The Bank of England (BoE) has announced the outcome of a root and branch review of its market intelligence (MI) programme. The BoE’s Governors and Court of Directors have endorsed 11 recommendations stemming from the review, which are intended to make the gathering and use of MI more transparent, robust and effective. The recommendations include:
- a MI charter which explains clearly the terms of the BoE’s engagement with financial market participants, and its rationale for gathering MI;
- a strengthened set of policies that govern MI gathering, supported by expanded training for staff; and
- a new executive-level committee to oversee the MI programme, to ensure that it retains the necessary flexibility, focus and relevance to the policy challenges of today and tomorrow.
The BoE has also published its formal response to the recommendations of Lord Grabiner, following the publication of his Foreign Exchange Market Investigation Report in November 2014. In its response the BoE outlines the action that has been taken, or are being taken to fulfil the recommendations.
View Reforms to the Bank of England’s market intelligence programme, 26 February 2015