, her majesty ’ s government is extending the senior managers regime to all firms in ficc markets and putting them on a common basis with banks and insurers. being a senior manager in finance now brings the responsibility and accountability that befits what the best in the industry have long recognised : finance is a true profession. the bank of england ’ s role in markets has been comprehensively overhauled. we ’ re replacing constructive ambiguity with open for business when we provide liquidity to markets. we ’ re working with others as one bank to develop markets that support financial stability and the real economy. we ’ ve revamped our governance and we ’ re holding ourselves to the highest standards of accountability, including the senior managers regime on top of parliamentary and public scrutiny. so a huge amount has already been completed to make markets fairer, more resilient, accountable and effective. these reforms are essential for the uk to remain the leading international financial centre. bis central bankers ’ speeches they are essential not least because the size of the uk - based market - based financial system could increase from six to nearly 15 times uk gdp by 2050. but the journey isn ’ t finished. today is a chance to take stock and reflect : not just on our achievements but on what we might have missed, overdone, or simply got wrong. given the complexity and scale of financial reform, it would be remarkable if every measure were perfectly constructed. or if they all fit seamlessly into a totally coherent, self - reinforcing whole. authorities must have the courage to listen, the honesty to admit our mistakes and the confidence to set them right. because we ’ re determined not to repeat the cycles of the past when bursts of post - crisis reforms would eventually drift into complacency and cohabitation. when the caravan moved on, markets were left unattended to slip slowly into excess and ethical drift. today we want not only to profile progress made, but also to spur a continual process of review and reform. this isn ’ t just about fixing the fault lines that caused the last crisis, but also about seizing new opportunities from fintech and market - based finance. it's about building truly global markets, in the uk and elsewhere, and the cross - border governance and cooperation they need to function well. it is precisely because we don ’ t know all the answers that we ’ re setting questions before us today : - what more needs to be done? are there gaps that

mark carney : introduction to the open forum introduction by mr mark carney, governor of the bank of england and chairman of the financial stability board, to the bank of england open forum, london, 11 november 2015. * * * thank you, lord mayor for your extraordinary service this past year and for your gracious hospitality today. welcome, everyone, to the open forum. in a building that started its life in 1411 as “ a little cottage ”. 1 and which has become the place to bring people together : livery companies and businesses, traders and market makers, world leaders and citizens. today, we draw inspiration from this great tradition by gathering representatives from across civil society to discuss how to build the real markets of tomorrow. the bank of england has a statutory responsibility to protect and enhance the stability of the financial system in the uk. therefore, even if we don ’ t regulate markets per se, we have a close interest in working with others to create real markets that enjoy the trust of society whilst effectively allocating capital and risk. markets can be powerful drivers of prosperity and security for all. financial markets matter. by financing firms to hire, invest and expand, markets drive growth. by opening up cross border trade and investment they create new opportunities for businesses and savers. by transferring risks to those most willing and able to bear them markets help households and investors insure against the unexpected. indeed markets are becoming ever more important as individuals bear increasing responsibility for financing their retirements and insuring risks. it is vital markets work well - and are seen to do so. only real markets can deliver. real markets are resilient. they don ’ t collapse when the going gets tough. real markets are fair. participants compete on merit rather than collude online. real markets aren ’ t ends in themselves but means to much greater ends. only markets that transparently serve the real economy can retain the trust of society to operate ; in other words, only real markets have social licence. the crisis and its aftermath laid bare that many of our markets didn ’ t live up to these standards. at times, some of the most important fixed income, currencies and commodities ( ficc ) markets proved fragile, unfair, ineffective and unaccountable. the twin crises of the solvency and legitimacy of finance undermined trust in market mechanisms and the effectiveness of the financial system. old and new london by walter thornbury ('guildhall ', old and new london : volume 1