Mark Yallop speaking

FMSB is practitioner led and operated by the major participants in wholesale markets.

Our members are active international users of FICC markets and include corporate issuers, asset managers, exchanges, custodians and intermediaries, commercial and investment banks, and the firms that provide the infrastructure for markets to operate, such as data providers, trading venues, exchanges and other platforms.

We are unique in bringing together this breadth of market participants to develop Standards and Statements of Good Practice aimed at raising standards of behaviour, competence and awareness to promote the fairness and effectiveness of wholesale markets.

See FMSB publications >

News & Publications

A short round-up of the most recent activity from the FMSB.

Latest updates

7 September: Read the FMSB Spotlight Review ‘Measuring execution quality in FICC markets’ which considers the challenges to measuring and evidencing trade execution, and explores the root cause of these challenges, highlights the progress made in regulation and market participants’ practices with regard to data reporting and best execution, and sets out key points of focus for firms in navigating these difficult waters. We also issued a press release.

3 August: Read the FMSB Spotlight Review ‘Monitoring FICC markets and the impact of machine learning’ which considers structural and technological changes in market surveillance, in particular the emergence of machine learning trading strategies, and sets out some of the challenges associated with these developments for surveillance teams in FICC markets. The review examines the role of technology as a potential solution to these challenges, creating as it does opportunities to improve market surveillance through the application of machine learning.
We also issued a press release.

27 July: Read the FMSB Spotlight Review ‘Examining remote working risks in FICC markets’ and risk register that includes 47 entries with example control and mitigation measures aimed at assisting market practitioners when conducting their own risk assessments. We also issued a press release.

18 July: Listen to ‘In the FICC of it’ where Martin Pluves, FMSB CEO, speaks to Colin Lambert, Profit & Loss’s managing editor, where they discuss FMSB’s recent paper on algorithmic governance, and upcoming work on large trades for FICC markets, and behavioural conduct analysis.

14 July: We published a final ‘Statement of Good Practice for Participation in Sovereign and Supranational Auctions in Fixed Income Markets’.
This Statement of Good Practice describes the way in which sovereign and supranational auctions are typically conducted in Europe, the roles Market Participants in those auctions play, the types of auction structure, orders and transaction types that are often utilised, and the different conflicts of interest that can arise for such Market Participants.
It sets out eight Good Practice Statements relating to the management of those conflicts and certain other matters relevant to the conduct of participants in and around such auctions.

26 June: We announced Appointments to the FMSB Limited Board.

24 June: We published a Transparency Draft of ‘Algorithmic trading in FICC markets: Statement of Good Practice for FICC market participants’ and an accompanying press release. This Statement of Good Practice sets out 10 Good Practice Statements which cover the governance of, and management of conduct risks associated with, the use of algorithmic trading. FMSB members and other interested parties are invited to comment on the proposed Statement of Good Practice. This consultation will run until Friday 21 August 2020.

11 June: Read the FMSB Spotlight Review ‘LIBOR transition: Case studies for navigating conduct risk’ published today. This paper includes good practice observations and practical case studies to support firms when considering the risks to fairness and effectiveness as the market moves to risk-free rates as more sustainable and representative benchmarks. We also issued a press release.

11 May: Read the FMSB Spotlight Review ‘The critical role of data management in the financial system’ published today which examines the crucial role of data management in the stability and resilience of wholesale FICC markets and financial systems. We also issued a press release.

23 April: Read the FMSB Spotlight Review ‘Emerging themes and challenges in algorithmic trading and machine learning’ published today which highlights important emerging issues to assist market participants in considering how to address challenges that may arise. We also issued a press release.

Previous updates

15 April: Read ‘Why is the FMSB so important to corporate treasurers?’ – an article in The Treasurer that looks at FMSB’s standard setting work and asks CEO Martin Pluves what’s in it for corporates.

17 March: Listen to ‘In the FICC of it’ where Mark Yallop, FMSB Chair, speaks to Colin Lambert, Profit & Loss’s managing editor, about recent developments in fixed income markets.

3 March: Mark Yallop, FMSB Chair, gave a speech ‘Disrupting Markets, Disrupting Money, Disrupting Finance’ on 28 February 2020 at the 2020 IOSCO Stakeholder Meeting.

25 February: Read the FMSB Annual Report 2019  published today to find out about progress and key activities in 2019, and an outline of our work  for 2020. We also issued a Press Release.

11 February: FMSB appoints Christopher Rich as General Counsel. Read our Press release,11 February 2020  for more information

23 December: ‘Machine learning: the big risks and how to manage them’ – an opinion editorial by Mark Yallop, FMSB Chair was published in the Financial Times (subscription may be needed).

03 December: Mark Yallop, FMSB Chair, gave speeches on ‘Behaving Fairly: Artificial Intelligence and Conduct in Wholesale Markets’ in Italy and Canada – see Speeches.

02 December: We published a Transparency Draft of ‘Statement of Good Practice for Participation in Sovereign and Supranational Auctions in Fixed Income Markets’ (SGP) and a Press release. The SGP applies to primary dealers, dealers and investors in the wholesale fixed income markets who participate in pre-announced multi-lateral auctions and reverse auctions conducted by issuers of government and supranational bonds in Europe (but subject to any applicable local regulatory restrictions). The comments period closed on Monday 27 January 2020.

14 November: Martin Pluves, FMSB CEO, gave a speech ‘Halting the wholesale markets breach, reform and repeat cycle: addressing conduct risk through practitioner-led standards’ at the 5th Annual Culture and Conduct Forum for the Financial Services Industry organised by City & Financial Global.

Martin referred to FMSB’s ‘Behavioural Cluster Analysis: Misconduct Patterns in Financial Markets’. If you would like a copy, please send your name and full postal address to

1 November: Martin Pluves joins FMSB as Chief Executive Officer. Read our Press Release, 25 July 2019 for more information.

14 October: We published the final Conflicts of Interest Statement of Good Practice, and a Press Release. While relevant to all market participants, this Statement of Good Practice is primarily designed for firms and their employees operating in Europe.

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