City watchdog suggests a range of new measures to make UK's primary listed debt markets more effective

Hayley Kirton
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Consultation into the report was launched last November (Source: Getty)

The City watchdog has today published a list of practical recommendations for improvements that could be made to the UK primary listed debt markets.

Recommendations in the Financial Conduct Authority's (FCA) report include extending the FCA's wholesale debt approach to cover wholesale debt documents, establishing an early engagement team to help overseas issuers understand the process for listing debt securities and an extension of the FCA's same day service initiative for reviewing prospective supplements.

"Our goal with the Debt Market Forum was to identify practical measures to enhance the UK's primary debt markets while maintaining high standards," said Tracey McDermott, acting chief executive of the FCA. "These proposals have done just that and we are confident that they are measures the industry will welcome and wishes to see.

"Engagement in the wholesale debt market remains a priority for the FCA and we will continue to ensure key stakeholders in this market are kept informed of our proposals."

Announcing the launch of the forum for the UK primary listed debt market at a conference hosted by the Association of British Insurers last year, McDermott said the the review was not taking place because the watchdog felt there was anything fundamentally wrong with the market but, rather, because it wanted to make sure none of the regime's rules were blocking investment in new types of instruments unintentionally.

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