Author: Alison.Parker

London, 11 July 2018 – The FICC Markets Standards Board (“FMSB”) today publishes a Transparency Draft of a new Statement of Good Practice on Algorithmic Trading in FICC Markets.

The use of computer algorithms to facilitate trading in FICC markets has increased at a rapidly growing pace over recent years and has the potential to adversely impact market and firm stability and to harm clients.
This new Statement of Good Practice sets out a number of core statements of good practice related to the use of algorithms in firms’ FICC businesses.

In certain jurisdictions, significant new regulation – in particular MiFID II – has been introduced to cover this area. However, there are certain types of FICC related activity which are not subject to MiFID, such as trading of spot FX and physical commodities not on a MiFID regulated venue, and this Statement of Good Practice is intended to apply to the use of algorithms in all FICC businesses, including those not covered by MiFID.

The Statement sets out a number of core principles, which are designed to ensure appropriate behaviour and governance in relation to algorithmic trading or the operation of a venue involving an algorithmic trading system.

The statements of good practice include that firms engaged in algorithmic trading should:
• Put in place adequate and effective structures and mechanisms to provide for appropriate oversight, supervision and controls.
• Have appropriate pre- and post-trade controls in operation in relation to algorithmic trading.
• Have a formal risk management function independent of the front office to determine appropriate levels for pre-trade risk
controls as well as to monitor the financial exposure and non-financial risks associated with algorithmic trading.
• Consider formalising a specific risk appetite for their algorithmic trading activity.

Mark Yallop, Chair of FMSB said: “The use of algorithmic trading systems has increased enormously over recent years, yet some of these systems lie outside of the reach of current regulatory oversight such as that of MiFID II. The statements of good practice that we set out today are designed to apply to all firms engaged in algorithmic trading practices, including those operating in areas untouched by regulation. We are doing this because we believe this will enhance the stability of markets in the longer term and tackle a growing area which, if left untouched, could become the source of potential market conduct risk and instability”.

FMSB members and other interested parties are invited to comment on the proposed Statement of Good Practice before it is finalised by FMSB. This consultation will run until 7 September 2018 with the final document expected to be published shortly thereafter.

This is the twelfth Standard or Statement of Good Practice (including those in their consultation period) to have been published by FMSB since it was set up in 2015 in response to the Fair and Effective Markets Review in the UK with a mandate to improve conduct and raise standards in the wholesale Fixed Income, Commodity and Currency markets.
All materials published by FMSB are available at www.fmsb.com.

Media contacts

Maitland

Andy Donald / Rebecca Mitchell

+44 207 379 5151

adonald@maitland.co.uk

rmitchell@maitland.co.uk

Notes to Editors

1) The Fixed Income, Currency and Commodities (“FICC”) Markets Standards Board (“FMSB”) is an independent body set up by market practitioners to improve standards of conduct in wholesale FICC markets. It aims to bring transparency to grey areas in the wholesale FICC markets by identifying emerging vulnerabilities, clarifying and documenting practice and agreeing standards to improve conduct and market behaviour. Ensuring that wholesale FICC markets are transparent, fair and effective is at the heart of the FMSB’s mission.

2) Setting up the FMSB was one of the main recommendations to emerge from the Fair and Effective Markets Review (“FEMR”), which was conducted by HM Treasury, the Bank of England and the Financial Conduct Authority.

3) FMSB has a Board drawn from senior executives from across wholesale markets, from corporate clients, asset managers, sell side participants and intermediaries, and infrastructure providers such as exchanges and custodians. Reporting to the Standards Board are standing sub-committees addressing Market Practices, Codes & Standards Convergence and Conduct & Ethics. The Market Practices sub-committees are split into four asset-class specific committees. There is also an Advisory Council representing the interests of member firms.

4) FMSB’s members bring together sell-side investment banks, buyside asset managers, market infrastructure providers and exchanges, custodians and users of the market such as corporates. This constitution is unique. The member firms are:

ANZ
BAE Systems
Bank of America Merrill Lynch
Bank of New York Mellon
Barclays
BHP
BlackRock
Bloomberg
BNP Paribas
BP
Citadel Securities
Citigroup Global Markets Limited
Crédit Agricole CIB
Credit Suisse
Deutsche Bank
FastMatch
Goldman Sachs
HSBC
Invesco
J.P. Morgan
Legal & General IM
Linklaters (Legal Advisor)
Lloyds Banking Group
London Stock Exchange Group
M&G Investments
MarketAxess
Morgan Stanley
National Australia Bank
NEX Group PLC
Nomura
RBS
Rio Tinto
Royal Bank of Canada
Royal Dutch Shell
Royal Mail Group
Société Générale
Standard Chartered
Standard Life Aberdeen
State Street
Thomson Reuters
TP ICAP
Tradeweb
UBS
Vodafone
XTX Markets

London, 3 July 2018 – The FICC Markets Standard Board (FMSB) has today issued its Standard on Risk Management Transactions for New Issuance.

The Standard sets out several core principles relevant to risk management transactions connected with new issues in the fixed income markets. It identifies potential conduct risks created during these transactions, and describes appropriate behaviour to manage them.

This was previously issued as a transparency draft for comments from the market in October 2017.

Responding to feedback, a few minor changes and additions have been made. In particular:
• there is a more detailed explanation of the nature of the conduct risks in section III.4
• Core Principle 9 (dissemination of information) has been edited to avoid ambiguity and to refer only to Risk Management Transactions

This is the fourth Standard issued by FMSB and FMSB member firms provide and publicise Statements of Commitment in relation to all published Standards.

Media contacts
Maitland
Andy Donald / Rebecca Mitchell
+44 207 379 5151

adonald@maitland.co.uk

rmitchell@maitland.co.uk

Notes to Editors
1) The Fixed Income, Currency and Commodities (“FICC”) Markets Standards Board (“FMSB”) is an independent body set up by market practitioners to improve standards of conduct in wholesale FICC markets. It aims to bring transparency to grey areas in the wholesale FICC markets by identifying emerging vulnerabilities, clarifying and documenting practice and agreeing standards to improve conduct and market behaviour. Ensuring that wholesale FICC markets are transparent, fair and effective is at the heart of the FMSB’s mission.
2) Setting up the FMSB was one of the main recommendations to emerge from the Fair and Effective Markets Review (“FEMR”), which was conducted by HM Treasury, the Bank of England and the Financial Conduct Authority.
3) The FMSB has a Board drawn from senior executives from across wholesale markets, from corporate clients, asset managers, sell side participants and intermediaries and infrastructure providers such as exchanges and custodians. Reporting to the Standards Board are standing sub-committees addressing Market Practices, Codes & Standards Convergence and Conduct & Ethics. The Market Practices sub-committees are split into 4 asset-class specific committees. There is also an Advisory Council representing the interests of member firms.

