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How fair and effective are our financial markets?

Finance and Financial Regulation

Misconduct in financial markets has rarely been out of the headlines since the scandal over Libor – the London-based inter-bank lending benchmark – emerged in 2012. More allegations have followed. The market in foreign exchange is only the most recent to come under scrutiny, with regulatory investigations resulting in a number of banks being fined hundreds of millions of euros for attempted manipulation.

Nemat Shafik, Deputy Governor of the Bank of England, is chair of the UK Fair and Effective Markets Review. This Review has been set up to uncover the root causes of the misconduct we have seen affecting fixed income, currency and commodity markets. Its aim is to help restore public confidence in these markets, the effective operation of which remains essential for Europe’s economic recovery. The Review seeks to reinforce the progress made by regulatory responses already in train, notably Mifid II, by considering whether vulnerabilities may remain in certain markets – and developing proposals for how market participants or public authorities can take action to resolve those problems.


  • 12:45 Registration and lunch
  • 13:00 Opening remarks by Nemat (Minouche) Shafik, Deputy Governor of the Bank of England
  • 13:15 Response by Olivier Guersent, Deputy Director General, DG Financial Stability, Financial Services and Capital Markets Union and Nicolas Veron, Senior Fellow at Bruegel
  • 13:45 Roundtable discussion
  • 14:30 End

About the speakers

Nemat Shafik is the Chair of the Fair and Effective Markets Review. She became Deputy Governor for Banking and Markets at the Bank of England in August, having previously served as Deputy Managing Director of the IMF and Permanent Secretary of the UK Department for International Development.

Event materials

Summary of the event -

Fair and Effective Markets review - Consultation document

Practical Details

  • Venue: Bruegel, Rue de la Charité 33, 1210 Brussels
  • Time: Wednesday 21st January 2014, 12.45-14:30.
  • Contact: Matilda Sevón, Events Manager - [email protected]