The Federal Reserve continues to take part in these enforcement actions in cooperation with other U.S. agencies. The design of the Review is not only to advance the enforcement process, but also to look carefully at markets and firms and ask whether there are structural vulnerabilities or incentives for bad conduct that have not been well addressed by reforms to date.
I will offer comments on a few specific areas and discuss some of our parallel efforts here in the United States. First, as the Review notes, there is a perception that FICC markets and their participants are highly sophisticated and do not need protection.