How We Do It: Our Committees

Our work developing Standards, Statements of Good Practice and Spotlight Reviews is driven by Members via five Committees: Market Practices, Electronic Trading & Technology, ESG, Post-Trade and Conduct & Ethics.

Under these sit relevant Working Groups which are formed, drawing on expertise from across our Membership, for the duration of the development of a particular publication.

FMSB’s Committees and Working Groups are ‘safe spaces’ for open discussion, observed by an external legal counsel, facilitating an exchange of ideas, precisely because they are led by and populated with industry practitioners drawn from Member firms.

Because wholesale markets are constantly evolving and new challenges emerging, the Committees also conduct regular horizon-scanning to determine potential topics for future consideration. FMSB’s Standards Board, made up of representatives from our whole membership, ultimately approves all topics, Standards and Statements of Good Practice before publication.

“FMSB provides a unique forum to debate, but crucially also agree and implement solutions to issues which have been frictions in the market for a long time.”

Siobhan Clarke, Chair of the Client Onboarding Working Group

How does a typical Standard or Statement of Good Practice progress to publication?

Horizon scanning

Committee

1. FMSB Committee conducts horizon scanning for emerging vunerabilities to identify area of work

2. Committee develops specification and scope

Scoping

StandardS Board

3. Agreed specification and scope sent sent to Standards Board for approval

4. Standards Board approval and creation of Working Group to take forward discussions and drafting

Drafting

Working Group

5. Development of background section with Secretariat support

6. Drafting of Core Principles with Secretariat support through Working Group meetings and bilaterals

7. Working draft agreed ready for further review

Review

Legal working group/
external stakeholders

8. Review by Legal Working Group. External review by regulators and any other key external stakeholders

Standards Board

9. Working Group updates Standards Board on any amendments to previous drafts. Standards Board approval for publication in Transparency Draft requested

Publish

Wider industry/public

10. Publication of Standard / SGoP in Transparency Draft for wider consultation

11. Final version goes to Standards Board for approval

12. Publication in final of Standard / SGoP