Written on: 29 September 2022

London, 29 September 2022 – The Financial Markets Standards Board (FMSB), has signed a Consultation Agreement with the Australian Securities and Investments Commission (ASIC).

The Agreement formalises the continuing cooperation between FMSB and ASIC.  The Commission supports the primary objectives of the FMSB to promote fair and effective global wholesale financial markets; to produce clear guidance on how business should be conducted to eliminate or mitigate vulnerabilities, and to promulgate such guidance as widely as possible globally and obtain commitments for its use.

ASIC Consultation Agreement – Signed

FMSB and ASIC have strong shared interests in maintaining, and where appropriate, improving the operation of wholesale fixed income, currency and commodities markets. This Consultation Agreement underpins their close strategic and working relationship.

ASIC Chair Joseph Longo said: “We welcome the Agreement between ASIC and the FMSB. This Agreement will help us engage with the FMSB to promote good wholesale market practices.

“ASIC is committed to ensuring Australia’s financial markets are fair and efficient, and those who provide financial services demonstrate fairness, honesty and professionalism.”

FMSB Chair Mark Yallop said:

“I am delighted that we have signed a Consultation Agreement that acknowledges the continuing cooperation between ASIC and FMSB to strengthen the fairness, effectiveness and transparency of wholesale markets. I look forward to seeing enhancements in market and post trade structures and technology.”

FMSB CEO Myles McGuinness said:

“Our strategic goals, to promote fair and effective markets for all participants, align closely to those of the regulatory authorities, policy makers and supervisors both in Australia and around the world.

“I am very pleased that this Consultation Agreement demonstrates our ongoing important relationship with ASIC and look forward to establishing similar arrangements with key regulatory authorities in other jurisdictions as our membership expands.”

Read the ASIC announcement.

Note to editors

The Australian Securities and Investments Commission (ASIC) is a regulatory and law enforcement agency for company, financial services, markets and consumer credit laws, and has a range of roles, including the function of monitoring and promoting market integrity and consumer protection in relation to the Australian financial system.

Financial Markets Standards Board (FMSB) is the leading market-led, global standards body for fair and effective wholesale financial markets. FMSB is a not-for-profit, privately-owned company.

Created following the Fair and Effective Markets Review (FEMR) in 2015, FMSB brings together its members – practitioners – from buy-side, sell-side, corporate issuer and infrastructure provider organisations to develop Standards, Statements of Good Practice and Spotlight Reviews.

Its mission is to improve the transparency, fairness and effectiveness of global wholesale financial markets.

Media contacts

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