On 23 November 2021, John Glen MP, Economic Secretary to the Treasury, delivered a speech at the UK Finance Annual Dinner discussing, public attitudes, financial services and the challenges of our time, a new culture of regulation, new kinds of collaboration, and looking to the future.
Among other things Mr Glen mentions that a full summary of the responses to the consultation on the Wholesale Markets Review, and the Government’s plans to take it forward, will be published in the New Year. It is the Government’s intention to legislate as early as parliamentary time allows to implement many of the changes identified in the consultation document. The Government will be revoking the share trading obligation and the double volume cap. It will also be recalibrating the transparency regime for fixed income and derivatives markets to “ensure that the right instruments are subject to transparency requirements and to remove unnecessary burdens for firms”. The Government will also be reducing the scope of the position limits regime for commodity derivatives and transferring the setting of position limit controls from the FCA to trading venues.