Capital markets & wholesale

The UK’s new position outside of the single market has afforded the UK a unique opportunity to consider, optimise, and strengthen its rulebook for wholesale and capital markets.

This has resulted in an ambitious reform agenda of policy and regulatory initiatives which aim to drive competitiveness, foster innovation, develop green and sustainable investments, and support the UK’s position as a global leader in financial services.

At UK Finance we have embraced this reform programme and engaged our members across a series of strategically important initiatives currently spanning primary and secondary markets. This work includes bringing technical experts together to form new views, drive thought leadership, and develop policy positions on how the UK’s capital markets regime should evolve; and strengthening our relationships with senior government and regulatory stakeholders in the markets space in order to influence with an authoritative voice.

In particular, we responded to HM Treasury’s (HMT) Wholesale Markets Review (as the government reviews domestic wholesale markets regulation, with a focus on reviewing the recently onshored MiFID/R regime). We also engaged as part of the government’s drive to reform how companies list and grow in the UK, responding to the FCA’s and HMT’s primary markets consultations (addressing areas such as the listings and prospectus rules, and the UK’s regulatory approach to special purpose acquisition companies (SPACs).

This work marks the beginning of a step change in our advocacy and coverage of markets policy. We look forward expanding in this area, and continuing to represent our members' interests, as the regulatory reform work continues.