4) The FMSB’s members bring together sell-side investment banks, buyside asset managers, market infrastructure providers and exchanges, custodians and users of the market such as corporates. This constitution is unique. The members firms are:

ANZ
BAE Systems
Bank of America Merrill Lynch
Bank of New York Mellon
Barclays
BHP
BlackRock
Bloomberg
BNP Paribas
BP
Citadel Securities
Citigroup Global Markets Limited
Crédit Agricole CIB
Credit Suisse
Deutsche Bank
FastMatch
Goldman Sachs
HSBC
Invesco
J.P. Morgan
Legal & General IM
Linklaters (Legal Advisor)
Lloyds Banking Group
London Stock Exchange Group
M&G Investments
MarketAxess
Morgan Stanley
National Australia Bank
NEX Group PLC
Nomura
RBS
Rio Tinto
Royal Bank of Canada
Royal Dutch Shell
Royal Mail Group
Société Générale
Standard Chartered
Standard Life Aberdeen
State Street
Thomson Reuters
TP ICAP
Tradeweb
UBS
Vodafone
XTX Markets

London, 1 June 2018 – The FICC Markets Standards Board (“FMSB”) today publishes a Transparency Draft of a new Statement of Good Practice on Information and Confidentiality for fixed income and commodities markets.

The question of what information may be shared between participants in these markets is complex and recent conduct events have drawn attention to the risks associated with sharing information in an inappropriate manner.

This Statement of Good Practice therefore seeks to bring clarity to the issue of sharing information in those markets and dealing with confidential information within a firm.

There are nine Good Practice Statements which firms should look to when considering their own practice in this area and cover issues including:

• Market participants should clearly identify and appropriately limit access to confidential information.
• Market participants should not disclose confidential information within their firms except to those persons who have a valid reason for receiving such information.
• Issues pertaining to the sharing of confidential information with parties outside of the firm, and,
• What can and cannot be discussed when discussing “Market Colour”.

The issue of “Market Colour” has recently become a source of particular concern to market participants – views shared between market participants on the general state of the market, the exchange of which can contribute to an efficient, open, and transparent market. The document states Market Colour relating to high-level, non-specific market activity can be freely shared when provided in general terms, sufficiently aggregated and anonymised, such that client confidential information cannot be “reverse engineered” from it.

Examples of what constitutes acceptable information sharing in some of the commonly encountered situations is included in the Statement of Good Practice, as are examples to distinguish between providing Market Colour and advice to a client.

Mark Yallop, Chair of FMSB said: “The use of and sharing of information within markets is a complex area around which there is significant uncertainty. This means market participants often avoid sharing any information which can reduce market liquidity; however, sharing of some information is necessary for markets to operate and sharing Market Colour can in fact make markets operate more efficiently. This Statement of Good Practice, the sixth now published by FMSB, seeks to provide clarity for market participants as to what is appropriate in terms of information sharing and how to deal with confidential information.”

FMSB members and other interested parties are invited to comment on the proposed Statement of Good Practice before it is finalised by FMSB. This consultation will run until 31 August 2018 with the final document expected to be published shortly thereafter.
This is the sixth Statement of Good Practice to have been published by FMSB since it was set up in 2015 in response to the Fair and Effective Markets Review in the UK with a mandate to improve conduct and raise standards in the wholesale Fixed Income, Commodity and Currency markets.

All materials published by FMSB are available at www.fmsb.com.

Media contacts

Maitland

Andy Donald / Rebecca Mitchell

+44 207 379 5151

adonald@maitland.co.uk

rmitchell@maitland.co.uk

Notes to Editors

1) The Fixed Income, Currency and Commodities (“FICC”) Markets Standards Board (“FMSB”) is an independent body set up by market practitioners to improve standards of conduct in wholesale FICC markets. It aims to bring transparency to grey areas in the wholesale FICC markets by identifying emerging vulnerabilities, clarifying and documenting practice and agreeing standards to improve conduct and market behaviour. Ensuring that wholesale FICC markets are transparent, fair and effective is at the heart of the FMSB’s mission.

2) Setting up the FMSB was one of the main recommendations to emerge from the Fair and Effective Markets Review (“FEMR”), which was conducted by HM Treasury, the Bank of England and the Financial Conduct Authority.

3) The FMSB has a Board drawn from senior executives from across wholesale markets, from corporate clients, asset managers, sell side participants and intermediaries and infrastructure providers such as exchanges and custodians. Reporting to the Standards Board are standing sub-committees addressing Market Practices, Codes & Standards Convergence and Conduct & Ethics. The Market Practices sub-committees are split into 4 asset-class specific committees. There is also an Advisory Council representing the interests of member firms.

4) The FMSB’s members bring together sell-side investment banks, buyside asset managers, market infrastructure providers and exchanges, custodians and users of the market such as corporates. This constitution is unique. The members firms are:

• Allianz Global Investors
• ANZ
• BAE Systems
• Bank of America Merrill Lynch
• Bank of New York Mellon
• Barclays
• BHP
• BlackRock
• Bloomberg
• BNP Paribas
• BP
• Citadel Securities
• Citigroup Global Markets Limited
• Crédit Agricole CIB
• Credit Suisse
• Deutsche Bank
• FastMatch
• Goldman Sachs
• HSBC
• Invesco
• J.P. Morgan
• Legal & General Investment Management
• Linklaters (Legal Advisor)
• Lloyds Banking Group
• London Stock Exchange Group
• M&G Investments
• MarketAxess
• Morgan Stanley
• National Australia Bank
• NEX Group PLC
• Nomura
• RBS
• Rio Tinto
• Royal Bank of Canada
• Royal Dutch Shell
• Royal Mail Group
• Société Générale
• Standard Chartered
• Standard Life Aberdeen
• State Street
• Thomson Reuters
• TP ICAP
• Tradeweb
• UBS
• Vodafone
• XTX Markets

London, 4 May 2018 – The FICC Markets Standards Board (“FMSB”) today publishes a Transparency Draft of a new Statement of Good Practice on Suspicious Transaction and Order Reporting.

This Statement of Good Practice covers the identification of suspicious transactions and orders and their reporting to the relevant regulator. In the UK and other jurisdictions regulated market participants have an obligation report such transactions to their regulator – in the UK this is as a Suspicious Transaction and Order Report (STOR) submitted to the FCA.

A suspicious transaction or order is one where there is a reasonable suspicion that it could constitute insider dealing, market manipulation or attempted insider dealing or market manipulation.

