The Financial Conduct Authority (FCA) has issued guidance providing information to market operators on the FCA’s expectations on how it expects them to ensure that their members comply with their rules on an ongoing basis. This comes as a consequence of discussions with recognised investment exchanges and MTF operators which revealed significantly varying levels of knowledge of member firms’ arrangements and controls for connecting to and trading on their platforms. The FCA has concluded that the three key elements to the obligations on market operators in this area are effective risk assessment procedures when approving and on-boarding new members, ongoing arrangements for the assessment of members’ compliance with market operators’ rules, and monitoring and surveillance arrangements to assess potential breaches and market abuse.