“The basic task of the FCA in making wholesale markets work well is to identify where those improvements need to be made and drive their delivery. And they fall into three broad categories.
The first is managing integrity risk – the risk that confidence in the functioning of markets diminishes as a result of too many examples of market abuse or misconduct by key players.
The second is managing the risk of poor treatment of end users – for example, consumers and clients losing out as firms fail to properly manage conflicts of interest.
And the third is managing competition risks – where clients across the board might face reduced choice, innovation and increased cost, where market structures and practices work for the few but not the many.”