Page 43 - 期货和衍生品行业监管动态（2022年9月）

期货和衍生品行业监管动态

We have published a Consultation Paper (CP) proposing new guidance on the
regulatory perimeter for trading venues.

This consultation is part of the Wholesale Markets Review (WMR), the review

of the UK wholesale financial markets we have been conducting with the Treasury.

Since the current regulatory framework was introduced, changes in technology

and market structure have enabled a variety of new service providers to emerge,

improving efficiency and choice.

However, feedback to the WMR highlighted that firms can sometimes be

uncertain of the regulatory permissions they need and recommended that we consult

on guidance.

This CP addresses that recommendation.

Further guidance on the trading venue perimeter will provide greater certainty

regarding models where we do not intend trading venue requirements to apply -

supporting innovation in our markets - while promoting competition and high

standards by ensuring that models possessing the key characteristics of a venue are

treated equally, within the framework of the trading venues regime.

Following the UK’s withdrawal from the EU, we are now able to consider

approaches which are better tailored to the UK market.

We are not modifying the perimeter, which would require legislative change.

Instead, we are seeking to clarify through guidance in our Handbook, the concept of a

multilateral system and how this should be applied to specific types of arrangements

in financial markets.

We are also seeking views but are not, at this stage, making proposals on
whether the trading venue regime can be made more proportionate for smaller firms,

while maintaining high standards of market integrity.

The consultation closes on 11 November 2022.

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