There are ten Good Practice Statements which firms should look to when considering their own practice in this area and cover issues including:

• Firms should have a clear organisational structure in place to facilitate monitoring and reporting of suspicious orders or transactions.
• Surveillance activities should be owned by a function which is independent from the business activities. That function should have the expertise and experience to provide control over their business activities.
• Electronic surveillance systems should analyse trading data through a set of logic and look back scenarios searching for potentially suspicious behaviour.
• Firms should provide guidance to employees on required actions after a STOR is submitted.

The Statement of Good Practice also covers issues such as training and record keeping.

Mark Yallop, Chair of FMSB said: “This Statement of Good Practice deals with an important area of market and conduct oversight. It is designed to assist all front-office and control staff who are active participants in the FICC markets as well as those who are engaged in the monitoring and surveillance of these activities.”

FMSB members and other interested parties are invited to comment on the proposed Statement of Good Practice before it is finalised by FMSB. This consultation will run until 03 August 2018 with the final document expected to be published shortly thereafter.

This is the fifth Statement of Good Practice to have been published by FMSB since it was set up in 2015 in response to the Fair and Effective Markets Review in the UK with a mandate to improve conduct and raise standards in the wholesale Fixed Income, Commodity and Currency markets.

All materials published by FMSB are available at www.fmsb.com.

Media contacts

Maitland

Andy Donald / Rebecca Mitchell

+44 207 379 5151

adonald@maitland.co.uk

rmitchell@maitland.co.uk

Notes to Editors

1) The Fixed Income, Currency and Commodities (“FICC”) Markets Standards Board (“FMSB”) is an independent body set up by market practitioners to improve standards of conduct in wholesale FICC markets. It aims to bring transparency to grey areas in the wholesale FICC markets by identifying emerging vulnerabilities, clarifying and documenting practice and agreeing standards to improve conduct and market behaviour. Ensuring that wholesale FICC markets are transparent, fair and effective is at the heart of the FMSB’s mission.

2) Setting up the FMSB was one of the main recommendations to emerge from the Fair and Effective Markets Review (“FEMR”), which was conducted by HM Treasury, the Bank of England and the Financial Conduct Authority.

3) The FMSB has a Board drawn from senior executives from across wholesale markets, from corporate clients, asset managers, sell side participants and intermediaries and infrastructure providers such as exchanges and custodians. Reporting to the Standards Board are standing sub-committees addressing Market Practices, Codes & Standards Convergence and Conduct & Ethics. The Market Practices sub-committees are split into 4 asset-class specific committees. There is also an Advisory Council representing the interests of member firms.

4) The FMSB’s members bring together sell-side investment banks, buyside asset managers, market infrastructure providers and exchanges, custodians and users of the market such as corporates. This constitution is unique. The members firms are:

• Allianz Global Investors
• ANZ
• Bank of America Merrill Lynch
• Bank of New York Mellon
• Barclays
• BHP
• BlackRock
• Bloomberg
• BNP Paribas
• BP
• Citadel Securities
• Citigroup Global Markets Limited
• Crédit Agricole CIB
• Credit Suisse
• Deutsche Bank
• FastMatch
• Goldman Sachs
• HSBC
• Invesco
• J.P. Morgan
• Legal & General Investment Management
• Linklaters (Legal Advisor)
• Lloyds Banking Group
• London Stock Exchange Group
• M&G Investments
• MarketAxess
• Morgan Stanley
• National Australia Bank
• NEX Group PLC
• Nomura
• RBS
• Rio Tinto
• Royal Bank of Canada
• Royal Dutch Shell
• Royal Mail Group
• Société Générale
• Standard Chartered
• Standard Life Aberdeen
• State Street
• Thomson Reuters
• TP ICAP
• Tradeweb
• UBS
• Vodafone
• XTX Markets

London, 20 March 2018 – The FICC Markets Standards Board (“FMSB”) today publishes its Transparency Draft Standard on Secondary Market Trading Error Compensation.

The Standard deals with the issues concerning how compensation should be paid following a trading error. It sets out that compensation can be paid in the following ways:
• By direct payment to the compensated party’s account
• By reducing or increasing net brokerage
• By another means which does not create a false market in, or a misleading impression as to the value or liquidity of a financial instrument

The Standard makes clear that methods of compensation such as wash trades should not be used (a wash trade is one where a purchase and sale of the same financial instrument occurs with different financial terms in order to pay compensation). These transactions can create a misleading impression regarding volume or price in the market and should be avoided.

It also details that firms should have policies and procedures in place for compensation payments.

FMSB members and other interested parties are invited to comment on the proposed Standard before it is finalised by the FMSB. This consultation will run until 20 June 2018 with the final Standard expected to be published shortly thereafter.

This is the fifth Standard to have been published by the FMSB since it was set up in 2015 in response to the Fair and Effective Markets Review in the UK with a mandate to issue Standards designed to improve conduct and raise standards in the wholesale Fixed Income, Commodity and Currency markets.

All Standards and materials published by FMSB are available at www.fmsb.com.

Media contacts

Maitland

Andy Donald / Joanna Davidson

+44 207 379 5151

adonald@maitland.co.uk

jdavidson@maitland.co.uk

Notes to Editors

1) The Fixed Income, Currency and Commodities (“FICC”) Markets Standards Board
(“FMSB”) is an independent body set up by market practitioners to improve standards of
conduct in wholesale FICC markets. It aims to bring transparency to grey areas in the
wholesale FICC markets by identifying emerging vulnerabilities, clarifying and documenting
practice and agreeing standards to improve conduct and market behaviour. Ensuring that
wholesale FICC markets are transparent, fair and effective is at the heart of the FMSB’s
mission.

2) Setting up the FMSB was one of the main recommendations to emerge from the Fair and
Effective Markets Review (“FEMR”), which was conducted by HM Treasury, the Bank of
England and the Financial Conduct Authority.

3) The FMSB has a Board drawn from senior executives from across wholesale markets,
from corporate clients, asset managers, sell side participants and intermediaries and
infrastructure providers such as exchanges and custodians. Reporting to the Standards
Board are standing sub-committees addressing Market Practices, Codes & Standards
Convergence and Conduct & Ethics. The Market Practices sub-committees are split into 4
asset-class specific committees. There is also an Advisory Council representing the
interests of member firms.

