There is no ‘F' in FEMR

A trader's view of the Fair and Effective Markets Review


So, June 10, 2015 finally arrived. Almost 800 years to the day from the signing of Magna Carta, another tour de force of a document was born. Note down that date. Your grandchildren will ask you about this some day, "Where were you, Grandad, when they published the Fair and Effective Markets Review (FEMR)?"

There, on the first page, and indeed the opening line, is:

1. What do ‘fair' and ‘effective' mean ....

That can't be good.

Just what is the sum total of qualifications of the persons on this

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