The Financial Markets Standards Board (FMSB) has published a paper, Future of financial markets, marking ten years since the UK’s Fair and Effective Markets Review (FEMR) and assessing how structural and technological changes in wholesale markets are altering market practice and associated conduct risks. The paper highlights four thematic shifts: growth in non-bank intermediation and reduced universal service provision; increased electronification and platform-based execution alongside data-driven trading and early adoption of artificial intelligence; expansion in fixed income, currencies and commodities markets with the emergence of digital assets and increasingly blurred institutional and retail boundaries; and changing geography with new hubs in Europe, the Middle East and Asia, alongside gradual de-dollarisation and greater multipolarity. FMSB drew on interviews and insights from more than 60 market practitioners and policymakers in producing the analysis.
Financial Markets Standards Board 2025-09-22
Financial Markets Standards Board publishes paper on how shifting participation, technology and digital assets are reshaping conduct risks in wholesale markets
The Financial Markets Standards Board published a paper assessing the impact of structural and technological changes on market practices and conduct risks since the UK's Fair and Effective Markets Review. Key shifts include growth in non-bank intermediation, increased electronification, expansion in fixed income and digital assets, and changing geographical dynamics with new hubs and gradual de-dollarisation.