4) The FMSB’s members bring together sell-side investment banks, buyside asset
managers, market infrastructure providers and exchanges, custodians and users of the
market such as corporates. This constitution is unique. The members firms are:

• Allianz Global Investors
• ANZ
• Bank of America Merrill Lynch
• Bank of New York Mellon
• Barclays
• BHP
• BlackRock
• Bloomberg
• BNP Paribas
• BP
• Citadel Securities
• Citigroup Global Markets Limited
• Crédit Agricole CIB
• Credit Suisse
• Deutsche Bank
• Goldman Sachs
• HSBC
• J.P. Morgan
• Legal & General Investment Management
• Linklaters (Legal Advisor)
• Lloyds Banking Group
• London Stock Exchange Group
• M&G Investments
• MarketAxess
• Morgan Stanley
• National Australia Bank
• NEX
• Nomura
• RBS
• Rio Tinto
• Royal Bank of Canada
• Royal Dutch Shell
• Royal Mail Group
• Société Générale
• Standard Chartered
• Standard Life Aberdeen
• State Street
• Thomson Reuters
• TP ICAP
• Tradeweb
• UBS
• Vodafone
• XTX Markets

Download this press release here: Press Release – Secondary Market Trading Error Compensation Standard Transparency Draft

Read the Secondary Market Trading Error Compensation Standard Transparency Draft here: Secondary Market Trading Error Compensation Transparency Draft

London, 25 October 2017 – The FICC Markets Standards Board (“FMSB”) today publishes its Transparency Draft of the Risk Management Transactions for New Issuance Standard for the Fixed Income markets. The Standard sets out several core principles relevant to risk management transactions associated with new issues in the fixed income markets, and identifies potential conduct risks created by these transactions.

Risk management transactions by an investor or issuer to adjust the cash flow of a new issue to suit their requirements are an important part of the new issue process. The Standard explains why investors and issuers may wish to enter into risk management transactions, the typical types of risk management transactions used, and the conduct risks that are created by their use; in particular, the possibility of influencing the reference rate used in the associated new issue.

The Standard details expected best practice and conduct with respect to
• potential conflicts of interest concerning the selection of the reference rate for a new issue
• the formation of the reference rate and reoffer yield for a new issue
• the hedging of risk acquired by dealers who enter into risk management transactions with investors and issuers
• the dissemination of information about risk management transactions associated with new issues

This Standard applies to activity in the wholesale primary bond markets in Europe but it is anticipated that it will be adopted by participants in primary markets in other jurisdictions over time.

Mark Yallop, Chairman of the FMSB, said:

“This new Standard builds on our already published Standard for New Issues in the European markets and addresses conduct in relation to the hedging and risk management aspects of the New Issue process. It provides further practical, granular assistance to all parties as to how the process should work and is another step in our overall goal to create market practice standards for the whole FICC market.”

FMSB members and other interested parties are invited to comment on the proposed Standard before it is finalised by the FMSB. This consultation will run until Wednesday 20 December 2017 with the final Standard expected to be published early in 2018.

The FMSB anticipates it will undertake further work in the related areas going forward.

This is the fourth Standard to have been published by the FMSB since it was set up in 2015 in response to the Fair and Effective Markets Review in the UK. The Standards are designed to improve conduct and raise standards in the wholesale Fixed Income, Commodity and Currency markets. The FMSB has so far published Standards on Reference Price Transactions, Binary Options in the Commodities markets and on the New Issue Process for Fixed Income Bonds in Europe, all of which are available at www.fmsb.com.

Media contacts

Notes to Editors (more…)

The FICC Markets Standard Board (FMSB) has today issued two new sets of Statements of Good Practice as part of its work to improve standards in the wholesale Fixed Income, Commodity and Currency (“FICC”) markets.

These documents identify good practice that firms should consider in the areas of front office supervision and the monitoring of written electronic communications.

Mark Yallop, Chair of the FMSB, said: “These latest Statements of Good Practice cover two important areas which support the FMSB strategic objective to enhance standards of behaviour in markets: supervising firms’ front office activities and monitoring written electronic communications. Implementation of effective front office supervisory frameworks promotes the integrity and effectiveness of financial markets leading to better outcomes for all market participants. Given the increasing use of technology, electronic communications need to be adequately monitored as part of efforts to prevent and detect real or potential inappropriate behaviours.”

Front Office Supervision

Supervision in the front office is a fundamental first line of defence for firms when mitigating risks directly related to employee conduct and their business activities in the FICC markets. Front office supervision is key to strengthening a firm’s overall control framework in mitigating both financial and non-financial risks and promoting good employee conduct and culture. There are increasingly high expectations on firms to identify and correct poor conduct before it leads to potentially significant losses or negative impact on the effectiveness and efficiency of markets.

This statement of good practice covers areas including the clear definition of business activities requiring supervision, arrangements for delegation and the experience and competence of supervisors. Good practice is also identified for how firms can operate a defined control framework to demonstrate the maintenance of complete supervisory coverage of all relevant employees and activities over time. This requires clarity of supervisory hierarchies, in particular where global processes or remote locations are subject to supervision.

Electronic Communications

Market practices for the monitoring of written electronic communications continue to evolve. Wholesale market participants are required to implement and maintain controls to aid in the detection of misconduct which may include real or attempted incidents of market abuse and manipulation, bribery, fraud and other inappropriate behaviours.

The FMSB has published a total of 10 good practice statements, which cover areas including: that Firms should ensure that roles and responsibilities for monitoring of written electronic communications are clearly defined across the lines of defence; that Firms should have in place appropriate lexicons and related analytics which reflect the inappropriate behaviour and risks in firm activities that the firm is attempting to prevent and/or detect; that all relevant parties in an organisation, regardless of seniority, are in scope of the surveillance programme; and that alerts generated from surveillance activity are appropriately processed by a firm.

The FMSB was established in 2015 in response to the Fair and Effective Markets Review in the UK with a mandate to improve conduct and raise standards in the wholesale Fixed Income, Commodity and Currency (“FICC”) markets.

As well as the FMSB’s 49 member firms, the Statements of Good Practice will be shared with Non-Member firms and industry trade associations, who are encouraged to consider them.

All the materials are available at www.fmsb.com

ENDS

Enquiries

Maitland

Andy Donald / Rebecca Mitchell
T: +44 (0) 20 7379 5151
adonald@maitland.co.uk / rmitchell@maitland.co.uk

Notes to Editors:
1) The Fixed Income, Currency and Commodities or FICC Markets Standards Board (“FMSB”) is an independent body set up by market practitioners to improve standards of conduct in wholesale FICC markets. It aims to bring transparency to grey areas in the wholesale FICC markets by documenting existing practice and agreeing standards to improve conduct and market behaviour. Ensuring that wholesale FICC markets are transparent, fair and effective is at the heart of the FMSB’s mission.

