Who We Are

This page sets out information about our member firms, our decision-making forums, and our central team.

Our membership is designed to be representative of the global wholesale FICC market.

Member Firms

Full Members
AstraZeneca
Australia and New Zealand Banking Group Limited
BAE Systems
Bank of America Merrill Lynch
Barclays
BHP
BlackRock
Bloomberg
BNP Paribas
BNY Mellon
BP
Citadel Securities
Citigroup Global Markets Limited
Crédit Agricole CIB
Credit Suisse
Deutsche Bank
Goldman Sachs
HSBC
Invesco
J.P. Morgan
Legal & General Investment Management
Linklaters (Legal Advisor)
Lloyds Banking Group
London Stock Exchange Group
M&G Investment Management Limited
Morgan Stanley & Co. International plc
National Australia Bank
Nomura
RBS
Refinitiv
Rio Tinto
Royal Bank of Canada
Royal Dutch Shell
Royal Mail Group
Société Générale
Standard Chartered
Standard Life Aberdeen
TP ICAP
Tradeweb
UBS
Vodafone
XTX Markets

FMSB memberships

Associate Members
Euronext FX Inc.
MarketAxess
Tradition

Partner Members
Association of Corporate Treasurers
Banking Standards Board
KPMG
Oliver Wyman
Standards Board for Alternative Investments

 

Adherence

Our Members are expected to adopt FMSB Standards in their businesses (where relevant) and to evidence this through an annual Statement of Commitment.

More information about adherence

Advisory Council

 

Name Company Name
Jonathan Slade AstraZeneca
Raj Patara BAE Systems
C.S. (Venkat) Venkatakrishnan Barclays
Stewart Cox BHP
Patrick Olson BlackRock
Arne Groes BNP Paribas
Alan Haywood BP
Paul Hamill Citadel Securities
James Bardrick Citigroup Global Markets Limited
Walid Assaf Crédit Agricole CIB
Nick Lovett Credit Suisse
James Esposito Goldman Sachs
Georges Elhedery HSBC
Guy America J.P. Morgan
Sonja Laud Legal & General Investment Management
Michael Kent Linklaters (Legal Advisor)
Mark Grant Lloyds Banking Group
Raffaele Jerusalmi LSE Group
Jim Leaviss M&G Investment Management Limited
Clare Woodman Morgan Stanley & Co. International plc
Drew Bradford National Australia Bank
Jonathan Lewis Nomura
Kieran Higgins RBS
Neill Penney Refinitiv
Abel Martins Alexandre Rio Tinto
David Thomas Royal Bank of Canada
Russell O’Brien Royal Dutch Shell
Stuart Simpson Royal Mail Group
Antoine Broquereau Société Générale
Bruno Lettich Standard Chartered
Rod Paris Standard Life Aberdeen
Nicolas Breteau TP ICAP
Simon Maisey TradeWeb
Federica Mazzucato UBS
Jamie Stead Vodafone
Zar Amrolia XTX Markets
Kathleen J. Yoh Independent Member

Partner Members

Name Company Name
Caroline Stockmann Association of Corporate Treasurers
Karim Haji KPMG
Christian Edelmann Oliver Wyman
Amelia Fawcett Standards Board for Alternative Investments

Standards Board

Name Company Name
Paul Moore Australia and New Zealand Banking Group Limited
Graham Hill Bank of America Merrill Lynch
Paul Matherne BNY Mellon
Filippo Zorzoli Barclays
Stewart Cox BHP
Jane Sloan BlackRock
Alex Benech BNP Paribas
Brian Oliver Citadel Securities
Mark Meredith Citigroup Global Markets Limited
David Wayne Deutsche Bank
James Kemp Global Financial Markets Association
Patrick Street Goldman Sachs
Chris Salmon HSBC
Karim Awenat Invesco
Charles Bristow J.P. Morgan
Colin Reedie Legal & General Investment Management
Michael Kent Linklaters (Legal Advisor)
Fabrizio Testa London Stock Exchange Group
Jim Leaviss M&G Investment Management Limited
Christopher Good Morgan Stanley & Co. International plc
Anthony Deagan National Australia Bank
Matthew Reader Nomura
Abel Martins Alexandre Rio Tinto
Christophe Coutte Royal Bank of Canada
Russell O’Brien Royal Dutch Shell
Craig MacDonald Standard Life Aberdeen
Enrico Bruni TradeWeb
Ciara Quinlan UBS
Jamie Stead Vodafone
Zar Amrolia XTX Markets
Catherine Bradley Independent Member
David Tait Independent Member

