On 17 December 2024, the Bank of England (BoE) published its Financial Market Infrastructure (FMI) Report 2024, setting out the work carried out over the past year in relation to FMI to deliver the BoE’s financial stability objective and secondary innovation objective.

The BoE highlights the important role played by the FMI firms that it supervises, which offer services to individuals and business that are “critical to the smooth operation of the UK financial system and the broader economy”.

The report explains how the BoE has delivered against its statutory objectives over the last year and how it plans to continue doing so next year. It reports against the BoE’s use of its new powers and responsibilities under the Financial Services and Markets Act 2023 and sets out how the BoE has continued to deliver and develop effective regulation and supervision of FMIs.

Particular aspects of the BoE’s work flagged in the report include:

  • Implementing the enhanced regulatory regime following the approval of the FSMA 2023.
  • Facilitating innovation through its work on stablecoins and the Digital Securities Sandbox.