Britain's Kay review of equity markets expected 23 July
Economist John Kay’s report on the equity markets
will likely be made public within weeks, theTRADEnews.com has learned.
The report – commissioned by the UK government’s Department
for Business, Innovation and Skills (BIS) – will review the effect of UK equity
markets on the competitiveness of British business.
An interim report was published in February and the final
report was due to be published some time “the summer”, according to the BIS
website. But sources close to the matter have told theTRADEnews.com that the
report will be unveiled 23 July.
A spokesperson for BIS said while they could not confirm or
deny any particular date – “and indeed dates can change”– the department
was looking to “publish something” around that date.
Kay’s February interim submission raised concerns that equity
markets are too focused on trading, to the detriment of investors.
And while transparency is commonly touted as essential to
competitive pricing, Kay said there was a technical argument over the degree of
transparency which contributes most to the efficiency of trading.
“[This is] an argument which has gained salience as a result
of the creation of so-called ‘dark pools’ of liquidity,” Kay’s report read, conceding
a growing trend towards trading in the dark.
Kay is one of Britain’s leading economists. He is a visiting professor of economics at the London School of Economics and a Fellow of St John’s College, Oxford.