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.
Tag: Bank of England
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.
The Bank of England and the FCA are upping efforts in data, with plans to deploy new technologies for increased data and analytics abilities.
Andrew Bailey has been chief executive of the FCA since July 2016, and will take on the leadership role at the Bank of England in March next year.
Hedge funds reportedly gained information from a Bank of England press conference audio feed five to eight seconds faster than other marker participants.
FX turnover in the UK reached record highs, as North America sees sharp decrease over the same period.