We should applaud the publication of the Fair and Effective Markets Review. It is an initiative that is rooted in pragmatism and has engaged the industry right from the outset. The Bank of England, Financial Conduct Authority and the government are providing leadership to improve standards in the global market.

The next step is to promote FEMR and influence the regulatory debate globally. If we don't, I fear there is a real threat to the UK's market competitiveness. The UK is a leading hub for global capital markets and this is important to our future.