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Capital Markets Review encouraging

Vice-Chair of Financial Services at KPMG in the UK, Kay Swinburne comments on the Wholesale Markets Review

Kay Swinburne comments on the Wholesale Markets Review

Commenting on the Wholesale Markets Review, Kay Swinburne, Vice-Chair, Financial Services, KPMG UK, says:

“It’s great to see market feedback taken on board in the review. As a global financial center, the UK needs to ensure open, deep, and efficient capital markets and many of the proposed changes will support achieving that goal. Firms will be particularly encouraged by the suggested edits to MiFID II, notably to improve the transparency regime and increase choice around methods of execution and venues.

“However, the EU Commission is also due to publish its delayed review of MiFID II in the next few months and inevitably the detail of the two regimes will differ. Market participants have a clear preference for continued regulatory alignment, but most firms also recognise that this may not be achievable politically.”

Karim Haji, Head of Financial Services, KPMG UK adds:

“Change that brings clear, evidence-based benefit, as we see in the review, is to be applauded. Global capital markets regulation has done a huge amount of good over the last decade but it has also consumed huge resources. We have to remember the UK is only one part of the picture and whilst today’s review will make comfortable reading, the UK’s ability to cooperate with EU and international regulators could prove to be the real test.”

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