On 22 September 2025 FMSB Members and key stakeholders gathered for an event to mark the 10-year anniversary of the Fair and Effective Markets Review (FEMR) and establishment of the Financial Market Standards Board (FMSB). Over the course of the afternoon, we heard from a distinguished range of senior speakers and panellists, including the Chair of the Financial Conduct Authority and Governor of the Bank of England.
Following a welcome by our hosts Wayne Barlow and Mike Bloomberg, FMSB Chair Jonathan Moulds, reminded us of the origins of FMSB and all that its Members have achieved collectively since 2015, producing a substantial body of Standards and Statements of Good Practice to support fair and effective markets. He also highlighted FMSB’s recent paper, Future of financial markets, examining how changes in participation, execution, new asset classes and geography are reshaping markets and associated conduct risks.
Ashley Alder, Chair of the Financial Conduct Authority, then gave his thoughts on the past decade in financial markets, highlighting the complementary role FMSB has played developing Standards and Statements of Good Practice addressing areas of ambiguity in existing market practices, and topics not covered by existing rules.
The first panel brought together a range of senior speakers who were instrumental in drafting FEMR. Together they shared their recollections of that crucial period and perspectives on how FEMR re-shaped market behaviour and the impact of FMSB on the industry. Panellists included Sir Charles Roxburgh KCB, Chair of Lloyd’s, Baroness Shafik DBE, Chief Economic Advisor, UK Government, Sir Dave Ramsden, Deputy Governor for Markets and Banking at the Bank of England, Richard Blackburn, Group Chief Risk and Compliance Officer at HSBC, Nicola Jolley, CEO & Board Director of National Australia Bank Europe S.A. and Kieran Higgins, Head of Global Finance and Rates SM at Citi.
This was followed by a video address from Andrew Hauser, Deputy Governor of the Reserve Bank of Australia, who gave us his thoughts on the importance and legacy of FEMR and what more FMSB Members can do to support fair and effective markets going forward.
The second panel looked ahead to the next decade, focusing on the challenges identified in FMSB’s paper – Future of financial markets. Speakers included: Stephen Berger, Global Head of Government & Regulatory Policy at Citadel Securities, Christophe Patricot, Global Head Fixed Income Solutions, Structured Financing and Fund Financing at UBS, Jessica Pulay, CEO of the UK Debt Management Office, David A. Lewis, Managing Director, Global Head of the Supervisory and Transaction Management London at J.P. Morgan, Gareth Murphy, Chief Risk Officer, Aberdeen Group and Michael Dawson, Head of Financial Markets at Shell. They discussed how shifts in market participation, trade execution, asset class frontiers, and the geographical dispersion of markets are creating challenges and risks for fair and effective markets.
To conclude the event, Andrew Bailey, Governor of the Bank of England, addressed the audience with his recollections of the past decade in markets, what he values most about FMSB’s work and shared his views on current and future market risks and challenges and how best the industry can work together, through FMSB, to meet them.
We are grateful to all the speakers, panellists and guests for their contributions, in particular to the Chair of the FCA and the Governor of the Bank of England for their ongoing support and appreciation of our Members’ work. We are also grateful to the Bloomberg events team for hosting us so well.
