Khan(1986)认为，这种半强效率可以归因于基于英国大型交易商头寸的信息发布。进一步的证据可以由Firth(1980)提供，他比较了出价公告后的股价(Harford and Alexander, 2013)。他发现，这些股票的价格要经过全面而迅速的调整，才能达到正确的水平。这说明英国股票市场的形式效率是半强半弱的。早在EMH概念出现之前，Kendall(1953)就对22种英国股票价格进行了研究，结果显示，这些数据表现出一种偏离正常轨道的行为。他还揭示了观测遵循随机游走理论，该理论与Fama的EMH一致(1970)(Kendall, 1953)。考虑到最近的英国脱欧，可以说新信息迅速转移到资产市场，这就创造了有效市场价格的方面。因此，Fama(1970)的版本适合英国当前的市场状况(Worstall, 2016)。
Based on the research work conducted by Jones and Netter (2008), it was revealed that Fama (1991) had been skeptical about the transaction costs and the market efficiency. He then stated that the market efficiency can be sustained if the transaction cost and the cost of obtaining information are lowered. In this research works of Fama (1991), he propounded that the informational efficiency based on the asset prices can be deduced under two broad categories. The first is that the investors are sensitive to the trading strategies only if it earns an excess return. The second is that the stock prices which reflect all information are likely to promote the highest valued use of the new investment capital (Fama, 1991). Considering the current market conditions in the UK, the performance of the financial asset is quite questionable. It can be stated that the process of the assets had already been rising for the upcoming weeks mainly because the market is considered to be efficient. Fama through his repeated investigation suggested that indeed the stock markets are efficient. Famais of the opinion that the markets are always a step ahead and it would be beneficial to invest broadly. It is evident from several academic types of research that the UK Stock market is considered to be a weak form efficient while other researchers have suggested it to be a semi-strong-form efficient.
Khan (1986) suggested that the semi-strong efficiency can be attributed to the release of the information based on the large trader position in the UK. Further evidence can be contributed by Firth (1980) who compared the share prices post bid offer announcement (Harford and Alexander, 2013). He found out that the share prices were subject to full and instantaneous adjustment to the correct levels. This present that the stock market in the UK is semi-strong form efficiency. Long before the notion of EMH existed, Kendall (1953) examined 22 UK stock prices which revealed that the data behaved in a wandering way. He also revealed that the observations follow random walk theory which coincides with the EMH of Fama (1970)(Kendall, 1953). Considering the recent Brexit, it can be stated that the new information gets transferred quickly to the asset market and this creates the aspect of efficient market price. Thus, the version of Fama’s (1970) is appropriate for the current market condition for the UK (Worstall, 2016).