2) Setting up the FMSB was one of the main recommendations to emerge from the Fair and Effective Markets Review (“FEMR”), which was conducted by HM Treasury, the Bank of England and the Financial Conduct Authority and reported in June 2015. The FEMR was launched in June 2014 to reinforce confidence in wholesale Fixed Income, Currency and Commodities markets in the wake of the serious misconduct seen in recent years.

3) The FMSB has a high-level Standards Board drawn from senior executives from across wholesale markets, from corporate clients, other market users such as asset managers and asset owners, and infrastructure providers such as exchanges and custodians. Reporting to the Standards Board are standing sub-committees addressing Market Practices, Codes & Standards Convergence and Conduct & Ethics. The Market Practices sub-committees are split into 4 asset-class specific committees. There is also an Advisory Council representing the interests of member firms. A full list of individuals can be found in 5) and 6) below

4) The FMSB’s 44 members and 5 associate members bring together sell-side investment banks, buy-side asset managers, exchanges, custodians and users of the market such as corporates.

London, 8 December 2016. Using automated voice surveillance systems and surveillance techniques involving Natural Language Processing are among the emerging practices being used to combat the risk of insider dealing and market manipulation, according to new guidelines from the FICC Markets Standards Board (“FMSB”).

The practices are highlighted in a new FMSB paper or ‘Statement of Good Practice’ on surveillance, which sets out the Core Principles that firms should consider and also identifies current good practice for surveillance in the foreign exchange markets.

In a separate Statement of Good Practice on conduct training in wholesale fixed income markets, the FMSB recommends that senior front office managers should play a bigger role in conduct training, making time for face-to-face discussion of conduct issues with staff.

Mark Yallop, Chair of the FMSB, said:
“More effective surveillance systems and better conduct training are two areas the industry needs to work on to improve conduct in wholesale fixed income markets. These statements of good practice share good or best practice in the industry but more importantly, they allow firms to measure themselves against their peers.”

Among the Core Principles for surveillance practice that the FMSB recommends firms consider are: ensuring the surveillance function is independent of the front office; that there is effective governance and controls; and that surveillance systems are reviewed regularly to make sure they are fit for purpose as risks change.

Mark Yallop added:
“Firms need to keep their surveillance practices constantly under review. This is a fast-developing area and technology is having a profound impact on industry practice”.

The need for better surveillance to address market manipulation was identified by the Fair and Effective Markets Review (FEMR) which said in June 2015 that “substantial further development of firms’ misconduct surveillance is required to deliver fully effective oversight of FICC markets.”

Another area highlighted by the FEMR was training. The focus of the FMSB Statement of Good Practice is on conduct training rather than technical competence and key elements identified by the FMSB are: the need for clear structures and lines of responsibility for delivering training; training tailored to individuals’ role and experience; and more face-to-face training from senior front line managers who understand the business best.

The FMSB also highlights the use of gaming technology for exploring real-life or grey areas and suggests firms keep this emerging area under review.

The new FMSB guidance on surveillance and training is contained in:

• Statement of Good Practice for Surveillance in Foreign Exchange Markets, and
• Statement of Good Practice for Conduct Training.

The FMSB’s Statements of Good Practice differ from FMSB standards, which all members are expected to comply with. They highlight current good practice and member firms are expected to consider them and amend their own practices if appropriate. As well as the FMSB’s 41 member firms, the Statements of Good Practice will be shared with Non-Member firms and industry trade associations, who are encouraged to consider them.

Last month, the FMSB published a draft standard on the New Issue Process for the Fixed Income Markets, in draft transparency form for comment, following earlier standards on Reference Price Transactions and Binary Options in the commodities markets. These can be viewed at fmsb.com/standards/

– ENDS –

Media enquiries:
Meritus Consultants
Peter Wilson-Smith
+44 (0)20 7043 4604 or +44 (0)7979 526152
pws@meritusconsultants.com

Sehr Sarwar
+44 (0)20 7043 4606 or +44 (0)7966 963 669
ssarwar@meritusconsultants.com

Notes to Editors:
1) The Fixed Income, Currency and Commodities or FICC Markets Standards Board (“FMSB”) is an independent body set up by market practitioners to improve standards of conduct in wholesale FICC markets. It aims to bring transparency to grey areas in the wholesale FICC markets by documenting existing practice and agreeing standards to improve conduct and market behaviour. Ensuring that wholesale FICC markets are transparent, fair and effective is at the heart of the FMSB’s mission.

2) Setting up the FMSB was one of the main recommendations to emerge from the Fair and Effective Markets Review (“FEMR”), which was conducted by HM Treasury, the Bank of England and the Financial Conduct Authority and reported in June 2015. The FEMR was launched in June 2014 to reinforce confidence in wholesale Fixed Income, Currency and Commodities markets in the wake of the serious misconduct seen in recent years.

3) The FMSB has a Standards Board drawn from senior executives from across wholesale markets, from corporate clients, other market users such as asset managers and asset owners, and infrastructure providers such as exchanges and custodians. There is also an Advisory Council representing the interests of member firms.

4) The FMSB’s 41 members and 5 standing guests bring together sellside investment banks, buyside asset managers, exchanges, custodians and users of the market such as corporates. They are:

Member Firms:
Aberdeen Asset Management; Allianz Global Investors; Bank of America Merrill Lynch; Bank of New York Mellon; Barclays; BlackRock; Bloomberg; BNP Paribas; BP; Citi; CQS; Crédit Agricole CIB; Credit Suisse; Deutsche Bank; Deutsche Börse Group; Goldman Sachs; HSBC; ICAP; J.P. Morgan; Legal & General Investment Management; Linklaters (Legal Advisor); Lloyds Banking Group; London Stock Exchange Group; M&G Investments; Morgan Stanley; Nomura; PGGM; RBS; Rio Tinto; Royal Dutch Shell; Royal Mail Group; Scotiabank; Société Générale; Standard Chartered; Standard Life Investments; State Street; Thomson Reuters; Tradeweb; UBS; Vodafone; XTX Markets.

Standing Guests:
Association of Corporate Treasurers; Banking Standards Board; Hedge Fund Standards Board; KPMG; Oliver Wyman.

A full list of Advisory Council representatives and Standards Board members, can be found here: 16-12 FMSB Member List

London, 18 November 2016. Banks should be more transparent about their allocation policies and investors should make sure their orders are a true representation of their demand, according to a proposed new standard on corporate and other debt issues from the FICC Markets Standards Board (“FMSB”).

The New Issue Process Standard for the Fixed Income Markets sets out a range of improvements to the new issue process in the European market, from the granting of a mandate to publication of statistics.

