Written on: 7 May 2024

FMSB’s 2023 Annual Report is now live.

The report highlights key publications last year including: Spotlight Reviews on The 3 Lines Model: A lens on risk management frameworks, on Conduct and Culture MI and the final Spotlight Review in our precious metals series, as well as the Compendium: Precious Metals Market Evolution, which brought together more than four years of work by FMSB’s Precious Metals Working Group on these markets.

During the year FMSB broadened both the breadth of its membership and its international scope.  We signed a Consultation Agreement with the New Zealand Financial Markets Authority (FMA), USS Investment Management Limited and DTCC Europe Limited joined as Full Members, the Australian Financial Markets Association (AFMA) as an Affiliate Member and Starling Trust Sciences as a Partner Member.

FMSB also undertook a significant programme of engagement with regulators and other public authorities in the UK and internationally.

FMSB Annual Report 2023

FMSB Chair Jonathan Moulds says in the Report:

“By bringing together major global firms across wholesale financial markets, engaging with regulators and other public authorities in multiple jurisdictions, and participating in major international bodies and initiatives, FMSB continues to be a powerful influence in driving international convergence of best practice and market standards.”

As 2024 unfolds, FMSB’s work programme is as full as ever. We have already published a Transparency Draft of a Standard on Client Onboarding: Documentation and Processes, as well as the final Statement of Good Practice for the application of a model risk management framework to electronic trading algorithms. 2024 will also see the publication of our work on Pre-Hedging, Sustainability-Linked Products and further work on Carbon Markets and Front Office Supervision.

The Bank of England and Financial Conduct Authority, among other international regulators including the Australian Securities & Investments Commission (ASIC) and FMA, outline their continued support for FMSB’s work in the Report.

Andrew Bailey, Governor of the Bank of England, says: 

“We value the work FMSB Members continue to do setting Standards and Good Practice for the wholesale markets in areas where it makes sense for industry to lead.​

“I am particularly pleased to see the range of FMSB Standards expanding to cover post trade efficiencies with the publication of the Transparency Draft of a Standard for Client Onboarding: Documentation and Processes in early 2024. This allows the recommendations set out by the Post-Trade Task Force initiated by the Bank to establish standardised document requirements and data definitions to be operationalised across the market.​

“I look forward to seeing further output from FMSB’s Post-Trade Committee as it puts the Task Force’s recommendations into practice to deliver more effective operations in the financial markets and improve client experiences.”​

Nikhil Rathi, CEO, Financial Conduct Authority says:

“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. ​

“Last year’s output on the 3 Lines Model and Culture and Conduct MI illustrates the power of collectively sharing knowledge to improve firms’ approach on issues such as risk and behaviour. ​

“I know from our engagement with FMSB that output in areas such as pre-hedging, the governance of sustainability-linked products and further work on carbon markets is due in 2024; I look forward to seeing this work contribute to higher standards in all these areas.”​​

Access all FMSB’s Standards and publications 

Notes to editors 

  • The Financial Markets Standards Board (FMSB) is a standards setting body for the wholesale financial markets. 
  • Created out of the Fair and Effective Markets Review (FEMR) in 2015, FMSB brings together its members from buy-side, sell-side, global corporate and infrastructure provider organisations 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 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.
  • Our full membership list is here.

For more information:
Laura Conaghan
+44 (0)7929 726659


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