Financial Market Infrastructure (FMI)
Interns, First Degree Graduates, Post Graduates and PhD
The Financial Market Infrastructure Directorate (FMID) is a uniquely multi-disciplinary area of the Bank bringing together supervisors, policy experts, risk specialists, data scientists and researchers. The Bank of England supervises a number of firms that sit at the heart of global financial markets and the UK economy. Collectively these firms are known as financial market infrastructures (FMIs). FMIs are critical to the smooth functioning of the economy. They allow people to receive salary payments, pay for goods and services and withdraw cash from their bank accounts. FMIs also allow financial institutions to settle payments with each other and to trade in securities and derivative products.
FMID’s role is to ensure that FMIs are designed and operated in a manner that reduces risks to financial stability and therefore benefit the wider economy. We are also at the forefront of ongoing international work to refine and strengthen the regulatory framework for FMIs, informed by research and analysis based on the increasingly rich data uniquely available to the Bank.
What big issues might I be working on?
Key to our activities is to ensure that the regulatory framework for FMIs keeps pace with industry developments and that supervised FMIs are sufficiently managing the different risks they are exposed to. FMID has several teams within the directorate working together in order to meet this objective, supervision, policy, risk and research and our data team. This includes direct engagement with industry and other regulatory bodies across the globe, contributing to the continuous assessment of our systems, assessing and developing the FMI policy environment and undertaking research into topics relevant to FMIs and their impact on the Bank’s financial stability objective
What could I be doing day-to-day?
FMID is a very varied area and each day can bring new challenges and opportunities: you could be engaging directly with (often very senior) staff at one of the FMIs supervised by the Bank; you could be liaising with counterparts at other regulatory agencies (in the UK and internationally) on a policy initiative or you could be conducting in-depth data analysis or research on topics related to FMIs. For example, this can include reviewing firms’ business models, governance arrangements and capital and liquidity positions.