The Fair and Effective Markets Review (FEMR) has published on 27th October a consultation document on "How fair and effective are the fixed income, foreign exchange and commodities markets?".
Our Conduct Costs Project's data are used by the Fair and Effective Markets Review in their Consultation Document (see Chart 4 on page 9 of the Document). There is also a suggestion that our approach could provide a framework in connection with industry -wide performance measures for conduct:
"The work of the London School of Economics Conduct Costs Project and the CCP Research Foundation (www.ccpresearchfoundation.com) could provide a framework for further development in relation to industry-wide performance measures relating to conduct."
The Consultation Document is available at http://www.bankofengland.co.uk/publications/Pages/news/2014/140.aspx.
Commenting on this reference in the FEMR Consultation Document , Roger McCormick observed, "It is very encouraging that the scope for using the Conduct Costs Project's work to help with industry-wide conduct metrics has been recognised in a document emanating from the Bank of England, HM Treasury and the FCA. We have always been at pains to stress that our work is not a bank- bashing exercise but an attempt to develop a way of testing banks' success in putting their houses in order and provide accessible data that indicate the progress being achieved. The ability to compare banks, jurisdictions, heads of loss as well as year - on-year figures is absolutely crucial for this."