Sweeping reforms for UK Wholesale Markets regulation following Brexit

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The government has published plans to reform to the UK’s financial services regulatory framework for capital markets, with the aim of ensuring that the UK’s regulatory regime for secondary markets is fair, outcomes-based and supports competitiveness, whilst maintaining the highest regulatory standards.

In its consultation response on the Wholesale Markets Review, HM Treasury has set out its direction of travel for reforms to the regulation of wholesale financial markets in the UK. The paper sets out a number of changes that will remove complexities and inefficiencies from the existing regulatory framework, and confirms that certain key changes (removal of UK share trading obligation and double volume cap) will be brought in as soon as “Parliamentary time allows”. Other reforms will be put under remit of the FCA, either as soon as possible (such as important work on simplifying the pre- and post-trade transparency regimes for fixed income and derivatives markets) or at a later stage as part of the FCA’s new powers following the UK’s Future Regulatory Framework Review. 

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Published 3 March, 2022