IMA response to the Review of Fair and Efficient Markets proposal
In response to the Chancellor of the Exchequer’s announcement that a Review of Fair and Efficient Markets will be conducted, Daniel Godfrey, Chief Executive of the Investment Management Association, said:
“Wholesale financial markets play an essential role in the well-being of the economy. Investors need to have confidence, not just in economic performance but in the ability of markets to share that performance faithfully with investors, without distortion or discrimination and at reasonable cost. The IMA wholeheartedly supports the breadth of this timely review, and will continue to promote ways that asset owners and managers can obtain and demonstrate value for customers when using wholesale markets on their behalf.
“The review will need to address effectiveness as well as fairness, and take competitiveness as well as competition into account. It comes at a time of significant change in market infrastructure and dynamics, with reduced capacity to absorb customer orders. It rightly takes into account the global nature of markets and the challenges that this raises in terms of supervisory co-ordination."
