This paper reports on the main themes arising from the responses to the call for inputs for the wholesale sector competition review, and sets out next steps for the review.
Why are we publishing this paper?
Wholesale financial markets play a vital role in our economy, and it is important that competition works effectively within them. In July 2014 we launched a review of competition in the wholesale sector to gather views on areas that might benefit from further investigation through an in-depth market study. Based on the feedback we received, we intend to launch a market study on investment banking and corporate banking services in spring 2015. This feedback statement:
- Explains why we have chosen this topic for our first wholesale market study.
- Sets out timescales and next steps.
- Summarises the wider responses we received to the call for inputs and our view on conducting further market studies on the issues raised.
Who should read this paper?
This feedback statement is aimed at individuals and organisations who are interested in how competition in wholesale markets can generate good outcomes for consumers, firms and the market. These include wholesale market participants, consumers and trade associations.
What are the next steps?
We will publish a terms of reference, which will set out the scope of the market study and signal its launch, in Spring 2015.