Andrew Hauser: Why diverse markets need diverse talent

Speech by Mr Andrew Hauser, Executive Director for Markets of the Bank of England, at "Next Step FX: Promoting Career Opportunities for Women in FX", London, 27 June 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

Thank you very much for the invitation to open this event today. Promoting greater diversity in capital markets is a subject of great importance to me, to the Bank of England, and - I believe - to the continued prosperity of the financial markets and economy as a whole. Let me say why.

The foreign exchange market is the nerve centre of the global financial system - settling some $5 trillion of transactions every day, supporting trade, travel and investment. And its heart is here in London, which has nearly 40% of the global market.

That's a big responsibility, and one we at the Bank of England take very seriously. We are active ourselves in the market every day, buying and selling currencies on behalf of the UK Government and other central banks, and managing the UK's foreign exchange reserves. I and my staff speak regularly to a wide range of market participants to gather insights on developments for the Bank's monetary and financial policy committees. I chair the London Foreign Exchange Joint Standing Committee. And the Bank, through the Prudential Regulation Authority, supervises the banks, insurance firms and broker-dealers active in financial markets.