Britain's regulatory authorities have launched a three-month consultation on ways to strengthen confidence in the wholesale fixed-income, currencies and commodity (FICC) markets. The Prudential Regulation Authority, Financial Conduct Authority and HM Treasury published a consultation paper (PDF), as part of their Fair and Effective Markets Review (FEMR), seeking views on how fair and effective FICC markets currently are (and where there might be deficiencies), and "on ways in which, where necessary, that fairness and effectiveness might be improved". Respondents have until January 30 and the review will make its final recommendations in June. The FEMR defines effective FICC markets as those which "enable market participants to trade at competitive prices; and allow the ultimate end-users to undertake investment, funding, risk transfer and other transactions in a predictable fashion, underpinned by robust infrastructure", and it defines fair markets as those which "have clear and consistently
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