The Bank of England (BoE) has announced that it will hold an Open Forum this autumn that will bring together all stakeholders in fixed income, currency and commodities (FICC) markets – policymakers, financial market participants and users, academics, media representatives and wider society. The BoE states that the goal is to “discuss the prospects for market functioning, where regulations might overlap or conflict, and whether enough has been done to build the real markets the UK deserves.”
More information on the Open Forum – including venue, date and agenda – will be announced at a later date.
To support the Open Forum, the BoE has published a Discussion Paper which sets out its analysis of what went wrong with FICC markets, as well as shortcomings in its own frameworks and operating procedures during the financial crisis, what is being done to correct those failings and what challenges remain. The Discussion Paper groups the issues into building effective markets and the maintenance of markets’ social licence. It also considers the role of the BoE in supporting these outcomes. It highlights some specific questions to motivate discussion at the Open Forum.
View Open Forum: Building real markets for the good of the people, 10 June 2015
View Bank of England webpage – Open Forum, 10 June 2015