Partner Members

Name Company Name
James Winterton Association of Corporate Treasurers
Alison Cottrell Banking Standards Board
Peter Rothwell KPMG
Catherine Brown Oliver Wyman
Thomas Deinet Standards Board for Alternative Investments

Committees, Sub-Committees & Working Groups

Market Practices Sub-Committees

Fixed Income, Rates Products
Charles Bristow, Chair

Fixed Income, Spread Products
Jonathan Brown, Chair

Currencies
James Kemp, Chair

Commodities
Metals Working Group – David Tait, Chair

Energy Working Group – Phil Llewellyn, Chair

BCA Committee

David Flowerday, Chair

Conduct & Ethics Sub-Committee

Robert Auton, Chair

Conduct & Ethics Working Groups

First Line of Defence – Chair TBD
Conduct & E-Commerce – Chris Dickens, Chair
Conduct & Ethics Conflicts of Interest – Mandy DeFilippo, Chair

Electronic Trading & Technology Committee

Co-Chairs – Zar Amrolia & Ciara Quinlan
Algo Governance Working Group – Ciara Quinlan, Chair
Trading Platforms Working Group – Zar Amrolia, Chair

Large Trades Working Group

Michael Dawson, Chair

Legal Working Group

Michael Kent, Chair

Find out about our Work in progress

Pro Bono Support

Many thanks to those who have provided invaluable pro bono support to FMSB and have been instrumental in the production of our Standards, Statements of Good Practice, and Spotlight Reviews.

KPMG

Roger Acton – Member of the Conduct and Ethics Sub-Committee, including a number of the associated working groups, and former FMSB Secretariat Secondee.
Karim Haji – Partner Member of the FMSB Advisory Council.
Josie Hutchins – Facilitating the Energy Working Group.
James Lewis – Member of the IBOR Transition Working Group.
James Maycock – Facilitating the Energy Working Group.
Lucas Ocelewicz – Member of the Electronic Trading and Technology Committee, and the Conduct and Ethics Sub-Committee. Lucas is also a member of both the Algorithmic Governance and Conduct and E-Commerce Working Groups.
Richard Peace – Facilitating Energy Working Group.
Peter Rothwell – Partner Member of the FMSB Standards Board.

Oliver Wyman

Catherine Brown – Partner Member of the FMSB Standards Board.
Christian Edelmann – Partner Member of the FMSB Advisory Council.
Serge Gwynne – Member of the IBOR Transition Working Group.
Hiten Patel – Member of the Electronic Trading and Technology Committee, and the Algorithmic Governance Working Group.
Jennifer Tsim – Member of the Conduct and Ethics Sub-Committee.

FMSB Limited

FMSB is formally governed by way of a legal entity, FICC Markets Standards Board Limited, a company registered in England and Wales (registered number 09732893) with the registered office c/o Hackwood Secretaries Limited, One Silk Street, London, United Kingdom, EC2Y 8HQ. The auditors to FICC Market Standards Board Limited are BDO LLP. FICC Markets Standards Board Limited is a not-for-profit organisation funded by member subscriptions. All Directors of FMSB Limited are non-executive in that they are not members of the FMSB executive team.

Mark Yallop (Chair & Director)

Mark joined FMSB in May 2016 and is the Chair, and a Director, of FMSB Limited, FMSB Advisory Council, and Standards Board. He is also an External Member on the Bank of England’s Prudential Regulation Committee, and Financial Market Infrastructure Board. Mark serves on the Board of OpenFin (a US technology firm), and is Partner at Illuminate Financial Management (a fintech venture capital business).

