simultaneously announcing plans to revise how its supervises the markets following the LIBOR rate rigging scandal.

Reports say the FCA, which began operations earlier this year, will put its new competition powers to use in how it supervises the markets used by financial bodies including banks, fund managers and exchanges. David Lawton, director of markets at the FCA, said Tuesday that the market inquiry “will be na important step forward in using the competition objective to bring about better outcomes for consumers and market integrity in the wholesale markets.”

Full Content: Euronews

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