Financial Market Standards Board’s (FMSB) 2024 Annual Report is now live.
The report, which documents FMSB’s output and activities throughout 2024, illustrates significant momentum in terms of the extent and range of topics FMSB Committees and Working Groups are examining, as well as underlining the ongoing support and recognition from regulators and key stakeholders around the world for the output and unique role FMSB plays.
A particular highlight of the year was the Governor of the Bank of England’s address to FMSB Members in September. Governor Bailey reiterated his support for FMSB, noting all that has been achieved since it was established in 2015 following the Fair and Effective Markets Review (FEMR), as well as discussing the challenges that markets continue to present and the need for continued support from firms globally for FMSB to meet them.
Access the Annual Report as a PDF
Jonathan Moulds, Chair of FMSB, said:
“The Annual Report documents just how much FMSB achieved collectively last year and how much our work is valued. It also reflects, ahead of the 10th anniversary of FEMR and the founding of FMSB, on the need for us to continue in our mission to drive fair and effective markets and grow our membership, as those markets continue to present new challenges.
I would like to thank our Members, without whom our work could not happen, our CEO Myles McGuinness, the FMSB Limited Board and the FMSB Secretariat for their dedication last year. I am also grateful to the regulators and public authorities in the UK and internationally for their continued support, as well as to the many other individuals and organisations who make up our wide network of stakeholders.”
Andrew Bailey, Governor of the Bank of England, said:
“From its origins in FEMR, FMSB has evolved into a trusted forum for bringing together expertise from across global wholesale markets to address market challenges in a practical way. In 2024, the Standards on Client Onboarding and the Sharing of SSIs have been particularly valuable contributions to some of the operational issues identified by the Post-Trade Task Force which the Bank and others convened.
The success of FMSB is down to the commitment of its members. I would encourage all those with a stake in wholesale markets who are not yet involved to join this effort (including those involved in growing private markets), so that FMSB is able to continue its valuable work over the coming years.”
Key FMSB publications last year included:
- Pre-Hedging: case studies – The Market Practices Committee developed and published a Spotlight Review setting out a set of case studies, based on real pre-hedging scenarios, to help firms judge when the practice is appropriate in different contexts.
- Two Standards were issued by the Post-Trade Committee: one on Client Onboarding: Documentation and Processes and the other on the Sharing of Standard Settlement Instructions (SSIs), published in Transparency Draft in 2024 and as final in January 2025. This work, stemmed from the recommendations of the Bank of England and FCA’s Post-Trade Taskforce which FMSB is taking forward by developing practical, implementable operational solutions to improve post-trade processes.
- The Electronic Trading and Technology Committee issued a Statement of Good Practice on the Application of a Model Risk Management Framework to Electronic Trading Algorithms
- The ESG Committee issued a Statement of Good Practice on the Governance of Sustainability-Linked Products in Transparency Draft, aimed at supporting a more consistent approach to the governance of SLPs globally. This was issued in in final form in April 2025.
- The Conduct & Ethics Committee issued an updated Statement of Good Practice for Front Office Supervision, including important new guidance on supervision in the light of new challenges. This was published in Transparency Draft in September 2024 and as final at the beginning of 2025.
Notes to editors
About FMSB:
- Financial Markets Standards Board (FMSB) is an industry-led, member-funded global standards body for the wholesale financial markets.
- Created out of the Fair and Effective Markets Review (FEMR) in 2015, FMSB brings together its Members from banks, investment institutions, infrastructure and information providers, corporates, pension funds and interdealer brokers, to develop Standards, Statements of Good Practice and Spotlight Reviews that raise standards of behaviour, competence and awareness – to promote the fairness and effectiveness of global wholesale financial markets.
- As well as standard setting, subject matter experts from member firms debate issues in working groups and are able to benchmark their approaches against industry peers, thus helping to lift standards of conduct.
- FMSB’s full membership list is here
For more information:
Laura Conaghan
+44 (0)7929 72669
Laura.conaghan@fmsb.com