The former Minister of Finance announced in his Budget Speech in February 2017 that a financial markets review, modelled on the Fair and Effective Markets Review in the UK – which gave rise to the formation of the FMSB just mentioned – would be undertaken in 2017. This work has already started and market participants will be consulted as part of the process.
The review will focus on conduct practices aimed at improving effectiveness to the benefit of market participants and customers. This review exercise will be a lot more comprehensive than the initial foreign exchange review that the SARB and the Financial Services conducted in 2014; it will consider conduct in the wholesale money, debt capital, foreign exchange, commodities and derivatives markets.