The standard, which is being published as a transparency draft for comment, builds on the ICMA code for investment grade debt but would apply to all widely syndicated offerings of credit products in the wholesale markets, including investment grade, high yield, securitization and emerging market debt.

The standard is the third to be published by the FMSB, following earlier standards on Reference Price Transactions and Binary Options in the commodities markets.

Mark Yallop, Chair of the FMSB, said:
“This standard is the result of a unique joint effort by corporate users of the market, institutional investors and underwriting banks to bring greater clarity to the process for issuing debt and ensure it works fairly and effectively for all concerned.  We believe it is a significant step in raising standards.” 

Robert Rooney, Chief Executive of Morgan Stanley International and chair of the FMSB’s Fixed Income, Spread Products sub-committee, said:
“These proposals are aimed at the wholesale fixed income markets in Europe but over time we think market pressures will lead to this standard being adopted more broadly internationally. This is what good practice looks like whatever part of the world you are in.”

Russell O’Brien, Group Treasurer, Royal Dutch Shell and FMSB Board Member, said: “Corporates issuing debt in the fixed income markets will welcome having greater clarity and transparency in the process.  We would like to see all our syndicate banks and investors adopting this standard.”

The new standard is applicable to all the main participants in the wholesale fixed income markets in the Europe, including issuers, investors and underwriting banks.  Although initially the standard will be adopted by FMSB members in respect of issues in the European markets, the expectation is that primary markets participants in other jurisdictions will adopt the standard over time.

The main proposals in the standard are that:

• Banks’ allocation policies should be made available to market participants.
• Issuer preferences in the allocation process should take priority.
• When a mandate is granted, the lead banks and issuer should agree a document setting out the issuer’s aims for the transaction and how the banks will achieve that, including allocation preferences and marketing strategy.
• Banks should disclose to the market their policy on how they select investors for market soundings and investor roadshows.
• Lead banks should agree a strategy on book disclosure frequency with the issuer. Book updates should be disclosed publicly and should not be misleading.
• Investors need time to collate their demand for a transaction.  It is best practice not to make significant changes to indicative issue terms or publicise the order book size during the last 15 minutes of the bookbuild.
• Investors should put in orders which are a true reflection of their demand and should not be misleading.

The FMSB is seeking comment from interested parties on the New Issue Process Standard for the Fixed Income Markets over the next two months.  Submissions should be sent to standards@fmsb.com by midday (12:00pm GMT), 17 January, 2017.  A final version of the standard will be published by the FMSB after evaluating public comments.

Final versions of the FMSB standards on Reference Price Transactions and Binary Options in the commodities markets have now been posted on the FMSB website at https://fmsb.com/standards/ following the period for comment.

– ENDS –

Media enquiries:
Meritus Consultants
Peter Wilson-Smith
+44 (0)20 7043 4604 or +44 (0)7979 526152
pws@meritusconsultants.com

Sehr Sarwar
+44 (0)20 7043 4606 or +44 (0)7966 963 669
ssarwar@meritusconsultants.com

Notes to Editors: 

1) The Fixed Income, Currency and Commodities or FICC Markets Standards Board (“FMSB”) is an independent body set up by market practitioners to improve standards of conduct in wholesale FICC markets. It aims to bring transparency to grey areas in the wholesale FICC markets by documenting existing practice and agreeing standards to improve conduct and market behaviour. Ensuring that wholesale FICC markets are transparent, fair and effective is at the heart of the FMSB’s mission.

2) Setting up the FMSB was one of the main recommendations to emerge from the Fair and Effective Markets Review (“FEMR”), which was conducted by HM Treasury, the Bank of England and the Financial Conduct Authority and reported in June 2015. The FEMR was launched in June 2014 to reinforce confidence in wholesale Fixed Income, Currency and Commodities markets in the wake of the serious misconduct seen in recent years.

3) The FMSB has a high-level Standards Board drawn from senior executives from across wholesale markets, from corporate clients, other market users such as asset managers and asset owners, and infrastructure providers such as exchanges and custodians. Reporting to the Standards Board are standing sub-committees addressing Market Practices, Codes & Standards Convergence and Conduct & Ethics. The Market Practices sub-committees are split into 4 asset-class specific committees. There is also an Advisory Council representing the interests of member firms.

4) The FMSB’s 38 members and 5 standing guests bring together sellside investment banks, buyside asset managers, exchanges, custodians and users of the market such as corporates. They are:

Member Firms:
Aberdeen Asset Management; Allianz Global Investors; Bank of America Merrill Lynch; Bank of New York Mellon; Barclays; BlackRock; Bloomberg; BNP Paribas; Citi; CQS; Crédit Agricole CIB; Credit Suisse; Deutsche Bank; Deutsche Börse Group; Goldman Sachs; HSBC; ICAP; J.P. Morgan; Legal & General Investment Management; Linklaters (Legal Advisor); Lloyds Banking Group; London Stock Exchange Group; M&G Investments; Morgan Stanley; Nomura; PGGM; RBS; Royal Dutch Shell; Scotiabank; Société Générale; Standard Chartered; Standard Life Investments; State Street; Thomson Reuters; Tradeweb; Unilever; UBS; Vodafone.

Standing Guests:
Association of Corporate Treasurers; Banking Standards Board; Hedge Fund Standards Board; KPMG; Oliver Wyman.

A full list of Advisory Council representatives and Standards Board members, can be found here: 16-11 FMSB Member List

London, 18 November 2016.  The FICC Markets Standards Board (“FMSB”) has today published its third standard aimed at improving conduct in the wholesale Fixed Income, Currency and Commodities (“FICC”) markets.

The standard, which is being published as a transparency draft for comment, builds on the ICMA code for investment grade debt but would apply to all widely syndicated offerings of credit products in the wholesale markets, including investment grade, high yield, securitization and emerging market debt.

The New Issue Process Standard for the Fixed Income Markets sets out a range of improvements to the new issue process in the European market, from the granting of a mandate to publication of statistics.

The FMSB is issuing the standard in draft form to provide an opportunity for public comment ahead of final ratification and issuance.

The FMSB is seeking comment from interested parties on the new standard over the next two months.

Submissions should be sent to standards@fmsb.com by midday (12:00pm GMT), 17 January, 2017.

London, 22 July 2016. The FICC Markets Standards Board (“FMSB”) has today published its second standard aimed at improving conduct in the wholesale Fixed Income, Currency and Commodities (“FICC”) markets. The standard, which is being issued in draft form for comment, covers binary options in the commodities markets.

Binary options, also known as barrier or digital options, pay out a fixed amount, or nothing, depending on whether the underlying price of a commodity hits a pre-agreed level at a specific point in time. This creates an inherent conflict between the bank or dealer selling the option and the client.

