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LSE warns of importance of strong securities regulator

London Stock Exchange chief executive Xavier Rolet has warned of the importance of maintaining a strong securities regulator.

Speaking at a fringe event hosted by the Association of British Insurers at the Conservative Party conference in Manchester last week, Rolet said the regulatory system in the UK should not be fundamentally different to that of Europe or the US because it would be harder to take joint action on future financial crises.

On the FSA, Rolet said: “As much as we believe that balance sheets should be regulated by balance sheet operators like the central bank, we also think it is very important to maintain and promote the existence of a very strong securities regulator, regulating everything from insider trading to training of operators.

“It also seems to us very important not to fragment the power of this regulator across many different entities. So we are very much looking forward to any new proposal in that res-pect. But we would urge politicians and Parliament to cons-ider in aggregate how important it is to keep a vibrant and powerful security regulator because this is not just about the UK.

Speaking at the same event, Conservative shadow minister for the Treasury Baroness Noakes said: “Market regulation is one of the things that we did not pursue to the nth detail before bringing our white paper out and we are engaged in looking at this. Sir James Sassoon, who is leading this with George Osborne, has been in long discussions with people about what the right response is on markets and we will be producing something on that later.”

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