Category: News

On 13 November we held an event in Hong Kong to deepen awareness of FMSB’s role and relevance in the Asia-Pacific region. We brought together a range of senior executives from FMSB Member firms, regulatory authorities and…

Financial Markets Standards Board (FMSB) is pleased to announce that it has signed a Memorandum of Understanding (MoU) with the United Kingdom Debt Management Office (DMO). The Memorandum underlines the close working relationship between FMSB and the…

14 July 2025 – FMSB features in an article by Andrew Large and published on Reuters. In the article: ‘Guest view: The City of London requires a strategy’, Andrew emphasises the need ‘… to encourage a move more…

Financial Markets Standards Board (“FMSB”) is pleased to announce the successful participant for its 2025 Board mentoring programme. Giulia Pecce, Director, Head of Secondary Capital Markets and Wholesale Investor Protection Policy at the Association for Financial Markets…

Financial Market Standards Board’s (FMSB) 2024 Annual Report is now live. The report, which documents FMSB’s output and activities throughout 2024, illustrates significant momentum in terms of the extent and range of topics FMSB Committees and Working…

We are looking for an individual to join the Financial Markets Standards Board (FMSB) Secretariat as a Technical Director. This is an exciting opportunity to play a key role in shaping standards for fair and effective financial…

We are pleased to announce that Gareth Murphy, Group Chief Risk Officer at abrdn and Alison Higgins, Markets Head for UK, Europe, and the Americas and Global Head of Control for Markets at Standard Chartered Bank, are…

Financial Markets Standards Board (“FMSB”) is pleased to launch its Board mentoring programme for 2025. FMSB successfully piloted the programme over the past 18 months, with two candidates taking part.   The 2025 programme offers the opportunity…

  We were honoured to welcome the Governor of the Bank of England and the Executive Director for Markets to our Standards Board meeting last week hosted by UBS. As we approach the tenth anniversary of the…

CISI’s The Review cites FMSB’s 2022 publication: Behaviour-pattern Conduct Analysis: Market misconduct through the ages in a piece looking at what the history of financial crime can tell us about current misconduct

Financial Markets Standards Board (FMSB) has renewed its Consultation Agreement with the Australian Securities and Investments Commission (ASIC). ASIC and FMSB first signed the Agreement in September 2022 to help promote global standards for fair and effective…

FMSB publishes Spotlight Review on Pre-Hedging Practices 28 July 2024 – Regulation Asia features publication of FMSB Spotlight Review on Pre-hedging Case Studies

Financial Markets Standards Board (FMSB), the market-led, global standards body for fair and effective wholesale financial markets, has today released a Spotlight Review on pre-hedging.  What is pre-hedging? The practice is generally understood as hedging where ‘liquidity providers…

UK’s FMSB publishes transparency draft of standard for sharing of Standard Settlement Instructions 17 July 2024 – Global Custodian features publication; UK’s FMSB publishes transparency draft of standard for sharing of Standard Settlement Instructions

FMSB – Transparency draft on standard for sharing of standard settlement instructions 15 July 2024 – Norton Rose Fulbright | Global Regulation Tomorrow features the publication of the FMSB – Transparency draft on standard for sharing of…

FMSB publishes SSI Draft Standard 15 July 2023 – The FullFX features publication of Transparency Draft of the Standard for Sharing Settlement Instructions (SSI’s)

FMSB issues SoGP for applying model risk managment frameworks to algos 31 May 2024 – FXAlgoNews features launch of final Statement of Good Practice for the application of a model risk management framework to electronic trading algorithms.

Financial Markets Standards Board (FMSB), a market-led, global standards body for fair and effective wholesale financial markets, has joined the International Organization of Securities Commissions (IOSCO) as an Affiliate Member. Joining IOCSO supports FMSB’s objectives: to identify global…

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…

On International Women’s Day Sabina Liu, the first participant in FMSB’s Board mentoring programme, shares her perspective on how the programme benefitted both her and FMSB, as well as giving her advice to anyone aspiring to board…

FMSB Senior Technical Specialist Ted MacDonald highlights the potential for risk and accounting professionals to play a significant role in raising standards of conduct and culture in the banking sector in his preface to: Risk cultures and…

We are delighted to report that Mark Yallop, our former Chair, has been awarded a CBE for services to the Financial Sector and to Charity in the King’s New Year Honours list 2023.

