Is the City facing another regulatory onslaught? It certainly sounded that way from some of the rhetoric surrounding the Fair and Effective Markets Review, unveiled on Monday.

It isn't just a case of a few bad apples, said Minouche Shafik, deputy governor of the Bank of England, referring to the string of benchmark manipulation scandals. Perhaps there is something also wrong with the barrel. Warning that bad practices may be reemerging in the City as the memory of the financial crisis fades, she said that the authorities would need to take further action to rebuild trust in the markets.