On 26 June 2025, the Financial Conduct Authority (FCA) published a speech by its Chief Executive, Nikhil Rathi. The speech is entitled What king of market do we want to be?

Among other things Mr Rathi touches on the criticism that the FCA has faced for being too risk adverse and this is one of the reasons why he has consistently called for an open debate on risk appetite. He also mentions data noting that the FCA must build data sharing beyond the UK’s borders with offshore over-the-counter activity impacting the UK’s core markets.