UK Poised to Launch New Regulatory Board, Chaired by Elizabeth Corley

The Governor of the Bank of England is slated to launch a new City body with a remit to foster tighter standards across financial markets on the heels of a number of debilitating trading scandals and manipulation settlements estimated in the billions.

As a result of the recent transgressions, Mark Carney will create the Fixed Income Markets Standards Board (FMSB), part of the Fair and Effective Markets Review (FEMR), which was initiated last year by Chancellor George Osborne, according to a Sky News report.

Leading the FMSB on an interim basis will be Elizabeth Corley, the chief executive of Allianz Global Investors, who will be serving as the chair of the group. Her primary directorate will be melding the City’s response to the FEMR.

However, for now it appears that the FMSB is unlikely to have any formal and binding regulatory powers. The organization itself will be funded by industry practitioners, who provide fixed income, currencies and commodities (FICC) services to corporate clients.

Despite the lack of formal authority, Mr. Carney attests that the organization will play a crucial role in assisting with the purging of the City’s numerous scandals, by acting as an intermediary between suppliers and users of wholesale banking services.

"It is going to say some quite significant things about what the scope of Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term should be for asset classes that historically have not been heavily regulated," noted Martin Wheatley, Chief Executive of the Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) and co-chair of the review, in a recent interview on the new panel.