Agreement signed by New Zealand regulator and global standards body to uphold and promote financial market integrity. London, 29 November 2023 – The Financial Markets Standards Board (FMSB), has signed a Consultation Agreement with The New Zealand…

We are pleased to announce that Daniel Mayston has assumed the Chair of the FMSB Electronic Trading and Technology Committee (ETTC). Daniel is currently Head of Electronic Trading and Market Structure EMEA at Blackrock. Daniel has represented…

We are pleased to announce that Kieran Higgins has assumed the Chair of the FMSB Market Practices Committee.  Kieran is currently Head of Flow Rates Trading, EMEA and Co-Head of Global Finance & Rates SM at Citi.  Kieran has…

Bloomberg hosted a reception on 11 September 2023 in honour of Mark Yallop’s 7-year tenure as Chair of FMSB. In attendance were many FMSB supporters including current and former FMSB Advisory Council, Standards Board Members and Working…

Joseph Longo, Chair of the Australian Securities and Investments Commission, made reference in his speech on 20 June 2023 to work by Financial Markets Standards Board (“FMSB”). Read the speech. And see this article by Rick Steves…

Take a look at FMSB Chair Mark Yallop’s time as Chair of FMSB. Mark is stepping down from the role after seven years. Mark Yallop’s time at FMSB    

FMSB’s Annual Report is now live. It maps a year of international and Member engagement, and key collaborations to promote the fairness and effectiveness of wholesale financial markets. In his Chair’s report, Mark Yallop reiterates his decision…

In a message to FMSB Members and supporters, Chair Mark Yallop today announced a pilot mentoring programme to give members of the financial community direct boardroom experience. Mark Yallop said: “This is a new initiative for 2023…

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…

FMSB’s Annual Report 2021 is now live and includes an interview with CEO Myles McGuinness, features by market participants on ESG Ratings and Large Trades, along with details of our public private partnership. In his Chair’s report, FMSB’s Mark…

Starling Compendium 2022 takes an in-depth look at FMSB in its culture and conduct risk in Banking section.

We’re pleased to announce that FMSB is changing its name from FICC Markets Standards Board to Financial Markets Standards Board. This change will help support engagement with a wider range of users of wholesale markets who may…

Today the industry-led Post-Trade Task Force publishes its report “Charting the Future of Post-Trade”. The FICC Markets Standards Board (FMSB) has agreed to take the Task Force’s work forward through FMSB’s new Post-Trade Committee. Announced in a joint…

15 December 2021, Plato Partnership and FMSB have today announced an agreement to co-operate on Fixed Income, Currencies and Commodities (“FICC”) academic research via Plato’s Market Structure Academic Research programme (“MI3”). Launched in September 2019, the Plato…

Trading standard seeks to cut risk of gold benchmark volatility 8 December 2021 – Article by Peter Hobson, Reuters

London, 9 November 2021 – The FICC Markets Standards Board (FMSB), Bank of England (the Bank) and Financial Conduct Authority (FCA) have today announced signing a tri-party Memorandum of Understanding (MoU). The MoU sets out a high-level…

UK markets board publishes Term Sonia standards 28 July 2021 – Article by Luke Jeffs in Global Investor Group

Published term Sonia standards give niche debt transition clarity 28 July 2021 – Article by Mike Turner in Global Capital

2 June 2021 – The FICC Markets Standards Board (FMSB) has today issued its 2020 Annual Report setting out the progress made to enhance standards of behaviour in the wholesale fixed income, currencies and commodities (FICC) markets…

The Governor of the Bank of England, Andrew Bailey, made reference to FMSB’s work in a speech on 11 May 2021 at the Alternative Reference Rates Committee’s ‘SOFR Symposium: The Final Year’ about the move away from…

1 February 2021 – The FICC Markets Standards Board (FMSB) today announces that Martin Pluves has decided to step down from his role as CEO.

Can RegTech solve the Technology needs of the post-Covid Trading Floor? 10 September 2020 – Article by Andy Samu in Disruption Banking.

Industry Standards Needed for Measuring Execution Quality: FMSB 8 September 2020 – Article by Editors in Regulation Asia (subscription may be required).

FMSB latest Spotlight Review advocates broad based best practice for execution quality 7 September 2020 – Article by Lynn Strongin Dodds in Best Execution.

FMSB unpicks trade execution challenges 7 September 2020 – Article by Wendy Lisney in Global Investor (subscription may be required).

Lockdown lands domestic abuse on British financial sector radar 13 August 2020 – Article by Sinead Cruise and Kirstin Ridley in Reuters.

Employees and employers both face trade-offs as offices reopen 1 August 2020 – Article in The Economist (subscription may be required).

UK Cap Markets Group Identifies Remote Working Risks 5 August 2020 – Article by Tom Groenfeldt in Forbes.

Machine learning: foe and friend for market surveillance 4 August 2020 – Article in Finextra.

The New World of Work 27 July 2020 – Article by Shirley Yu in The New York Times.

As bankers return to the office, industry body warns of new risks of bad conduct 27 July 2020 – Article by Huw Jones in Reuters Business News

FMSB issues good practice guide amid surge in FICC algo trading 24 June 2020 – Article by Annabel Smith in The Trade.

Traders should be held accountable for algorithms, industry body says 25 June 2020 – Article by Bérengère Sim in Financial News (subscription may be required).

FMSB Spotlights Libor Transition 11 June 2020 – Article by Shanny Basar in Markets Media.

FMSB publishes a Spotlight Review on navigating conduct risks in LIBOR transition 12 June 2020 – Article by Hannah Meakin in Financial Services: Regulation tomorrow.

11 June 2020 – The FICC Markets Standards Board (FMSB) has today published a Spotlight Review on LIBOR transition with practical case studies to support firms when considering the risks to fairness and effectiveness as the market…

Adapt and thrive: how FX algos are coping with volatility Article by Paul Golden in Euromoney.

