Martin Wheatley, Chief Executive, FCA, and David Lawton, Director of Markets, FCA, both delivered keynote speeches at the 2013 FCA markets conference.

Mr Wheatley surveyed the new global regulatory landscape and how it has changed in recent history, emphasising its global nature and tightened regulatory standards. Mr Wheatley noted that, with work on addressing market infrastructure and capital ratios nearing completion, the new focus of the global regulatory regime is towards conduct and culture. Mr Wheatley emphasised the FCA’s aim to be at the vanguard of changing standards in conduct and culture, both domestically and globally.

Mr Lawton focused on the FCA’s approach to market supervision, emphasising the need for the FCA’s supervision to evolve in light of changing circumstances, specifically: the complexity of the regulated markets, the policy agenda described above by Mr Wheatley and the FSA’s shortcomings as a regulator. Mr Lawton highlighted:

• a renewed focus on wholesale conduct;
• a regulatory approach which focuses on market integrity; and
• a more holistic regulatory approach which would draw together the FCA’s data and
surveillance capabilities with its supervisory and policy tools. Copies of the speeches by

Mr Wheatley = http://www.fca.org.uk/news/firms/modelling-integrity-through-culture

and

Mr Lawton  = http://www.fca.org.uk/news/evolving-the-fca-approach-to-markets-regulation