MFA Letter to HM Treasury Supports Efforts to Review UK Wholesale Markets Regime

On September 24, 2021 MFA submitted a letter in response to HM Treasury’s consultation on the UK’s Wholesale Markets Review. In the letter, MFA expresses support for HMT’s readiness to adjust the UK wholesale markets regime to further protect market integrity and encourage competition, while maintaining high standards which will enable international buy-side firms to continue to participate in the UK markets with confidence. In particular, MFA encourages HMT’s efforts to calibrate transparency requirements in a way that will provide buy-side firms with improved access to price and market data, which is essential for asset managers to be able to trade effectively on UK markets. In addition to points on market data, MFA’s letter focuses on (i) trading venues and systematic internalisers; (ii) equity transparency; (iii) fixed-income transparency; (iv) commodity position limits; and (v) consolidated tape.