The FIA European Principal Traders Association (FIA EPTA) appreciates the opportunity to provide feedback to the HM Treasury Consultation Paper regarding the Wholesale Markets Review.
FIA EPTA agrees that the breadth of the current definition of a ‘multilateral system’ has created ambiguity about the regulatory perimeter which should be clarified. This has been particularly acute for brokers arranging transactions over the phone (so called “voice brokers”) and technology firms innovating new ways of bringing together buying and selling interests.
