Andrew Bailey says the UK must “resist very firmly” the EU’s attempts to force all euro-derivatives clearing into the bloc.
Tag: Bank of England
Andrew Bailey says EU and UK equivalence process has not been straightforward as he urges now is not the time to have a regional argument.
The audio feed contained no inside information and no activity of concern or misconduct was identified by the FCA following the audio hack at the Bank of England.
Results from the latest Bank of England survey revealed that UK FX daily turnover in April 2020 has shrunk 16% since October 2019 to $2.4 trillion.
The report from the UK central bank found that financial firms are spending upwards of $20 billion a year on post-trade processing systems alone.
The Investment Association has written to the FCA and the Bank of England to confirm that asset managers want markets to remain open despite coronavirus volatility.
Market participants have been told that despite disruption, the transition away from Libor is still targeted for the end of 2021.
FCA, Bank of England and HM Treasury are investigating how firms will manage a widespread outbreak of coronavirus.
Christopher Woolard will be interim chief executive of the FCA, with Andrew Bailey due to become governor of the Bank of England in March.
Despite Libor being due to cease at the end of 2021, UK authorities have set out a timeline for the shift to the Sonia benchmark throughout this year.