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HM Treasury and Chief Scientist meet with key financial figures to discuss the future of computer trading

News Release issued by the COI News Distribution Service on 18 July 2011

Senior experts from the fields of finance, trade and regulation are meeting today to provide insight on the risks caused by technological advances in computer trading for investors, businesses and the public.

The meeting brings together representatives from the International Monetary Fund, Bank of England, Bloomberg and Hong Kong Stock Exchange among others and will be chaired by Financial Secretary to the Treasury Mark Hoban MP. The Group will guide the latest Foresight project ‘The Future of Computer Trading in Financial Markets’.

The project aims to make a contribution to the efficiency, integrity and resilience of financial markets by identifying options for policy makers in the UK and internationally.

Professor Sir John Beddington, Government Chief Scientific Adviser and the project’s director said:

“As technology advances, an increasing proportion of transactions take place at ever higher speeds and with little human involvement, and it’s vital that we develop a better understanding of how this may affect markets.

“I am pleased to welcome such a high calibre group of individuals to help guide this Foresight project. Their expertise will be essential in ensuring that the project addresses the most important issues in relation to computer-based trading, and its implications for international financial stability.”

Mark Hoban, Financial Secretary to the Treasury and chair of the project's High Level Stakeholder Group said:

"Computer trading is a hotly debated issue and our project's goal is to shed light on its implications for financial markets and their regulation in Europe and elsewhere. Today's meeting brings together international high-level stakeholders from a range of backgrounds to look at the opportunities and challenges presented by computer based trading. This will enable us to adopt an evidence based approach to regulation."

The High Level Stakeholder Group will provide strategic oversight for the project, advise on the key issues that the project should address and look at how best to achieve action.

Notes to editors:

Full membership of the High-Level Stakeholder Group is published on the Foresight website http://www.bis.gov.uk/foresight/our-work/projects/current-projects/computer-trading/high-level-stakeholder-group.The latest Foresight project ‘The Future of Computer Trading in Financial Markets’ is sponsored by HM Treasury. Further details about the project can be found on the Foresight website http://www.bis.gov.uk/foresight/our-work/projects/current-projects/computer-trading.The Lead Expert Group for this Foresight project is chaired by Dame Clara Furse, Non-Executive Director of Nomura. The purpose of the Lead Expert Group is to guide the project and ensure its findings are of a high standard. Further details about the Lead Expert Group can be found on the Foresight website http://www.bis.gov.uk/foresight/our-work/projects/current-projects/computer-trading/lead-expert-group.Foresight is in the Government Office for Science (GO-Science). GO-Science supports the Government’s Chief Scientific Adviser in ensuring that the Government has access to, and uses, the best science and engineering advice. It is located within the Department for Business, Innovation and Skills.The UK Government's Foresight Programme helps Government think systematically about the future. Foresight uses the latest scientific and other evidence to provide advice for policymakers in addressing future challengesFor more information, or to request an interview please contact sally.catmull@bis.gsi.gov.uk or ring 020 7215 6577.BIS's online newsroom contains the latest press notices, speeches, as well as video and images for download. It also features an up to date list of BIS press office contacts. See http://www.bis.gov.uk/newsroom for more information.

Contacts:

BIS Press Office
NDS.BIS@coi.gsi.gov.uk

Sally Catmull
Phone: 020 7215 6577
sally.catmull@bis.gsi.gov.uk