James Leather talks to Edward Ocampo about international benchmark reform. This article is available on pages 24 to 27 of the June/July edition of The Treasurer, the membership publication of the Association of Corporate Treasurers (www.treasurers.org). Note:…

FMSB publishes spotlight review on data management in the financial system Article by Jochen Vester (UK) in Regulation tomorrow.

Execution algorithms unlikely to be ‘magic bullet’ for FICC Report from FMSB emphasises limitations and challenges in adopting algorithmic trading in less liquid markets. Article by Hayley McDowell in The Trade.

FICC report warns of algo trading risks The Fixed Income, Currencies and Commodities (FICC) Markets Standards Board (FMSB) has published a review of emerging challenges in algorithmic trading and machine learning, warning of risks to market stability…

Safe as houses? Trading from home tests bank defences during crisis Martin Pluves, FMSB CEO, is quoted in this article by Huw Jones in Reuters Business News.

An article by Liz Loxton that looks at FMSB’s standard setting work and asks CEO Martin Pluves what’s in it for corporates, the full article is available here. This article first appeared in the April/May edition of…

25 February 2020 – The FICC Markets Standards Board (FMSB) has today issued its 2019 Annual Report setting out the progress made to enhance standards of behaviour in the wholesale fixed income, currencies and commodities (FICC) markets…

FICC Markets Standards Still Under Review Article in Markets Media by Shanny Bassar

London, 18 March 2019 – The FICC Markets Standards Board (FMSB) has today issued its 2018 Annual Report setting out the progress made to enhance standards of behaviour in the wholesale Fixed Income, Currencies and Commodities (“FICC”)…

UK watchdog to draw up guidance for AI in cross-border trades Article in The National by Sarah Townsend

Take a modular approach to layering regs, industry told Article in DESK (www.fi.desk.com) by Joel Clark

Speech given by Mark Carney, Governor of the Bank of England and Chair of the Financial Stability Board at the Economic Club of New York 19 October 2018 Read the speech here: True Finance – Ten years…

Head of British standards-setting body warns of rise in AI risk to financial markets South China Morning Post article by Karen Yeung

Ms Julia LeungDeputy Chief Executive Officer and Executive Director, Intermediaries9 October 2018 Good morning. It’s an honour to be invited to the 2018 Refinitiv Pan Asian Regulatory Summit to deliver this keynote speech. We live in a…

Bedrog en wangedrag financiële sector is van alle tijden Marketupdate article by Cor Wijtvliet

Algos Help Traders Defy Commodities Fundamentals, But Returns Sag Investing.com article

Financial world doomed to repeat bad behaviour Financial Times article by Banking Editor Martin Arnold

FICC Markets Standards Board Consults On Statement Of Good Practice On Algorithmic Trading Article by Shearman & Stirling LLP on mondaq.com

Fake News of Napoleon’s Death Cited in Guidance to Help Traders Reuters

U.S. Fixed Income Skeptical on MiFID II MarketsMedial Daily Email Feature by Rob Daily

‘Need to know’ rules cause confidentiality consternation GlobalCapital article by Owen Sanderson

FMSB publishes Ficc standards FX Week Article by Mikael Latreille

Financial Services Body Finalizes New Bond Issue Standard Law360 article by Paige Long

FMSB firms up standards for new issue hedging GlobalCapital article by Owen Sanderson

Speech given by Mark Carney, Governor of the Bank of England at The Mansion House, 21 June 2018 – New Economy, New Finance, New Bank

Mark Yallop on conflicts in fixed income – Banks and their clients need protocol on information sharing, says FMSB chair Risk.net article

FMSB issues statement of good practice on information sharing in fixed income markets Article published in Finextra

City of London agonises over jumping on crypto bandwagon Financial Times article published on 26 May 2018

The “Staying Connected” speech given by Mark Carney, Governor of the Bank of England, on 24 May 2018

Step Up Market Abuse Reports, UK Financial Services Body Tells Firms Law360 article, published May 4, 2018

FMSB Releases Draft Standard for Compensating Trade Errors The National Law Review article

How the reporting of Napoleon’s death could help to stop the rot The Times article by Philip Aldrick

London, 29 November 2017 – The FICC Markets Standards Board (“FMSB”) is delighted to announce it is hosting an event today which will be addressed by Mark Carney, Governor of the Bank of England, and Andrew Bailey,…

European Commission calls for high-yield allocation transparency Reuters article by Yoruk Bahceli

Post-crisis anxiety has caused ‘bottle necks’ in the financial system, warns market standards body Mail Online article

Conduct body targets new issue hedging Global Capital article by Owen Sanderson

Remarks by Mark Yallop, Chair of FICC Markets Standards Board London – Wednesday, 4th October 2017 A full transcript of his speech “Rebuilding Trust in Financial Markets” AS DELIVERED.

FMSB Chair Mark Yallop spoke at the Fixed Income Leaders Summit APAC in Singapore on Thursday 28 September 2017. A full transcript of his speech “How can buy and sell side collaboration be brought forward to promote…