From March 2013 to September 2014 Mark was UK Group CEO for UBS, responsible for overseeing all of UBS’s Investment Banking, Wealth Management and Asset Management activities in the UK. Between 2005 to 2011 Mark was Group COO and main board director at ICAP plc. From 2009 to 2011 he also led a number of initiatives to develop industry and regulatory responses to the 2008 financial crisis.

For 20 years from 1984 to 2004 Mark was at Morgan Grenfell and then Deutsche Bank where he was one of the architects of its expansion in investment banking, built and ran a number of trading and sales businesses as Global Head, and served as Global Markets and Corporate and Investment Banking Chief Operating Officer. In 2002 he became Deutsche Bank AG Group COO, responsible for managing the Group’s infrastructure and business rationalisation programme.

Charles Nichols (Senior Independent Director)

Charles is the Senior Independent Director of FMSB Limited and has been a Director since January 2017.

Charles spent 31 years at Unilever where he held various financial and general management roles, including the senior management positions of Group Treasurer, Group Controller and Executive Vice President respectively. He is currently a member of the Board of Trustees of the Unilever UK Pension Fund and chairs the Investment and Funding Committee of this Pension Fund.

Stephen O’Connor (Director)

Stephen has been a Director of FMSB Limited since December 2018.

Stephen is the Chair and founder of Quantile Technologies Limited, which provides portfolio risk management services for derivative markets. He is the Chair of HSBC Bank plc and a Non- Executive Director of London Stock Exchange Group plc.

He was a Non-Executive Director of GE Capital International Holdings Ltd between 2015 and 2017 and of the International Swaps and Derivatives Association (ISDA) between 2009 and 2014 including three years as Chair. He was also the Chair of OTC Deriv Ltd between 2001 and 2011. Stephen was at Morgan Stanley for 25 years where he was a Managing Director and Member of the Fixed Income Division Management Committee. Stephen is a qualified Chartered Accountant.

Michael Cole-Fontayn (Director)

Michael has been a Director of FMSB Limited since March 2019.

Michael is the Chair of the Association for Financial Markets in Europe (AFME) and Chair of the Chartered Institute for Securities and Investment (CISI). AFME is the trade association for leading global and European banks and other significant capital market participants, and CISI is the largest professional body for the securities and investment profession in the UK.

Michael was previously EMEA Chair of BNY Mellon, responsible for governance, culture and strategy development across the region.

Before taking up the EMEA Chair of BNY Mellon, he spent 25 years in various roles at both BNY Mellon and Bank of New York in London, Hong Kong and New York.

Edward Ocampo (Director)

Edward has been a Director of FMSB Limited since March 2019.

Edward is an Advisory Director at Quantile Technologies Limited, which provides portfolio risk management services for derivatives markets. Prior to joining Quantile Technologies, he spent four years as a Senior Adviser at the Bank of England where he led work to develop and promote alternatives to LIBOR. He also contributed to FEMR, which called for the creation of FMSB. He joined the Bank of England from Morgan Stanley in London, where he was a Managing Director and held several senior roles over a 24-year career.

Our Team – the FMSB Secretariat

The FMSB team is made up of dedicated personnel with years of experience in the financial world.

Martin Pluves (Chief Executive Officer)

Martin joined FMSB as Chief Executive Officer on 1 November 2019, joining from LCH Ltd where he was the CEO.

Martin was appointed CEO for LCH Ltd in 2015 and during his time was responsible for its global operations in Australia, Japan, Sri Lanka, Bangalore, New York and London, and for its relationships with 42 international financial services regulators and central banks, including the Bank of England as lead regulator. During his tenure, LCH Ltd enjoyed a period of record growth in revenues and margins and delivered a significant programme of improvement in the resilience and stability of its critical operations.

Before his appointment as CEO, Martin was the COO. He led a number of key strategic initiatives, including the programme to integrate the CCP with the London Stock Exchange Group post acquisition of a majority shareholding, and all liaison with the Bank of England Market Supervisory team. He has also held the positions of Group Head of Regulatory Change for LCH Clearnet Group and COO for ForexClear, after holding various technology management positions in the LCH group of companies between 2009 and 2015.

