Wholesale markets

Market culture is improving but visible leadership and manager capability remain critical for setting the tone and defining good conduct.

A carve-out from fund regulations could turn London’s vaulted bullion into real-time digital collateral – if firms can solve the property rights puzzle.

Feedback emphasizes the need for faster progress and clearer rules for digital assets and settlement.

​A central focus of the proposal is supporting the transition to flow-based capacity calculation across European intraday auctions.

The FCA’s consultation CP26/23 will interest wholesale firms that do not directly serve retail clients but felt forced to change their business when the Consumer Duty was first introduced.

The FCA said the changes are part of its plans to give wholesale firms the confidence to apply the Duty proportionately.

Analysis of ACER’s Q1 2026 regulatory updates: a shift from preparation to active enforcement.

The report is a useful indicator of where the FCA expects firms to focus now.