1.1 The UK is a global centre for financial services. This is supported by many contributing factors including robust and proportionate regulation, world renowned legal expertise, access to talent, and an ongoing commitment to open, competitive and innovative markets. Deep and liquid capital markets are at the heart of the UK's prosperity as an international financial centre. They provide financing for UK and international businesses, allow businesses to hedge risks, enable institutional and private investors to access financial instruments, and provide a direct source of employment and tax revenue.
Financial services regulation in the UK for secondary markets
1.2 The Wholesale Markets Review was established to determine how the UK's approach to regulating secondary markets needs to adapt following the UK's withdrawal from the EU, and to ensure that the framework continues to cater for future challenges and opportunities.
1.3 Currently, the Financial Services and Markets Act 2000 (FSMA
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