From 1995 to 2009 Martin was at PA Consulting Group in its financial services practice in a variety of positions, including latterly as Partner.

Alison Parker (Chief of Staff)

Alison joined FMSB in November 2018. As Chief of Staff, she oversees the operations side of the business, supports the FMSB Secretariat and manages various projects. Alison read Law at Edinburgh University and then qualified as a Chartered Accountant while at Coopers and Lybrand, before moving to Credit Suisse First Boston (CSFB) where she became the Global Head of Compensation and Executive Compensation. After leaving CSFB, she undertook various freelance compensation consultancy roles, ran various private property businesses and was a partner in her family farming business.

Carol Boag (Business Assistant)

Carol joined FMSB in March 2020 and supports the Chair and Chief Executive Officer. She also assists the Chief of Staff and Secretariat with event planning and management, and special projects.

Carol has an extensive background in board and senior-level support and event management, most recently at Morgan Stanley.

She read Italian at the University of Reading.

Christopher Rich (General Counsel)

Chris joined FMSB as General Counsel on 1 April 2020, following a secondment from Linklaters where he was a Managing Associate in the Financial Regulation Group.

While at Linklaters, Chris advised a wide range of investment banks, market infrastructure providers and buy-side institutions on numerous areas of UK and European financial regulation. In the FICC space, he has worked on investigations into misconduct in FX businesses and subsequent remediation exercises. Additionally, he was heavily involved in assisting an array of market participants on all aspects of their MiFID II implementation, including the extension of transparency requirements to FICC markets and the new algorithmic and high-frequency trading requirements. More generally, Chris has advised market participants on the Market Abuse Regulation, best execution compliance and the conduct and regulatory risks associated with IBOR transition.

During his time at Linklaters, Chris also undertook secondments at RBS, Deutsche Bank and BNP Paribas and is currently completing an Executive LLM in international financial law and regulation at the London School of Economics.

Rupak Ghose (Senior Advisor)

Rupak is leading the FMSB Spotlight Reviews on FICC market structure and the impact of regulatory and technological change on the fairness and effectiveness of wholesale FICC markets.

Rupak has more than 15 years’ experience in FICC market structure. He was Head of Corporate Strategy for ICAP/NEX for the last six years providing advice on strategic direction, market structure change, customer/competitor landscape, new business ventures and M&A. He was a trusted counsellor on the dramatic transformation of the business from interdealer broker to focused financial technology firm and the ultimate sale of the businesses. During his time at ICAP/NEX he worked closely with the PLC Board, customers, product teams, external advisers and shareholders.

Prior to this Rupak spent more than a decade at Credit Suisse as an equity research analyst where he was Top Three ranked on numerous occasions by buy side clients in Institutional Investor and other surveys for his coverage of asset managers, exchanges and other capital markets focused companies.

Samantha Smith (Secretariat Support)

Sam Smith joined FMSB in January 2020. Reporting to the Chief of Staff, as a member of the FMSB Secretariat Sam provides support to the governance of FMSB Limited, Advisory Council, Standards Board, and Adherence Oversight Committee (when needed). Sam also supports FMSB operations.

Sam has vast experience supporting at board level, as Business Assistant & Company Secretarial Assistant, most recently in the latent defects insurance sector for CRL Management Limited.

Vijay Reed (Communications Consultant)

Vijay joined FMSB in November 2019 as a communications consultant to lead the delivery of our Annual Report and support the Secretariat with other communications-related activity.

Vijay is an experienced communications manager with 19 years of combined experience in policy making, supervision, communications, leadership and management for a UK financial services regulator. Joining the Financial Services Authority in 2000, Vijay moved to the Prudential Regulation Authority at the Bank of England in 2013.

She has an MBA from Warwick University, and a Postgraduate Diploma in Legal Practice from the College of Law, Guildford.

Last updated 6th April 2020