Bank seeks views on ethical future of markets

Bank of England
By Michael McGlinchey, CA Today

13 October 2015

The Bank of England is inviting views on ensuring a "positive future" for financial markets ahead of an Open Forum in The City on 11 November.

The Bank of England is hosting a debate focused on a "positive and ethical future" for financial markets on 11 November and is seeking views in a survey ahead of the event.

The forum will include representatives from financial markets, industry, the media, academia, civil society and policymaking bodies.

The event will take place at the Guildhall in London, with related events also hosted in Birmingham and Edinburgh, and these will be streamed live back to the Guildhall. 

Chief Economist Andy Haldane said: "We are seeking to garner input from as wide a range of stakeholders as possible.  As Governor Mark Carney said when announcing the initiative in June, everyone has an interest in financial markets.

"Financial markets matter to everyone in society but they can misfire. During the financial crisis, the markets weren't resilient…and more recently we've seen examples of a loss of trust in financial markets through misdeeds, so we need some way of fixing these things.

 "The Open Forum is one of the ways of restoring financial markets' social licence – restoring trust among wider society in the functioning of the financial markets."

Ahead of the day, the Bank is conducting a poll across a varied range of constituencies, including the business community, Open Forum participants, students and the general public.

The results will be used as a starting point for discussion on the day and in particular in the opening session, which will consider the role of financial markets in the economy. 

Mr Haldane said the poll questions seek to assess the extent to which markets are perceived to be effective and to operate with a "social licence".

More information on the Open Forum can be found on the Bank's website.

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