The FCA has announced the investigation as part of a review into the wholesale sector through an in-depth market study.
The review will focus primarily on competition in wholesale securities and investment markets, and activities that are related to these, including:

• markets and market infrastructure
• investment banking
• asset management
• corporate banking

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The FCA said in a statement this morning: "Wholesale financial markets play a crucial role in our economy and it is important that competition works effectively within them.
"That is why we have launched a review of competition in the wholesale sector to identify any areas that might merit further investigation through an in-depth market study.
"This review is an exploratory exercise that aims to highlight where competition may be weak or not be working properly in these markets.
"The review will focus primarily on competition in wholesale securities and investment markets, and related activities such as corporate banking.
"We are interested in features of a market or behaviour that could inhibit or distort competition in the market."

A three month consultation has been started today. Comments are wanted before 9 October 2014.

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Or write to:

Becky Young
Competition Department
Policy, Risk and Research Division
Financial Conduct Authority
25 The North Colonnade
Canary Wharf
London E14 5HS