Wholesale financial markets play a crucial role in our economy and it is important that competition works effectively within them. That is why we have launched a review of competition in the wholesale sector to identify any areas that might merit further investigation through an in-depth market study. This review is an exploratory exercise that aims to highlight where competition may be weak or not be working properly in these markets.
The review will focus primarily on competition in wholesale securities and investment markets, and related activities such as corporate banking. We have started a three-month consultation exercise with the publication of a call for inputs document, to gather views and evidence from stakeholders. To aid discussion, the document includes some examples of potential competition issues that have been raised by stakeholders previously, or drawn from our internal research and existing supervisory and thematic work. We seek views on the likelihood of these being borne out, as well as suggestions for other issues that we should explore.
The review will focus primarily on competition in wholesale securities and investment markets, and activities that are related to these, including:
We welcome responses to our call for inputs by 9 October 2014.
We intend to publish a feedback statement later this year, and we would expect any market study to be launched in early 2015.
We will engage with stakeholders through a series of round tables during the consultation period, if you would like to attend a round table, please send an email to email@example.com letting us know your name, firm, job title and which topics you are interested in discussing with us. Please note that attendance at the round tables is subject to availability.
We are asking for your views or evidence on the matters covered by the call for inputs. We are interested in responses on the potential competition issues discussed in the document and any other wholesale areas within the scope of the review where you feel that competition is not working effectively.
Alternatively, please send your response in writing to:
Policy, Risk and Research Division
Financial Conduct Authority
25 The North Colonnade
London E14 5HS
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