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.”
For further media information contact:
KPMG Media Relations:
Tel: +44 (0) 207 694 8773
Helen Jackson (works Wed – Fri)
2 Forbury Place, 33 Forbury Road, Reading, RG1 3AD
Tel: +44 (0)118 3731 479
Mobile: +44 (0)790 111 5649
Christina Bridge (Works Mon-Wed)
15 Canada Square
Tel: +44 (0)7789 504905
KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 16,000 partners and staff. The UK firm recorded revenue of £2.3 billion in the year ended 30 September 2020.
KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax, and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.