Join Us: Membership

FMSB membership is open to all users of global wholesale financial markets who are interested in working collectively to make these markets fairer and more effective.

Members help shape FMSB Standards, Statements of Good Practice and other publications, consider emerging risks to identify future topics, address areas of uncertainty and/or efficiency in trading practices, and benchmark against peers.

Who can join?

FMSB is open to active users of the global wholesale financial markets such as commercial banks, investment banks, custodians, intermediaries, exchange operators, asset managers, pension funds, or hedge funds as Full or Associate Members.

FMSB also welcomes corporate issuers active in primary and/or secondary markets; and other organisations interested in fair and effective financial markets for example academics, trade, and/or professional bodies as Corporate, Partner or Affiliate Members.

What People Say About us

There are many reasons for joining FMSB but our Members and key stakeholders express best what they value about our work.

“When selecting banks for long-term partnerships or key transactions, we give consideration to whether they are Members of FMSB and following FMSB Standards.”

Stewart Cox, Group Treasurer, BHP and FMSB Advisory Council and Standards Board Member

“Ensuring consistently applied codes and standards of behaviour and conduct across jurisdictions is essential to delivering fair and effective wholesale markets. As a practitioner-led standard setter, FMSB has identified vulnerabilities where conduct risk may reside and provided clear and practical guidance that supplements existing legal and regulatory frameworks. I firmly believe that FMSB is making a valuable contribution to raising standards and building trust and confidence in FICC markets.”

Verena Ross, Chair, European Securities and Markets Authority (ESMA)

“Industry standards and guidance, whether they concern promoting high quality disclosures by trading platforms or applying model risk management frameworks in a proportionate manner to electronic trading algorithms, can be powerful in improving market effectiveness.”

Ciara Quinlan, Global Head of Principal Electronic Trading, FX, Rates and Credit – MD, UBS Investment Bank

“Breadth of participant representation has played a critical part in the impact and success of the FMSB’s standards and guidelines. It is important to ensure that the buy-side perspective continues to be brought into the relevant discussions at the FMSB Standards Board and in the various FMSB Working Groups. Constructive challenge and debate is vital to understanding the current and emerging issues and to ensure that appropriate and practical approaches are developed that will make a real and lasting difference.”

Jane Sloan, Head of iShares, EMEA, BlackRock

“We appreciate all those who rightly play an active role in FMSB by contributing their expertise and support to create and maintain transparent, fair and effective wholesale financial markets.”

Nikhil Rathi, CEO, Financial Conduct Authority (FCA)

“FMSB is a crucial part of London’s markets and of course markets more generally. Real things you have done have been invaluable.”

Andrew Bailey, Governor of the Bank of England

The Key Stages

1Before you join

2As you onboard

3As a Member

Before you join you are invited to:

  • Meet our CEO
  • Be introduced to existing FMSB Members
  • Select the Standards, Committees and Working Groups of relevance to your organisation
  • Trial a working group meeting.

As you onboard we ask you to:

  • Sign up to our By-laws
  • Propose your representatives for the Advisory Council, Standards Board and FMSB Committees and Working Groups (dependent on your membership type)
  • Prepare to adhere to FMSB Standards – you’ll have two full years to do so.

As a Member you and/or selected colleagues:

  • Attend meetings for your Committees and Working Groups
  • Submit your first full public Statement of Commitment on your third year of joining
  • Become part of a unique community raising standards and making wholesale markets fairer and more effective.

Next steps

If you want to enquire about joining FMSB, or have any questions about FMSB membership, please contact us at: secretariat@fmsb.com

FAQs about FMSB membership

What is the time commitment?

If your firm becomes a Member, you can nominate colleagues from your team to horizon scan, lead Committees and Working Groups and participate in them. The FMSB Secretariat organises around Members’ time constraints and holds the pen on drafting materials using the expert input of practitioners.

What does ‘adherence’ to Standards involve?

Adherence requires firms to make a public commitment to conduct their wholesale financial markets activities in a manner consistent with the FMSB Standards applicable to their business.

We will help you prepare for adherence, and you’ll have two full years before being required to make a public attestation.

What types of membership are available?

There are five types of FMSB membership to suit different requirements:

Full Member

Eligibility

Active users of financial markets, such as commercial banks, investment banks, custodians, intermediaries, exchange operators, other financial services infrastructure providers, asset managers, pension funds or hedge funds or private equity are eligible.

Adherence

Submission of yearly Statement of Commitment which confirms that the firm is adhering to the FMSB Standards relevant to their activities and business profile.

Associate Member

Eligibility

Active users of financial markets, such as commercial banks, investment banks, custodians, intermediaries, exchange operators, other financial services infrastructure providers, asset managers, pension funds or hedge funds or private equity are eligible.

Adherence

Submission of yearly Statement of Commitment which confirms that the firm is adhering to the FMSB Standards relevant to their activities and business profile which may be limited to Standards developed by Working Group(s) in which the Associate Member has been eligible to participate at their election.

Corporate Member

Eligibility

Corporate issuers active in primary and/or secondary markets but whose primary business is not financial markets are eligible, and other bodies deemed to be eligible by the Board.

Adherence

Submission of yearly Statement of Commitment which confirms that the firm is adhering to the FMSB Standards relevant to their activities and business profile.

Partner or Affiliate Member

Eligibility

Persons interested in the financial markets who are not eligible to be a Full, Associate or Corporate Member, may be invited by the Board on the recommendation of the Chair or the CEO, to apply to be either a Partner Member or an Affiliate Member.

Adherence

Partner or Affiliate Members are not required to submit a yearly Statement of Commitment.

Membership Categories

Full / Corporate
Membership

Seat on
Advisory Council

Seat on
Standards Board

Access to all Committees
1 Market Practices
2 Electronic Trading & Technology
3 Post-Trade
4 ESG
5 Conduct & Ethics

Adherence to applicable FMSB Standards

Associate
Membership

One Committee

Two Committees

Three Committees

Adherence to applicable FMSB Standards
(may be limited to chosen Committee(s))

Partner or Affiliate Membership
Eligibility: Persons interested in the financial markets who are not eligible to be a Full, Associate or Corporate Member, may be invited by the Board on the recommendation of the Chair or the CEO, to be either a Partner Member or an Affiliate Member.

Adherence: Partner or Affiliate Members are not required to submit a yearly Statement of Commitment.