Elizabeth Corley, Interim Chair of the FMSB, said:
“This has been a priority area for the FMSB because of the recent well-publicised misconduct that binary options have given rise to. The new standard outlines the rationale for use of binary options and also makes clear the guidelines that market participants should follow to ensure they manage the conflict of interest in an appropriate fashion.”

The new standard has been drawn up after extensive consultation among FMSB members and regulatory authorities. It is being issued in the form of a transparency draft to provide an opportunity for public comment ahead of final ratification and issuance. The binary options standard is the second to be published by the FMSB, which was set up a year ago by market practitioners following the Fair and Effective Markets Review (“FEMR”) to improve conduct in the wholesale FICC markets. It does this by defining standards of good practice in contentious or grey areas of the markets.

Last month, the FMSB published a standard on reference price transactions in the fixed income rates markets. These transactions involve agreeing all aspects of a transaction except price which is set later based on a pre-agreed reference price and market. The standard set out guidance for practitioners about what is acceptable conduct in the context of these types of transaction and create greater clarity about what good market practice looks like, and what types of practice should be avoided.

The FMSB has 36 members reflecting the diversity of participants in the wholesale FICC markets. They include international users of the markets such as corporates, asset owners and asset managers, market infrastructure providers such as exchanges, custodians, and investment banks.

The FMSB is seeking comment from interested parties on the binary options standard over the summer. Submissions should be sent to standards@fmsb.com by midday (12:00pm BST), Friday 14^th October, 2016. A final version of the standard will be published by the FMSB after evaluating public comments.

– ENDS –

Media enquiries:
Meritus Consultants Peter Wilson-Smith +44 (0)20 7043 4604 or +44 (0)7979 526152 pws@meritusconsultants.com

Sehr Sarwar +44 (0)20 7043 4606 or +44 (0)7966 963 669 ssarwar@meritusconsultants.com

Notes to Editors: 

• The Fixed Income, Currency and Commodities or FICC Markets Standards Board (“FMSB”) is an independent body set up by market practitioners in 2015 to improve standards of conduct in wholesale FICC markets. It aims to bring transparency to grey areas in the wholesale FICC markets by documenting existing practice and agreeing standards to improve conduct and market behaviour. Ensuring that wholesale FICC markets are transparent, fair and effective is at the heart of the FMSB’s mission.
• Setting up the FMSB was one of the main recommendations to emerge from the Fair and Effective Markets Review (“FEMR”), which was conducted by HM Treasury, the Bank of England and the Financial Conduct Authority and reported in June 2015. The FEMR was launched in June 2014 to reinforce confidence in wholesale Fixed Income, Currency and Commodities markets in the wake of the serious misconduct seen in recent years.
• Elizabeth Corley CBE, Vice Chair, Allianz Global Investors, has been Interim Chair of the FMSB since July 2015. She will be succeeded as Chair in July 2016 by Mark Yallop but will remain on the Standards Board. Corley was previously Chief Executive of Allianz Global Investors and before that worked at Merrill Lynch Investment Managers and Coopers & Lybrand. She is a non-executive director of Pearson and BAe Systems, on the board of the Financial Reporting Council and an Advisory Council member of TheCityUK.
• Mark Yallop, who takes over as Chair of the FMSB in July 2016, has been an External Member of the Board of the Prudential Regulation Authority since December 2014, following a long career in wholesale financial markets. HHHe was UK Chief Executive Officer for UBS, overseeing investment banking, wealth and asset management. Before that he spent six years as Chief Operating Officer of ICAP plc and held senior positions at Deutsche Bank, including Chief Operating Officer for Deutsche Bank Group. He has served on the board of the International Swaps and Derivatives Association and is currently on the Board of the Centre for Social Justice and of the Create the Change Development Board for the Francis Crick Institute.
• The FMSB has a high-level Standards Board drawn from senior executives from across wholesale markets, from corporate clients, other market users such as asset managers and asset owners, and infrastructure providers such as exchanges and custodians. Reporting to the Standards Board are three standing sub-committees addressing Market Practices, Codes & Standards Convergence and Conduct & Ethics. The Market Practices sub-committees are split into 4 asset-class specific committees.  There is also an Advisory Council representing the interests of member firms. A full list of individuals can be found in 7) and 8) below.
• The FMSB’s 36 members and 5 standing guests bring together sellside investment banks, buyside asset managers, exchanges, custodians and users of the market such as corporates. They are:

Member Firms:
Aberdeen Asset Management; Allianz Global Investors; Bank of America Merrill Lynch; Bank of New York Mellon; Barclays; BlackRock; Bloomberg; BNP Paribas; Citi; CQS; Crédit Agricole CIB; Credit Suisse; Deutsche Bank; Deutsche Börse Group; Goldman Sachs; HSBC; ICAP; J.P. Morgan; Legal & General Investment Management; Linklaters (Legal Advisor); Lloyds Banking Group; London Stock Exchange Group; M&G Investments; Morgan Stanley; Nomura; PGGM; RBS; Royal Dutch Shell; Scotiabank; Société Générale; Standard Chartered; Standard Life Investments; State Street; Thomson Reuters; Tradeweb; UBS.

Standing Guests:
Association of Corporate Treasurers; Banking Standards Board; Hedge Fund Standards Board; KPMG; Oliver Wyman.

A full list of Advisory Council representatives and Standards Board members, can be found here: 16-07 FMSB Member List

London, 22 July 2016. The FICC Markets Standards Board (“FMSB”) has today published its second standard aimed at improving conduct in the wholesale Fixed Income, Currency and Commodities (“FICC”) markets.

The standard, which is being issued in draft form for comment, covers binary options in the commodities markets.

Binary options, also known as barrier or digital options, pay out a fixed amount, or nothing, depending on whether the underlying price of a commodity hits a pre-agreed level at a specific point in time. This creates an inherent conflict between the bank or dealer selling the option and the client.

The FMSB is issuing the standard in draft form to provide an opportunity for public comment ahead of final ratification and issuance.

The FMSB is seeking comment from interested parties on the new standard over the summer.

Submissions should be sent to standards@fmsb.com by midday (12:00pm GMT), Friday 14th October, 2016.

London, 30 June 2016. The FICC Markets Standards Board (“FMSB”) has today published its first standard aimed at improving conduct in the wholesale Fixed Income, Currency and Commodities (“FICC”) markets.

The standard, which is being issued in draft form for comment, covers reference price transactions in the fixed income rates markets.

Fixed Income reference price transactions, involve agreeing all aspects of a transaction except price which is set later based on a pre-agreed reference price.

