The UK’s Financial Conduct Authority (FCA) has announced its new methodology for examining traders’ behaviors in an effort to curb the risk of benchmark manipulation, part of its overall Business Plan in 2014.
The UK’s Financial Conduct Authority (FCA) has announced its new methodology for examining traders’ behaviors in an effort to curb the risk of benchmark manipulation, part of its overall Business Plan for the new year, according to an FCA statement.
The newly released business plan underscores a widespread initiative by regulatory firms in the aftermath of the London Interbank Offered Rate (LIBOR) scandal that roiled financial firms over the past year, along with a plethora of new responsibilities necessitated by a dynamic market. However, the paramount goal of the new review will be heightened oversight and the administering of effective controls on key benchmark trading activity.
Institutional firms and global investment banks, including Deutsche Bank, Barclays and UBS, conducted the paramount abuses over the LIBOR manipulation. In this realm, the FCA will examine the transfer of sensitive information, ensuring the transparent processing of all confidential information across financial firms. Furthermore, this will entail diligent oversight on the behavior of asset managers and traders to foster the Execution of proper market conduct on behalf of investors.
“Over the next year we will increase the intensity with which we supervise wholesale conduct to ensure that transactions undertaken by these firms do not have a harmful impact on market integrity,” Wheatley added.
FCA to Assume New Responsibilities
The litany of abuses reported over the previous year has ultimately necessitated a greater role by the FCA itself, which has invariably lead to a host of new responsibilities for the regulatory body in 2014. Apart from the tighter oversight on investment banks, the FCA will also be shifting its focus towards consumer credit – such channels as financial promotional validity, short-term credit and lending practices are also to be included.
Indeed, “Taking on the Regulation of consumer credit is an enormous task which effectively doubles the number of firms that we regulate. Using our new power we want to tackle harm to consumers who are most at risk and our work will focus on protecting vulnerable consumers,” Wheatley reiterated.
In addition, the FCA has also outlined the following foci in its Business plan for the next year:
Mortgage Market review
Consumer Protection mechanisms
Implementing the measures stipulated by the Financial Services Act of 2013
The launch of Payment Systems Regulator
The establishment of comprehensive LIBOR supervision
Engagement with Alternative Investment Fund Management Directive (AIFMD)
Enhancement of whistleblowing activity
The UK’s Financial Conduct Authority (FCA) has announced its new methodology for examining traders’ behaviors in an effort to curb the risk of benchmark manipulation, part of its overall Business Plan for the new year, according to an FCA statement.
The newly released business plan underscores a widespread initiative by regulatory firms in the aftermath of the London Interbank Offered Rate (LIBOR) scandal that roiled financial firms over the past year, along with a plethora of new responsibilities necessitated by a dynamic market. However, the paramount goal of the new review will be heightened oversight and the administering of effective controls on key benchmark trading activity.
Institutional firms and global investment banks, including Deutsche Bank, Barclays and UBS, conducted the paramount abuses over the LIBOR manipulation. In this realm, the FCA will examine the transfer of sensitive information, ensuring the transparent processing of all confidential information across financial firms. Furthermore, this will entail diligent oversight on the behavior of asset managers and traders to foster the Execution of proper market conduct on behalf of investors.
“Over the next year we will increase the intensity with which we supervise wholesale conduct to ensure that transactions undertaken by these firms do not have a harmful impact on market integrity,” Wheatley added.
FCA to Assume New Responsibilities
The litany of abuses reported over the previous year has ultimately necessitated a greater role by the FCA itself, which has invariably lead to a host of new responsibilities for the regulatory body in 2014. Apart from the tighter oversight on investment banks, the FCA will also be shifting its focus towards consumer credit – such channels as financial promotional validity, short-term credit and lending practices are also to be included.
Indeed, “Taking on the Regulation of consumer credit is an enormous task which effectively doubles the number of firms that we regulate. Using our new power we want to tackle harm to consumers who are most at risk and our work will focus on protecting vulnerable consumers,” Wheatley reiterated.
In addition, the FCA has also outlined the following foci in its Business plan for the next year:
Mortgage Market review
Consumer Protection mechanisms
Implementing the measures stipulated by the Financial Services Act of 2013
The launch of Payment Systems Regulator
The establishment of comprehensive LIBOR supervision
Engagement with Alternative Investment Fund Management Directive (AIFMD)
Webull Introduces "Lite" Version of Trading App for Retail Users
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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