The FMSB is issuing the standard in draft form to provide an opportunity for public comment ahead of final ratification and issuance.

The FMSB is seeking comment from interested parties on the new standard over the summer.

Submissions should be sent to standards@fmsb.com by midday (12:00pm BST), Thursday 8^th September, 2016.

A final version of the standard will be published by the FMSB after evaluating public comments.

– ENDS –

London, 30 June 2016. The FICC Markets Standards Board (“FMSB”) has today published its first standard aimed at improving conduct in the wholesale Fixed Income, Currency and Commodities (“FICC”) markets.

The standard, which is being issued in draft form for comment, covers reference price transactions in the fixed income rates markets. [Click here for standard]

Fixed Income reference price transactions, involve agreeing all aspects of a transaction except price which is set later based on a pre-agreed reference price.

Elizabeth Corley, Interim Chair of the FMSB, said:
“The new standard is intended to give clear guidance to traders and market practitioners about what is acceptable conduct in the context of these types of transaction and create greater clarity about what good market practice looks like, and what types of practice should be avoided.”

The FMSB is issuing the standard in draft form to provide an opportunity for public comment ahead of final ratification and issuance.

Publication of the draft standard coincides with the first anniversary of the FMSB [Click here for letter to FEMR Principals], which was set up by market practitioners following the Fair and Effective Markets Review (“FEMR”) to improve conduct in the wholesale FICC markets. It does this by defining standards of good practice in contentious or grey areas of the markets.

The FMSB Market Practices Sub-Committees are currently working on standards in a range of other areas such as commodity binary options and the new issue process in fixed income markets.

The FMSB’s Conduct & Ethics Sub-Committee is also doing work to assess formal wholesale FICC markets training programmes undertaken by member firms as well as facilitated workshops with surveillance representatives from FMSB member firms, focusing on the trade lifecycle in Foreign Exchange.  The intention is to complete papers summarising good practice in both these areas by the year end.

The Codes & Standards Convergence Sub-Committee has met with authorities in a number of other countries to discuss international convergence of standards.

The FMSB has 36 members reflecting the diversity of participants in the wholesale FICC markets. They include international users of the markets such as corporates, asset owners and asset managers, market infrastructure providers such as exchanges, custodians, and investment banks.

Elizabeth Corley said:
“The FMSB has benefited from a strong and continuous level of engagement from members of Standards Board and Advisory Council, drawn from senior practitioners and experienced independents. We look forward to continuing to engage with both members and other stakeholders on our forward agenda.”

The FMSB is seeking comment from interested parties on the new standard over the summer. Submissions should be sent to standards@fmsb.com by midday (12:00pm BST), Thursday 8^th September, 2016. A final version of the standard will be published by the FMSB after evaluating public comments.

The FMSB’s second standard will be issued in draft form in the coming weeks and covers Binary options in the commodities markets.

– ENDS –

Media enquiries:
Meritus Consultants Peter Wilson-Smith +44 (0)20 7043 4604 or +44 (0)7979 526152 pws@meritusconsultants.com

Sehr Sarwar +44 (0)20 7043 4606 or +44 (0)7966 963 669 ssarwar@meritusconsultants.com

Notes to Editors: 

• The Fixed Income, Currency and Commodities or FICC Markets Standards Board (“FMSB”) is an independent body set up by market practitioners in 2015 to improve standards of conduct in wholesale FICC markets. It aims to bring transparency to grey areas in the wholesale FICC markets by documenting existing practice and agreeing standards to improve conduct and market behaviour. Ensuring that wholesale FICC markets are transparent, fair and effective is at the heart of the FMSB’s mission.
• Setting up the FMSB was one of the main recommendations to emerge from the Fair and Effective Markets Review (“FEMR”), which was conducted by HM Treasury, the Bank of England and the Financial Conduct Authority and reported in June 2015. The FEMR was launched in June 2014 to reinforce confidence in wholesale Fixed Income, Currency and Commodities markets in the wake of the serious misconduct seen in recent years.
• Elizabeth Corley CBE, Vice Chair, Allianz Global Investors, has been Interim Chair of the FMSB since July 2015. She will be succeeded as Chair in July 2016 by Mark Yallop but will remain on the Standards Board. Corley was previously Chief Executive of Allianz Global Investors and before that worked at Merrill Lynch Investment Managers and Coopers & Lybrand. She is a non-executive director of Pearson and BAe Systems, on the board of the Financial Reporting Council and an Advisory Council member of TheCityUK.
• Mark Yallop, who takes over as Chair of the FMSB in July 2016, has been an External Member of the Board of the Prudential Regulation Authority since December 2014, following a long career in wholesale financial markets. HHHe was UK Chief Executive Officer for UBS, overseeing investment banking, wealth and asset management. Before that he spent six years as Chief Operating Officer of ICAP plc and held senior positions at Deutsche Bank, including Chief Operating Officer for Deutsche Bank Group. He has served on the board of the International Swaps and Derivatives Association and is currently on the Board of the Centre for Social Justice and of the Create the Change Development Board for the Francis Crick Institute.
• The FMSB has a high-level Standards Board drawn from senior executives from across wholesale markets, from corporate clients, other market users such as asset managers and asset owners, and infrastructure providers such as exchanges and custodians. Reporting to the Standards Board are three standing sub-committees addressing Market Practices, Codes & Standards Convergence and Conduct & Ethics. The Market Practices sub-committees are split into 4 asset-class specific committees.  There is also an Advisory Council representing the interests of member firms. A full list of individuals can be found in 7) and 8) below.
• The FMSB’s 36 members and 5 standing guests bring together sellside investment banks, buyside asset managers, exchanges, custodians and users of the market such as corporates. They are:

Member Firms:
Aberdeen Asset Management; Allianz Global Investors; Bank of America Merrill Lynch; Bank of New York Mellon; Barclays; BlackRock; Bloomberg; BNP Paribas; Citi; CQS; Crédit Agricole CIB; Credit Suisse; Deutsche Bank; Deutsche Börse Group; Goldman Sachs; HSBC; ICAP; J.P. Morgan; Legal & General Investment Management; Linklaters (Legal Advisor); Lloyds Banking Group; London Stock Exchange Group; M&G Investments; Morgan Stanley; Nomura; PGGM; RBS; Royal Dutch Shell; Scotiabank; Société Générale; Standard Chartered; Standard Life Investments; State Street; Thomson Reuters; Tradeweb; UBS.

Standing Guests:
Association of Corporate Treasurers; Banking Standards Board; Hedge Fund Standards Board; KPMG; Oliver Wyman.

A full list of Advisory Council representatives and Standards Board members, can be found here: 16-07 FMSB Member List