Event Date: 30 November 2017

At an event hosted by the FICC Markets Standards Board (“FMSB”) yesterday, Mark Carney, Governor of the Bank of England, spoke of the FMSB’s work as an integral part of the Fair and Effective Markets Review (FEMR), and called for a comprehensive and dynamic solution to market regulation.

He said: “Total regulation is bound to fail because it promotes a culture of complying with the letter of the law, not its spirit, and because the authorities inevitably lag developments in fast-changing markets.”

In line with this, he also commented that “FMSB is already making an important contribution” in establishing common standards of market practice that are “well understood, widely followed” and “dynamically relevant.”

In addition to keynote speeches from Mark Carney and Andrew Bailey, CEO of the FCA, the event had panel discussions on: how Standards are developed and used, emerging vulnerabilities in wholesale markets, and the intersection of e-commerce and regulatory change.

Speakers were drawn from the FMSB’s extensive membership of international users of FICC markets which includes corporate issuers, asset managers, exchanges, custodians, intermediaries and investment banks, genuinely reflecting the diversity of FICC market participants.

Yesterday’s event marked two years of progress for the FMSB, which was formed following the recommendations of the Fair and Effective Markets Review, led by the Bank of England, the FCA and HM Treasury to enhance standards of behaviour in FICC markets.

FMSB develops and publishes Standards and Statements of Good Practice, which are designed to fill the gap between high-level principles and detailed regulation.

Mark Carney’s full speech can be found on the Bank of England’s website: http://www.bankofengland.co.uk/publications/Documents/speeches/2017/speech1013.pdf




Andy Donald / Joanna Davidson

T: +44 (0) 20 7379 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 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 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 below.

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 members are:

Member Firms:
Allianz Global Investors
Bank of America Merrill Lynch
BNP Paribas
BNY Mellon
Citadel Securities
Citigroup Global Markets Limited
Crédit Agricole CIB
Credit Suisse
Deutsche Bank
Deutsche Börse
Goldman Sachs
JP Morgan
Legal & General Investment Management
Linklaters (Legal Advisor)
Lloyds Banking Group
LSE Group
M&G Investments
Morgan Stanley
National Australia Bank
Rio Tinto
Royal Bank of Canada
Royal Dutch Shell
Royal Mail Group
Société Générale
Standard Chartered
Standard Life Aberdeen
State Street
Thomson Reuters
XTX Markets

Associate Member Firms:
Association of Corporate Treasurers
Banking Standards Board
Oliver Wyman
Standards Board for Alternative Investments

Advisory Council Representatives:
Allianz Global Investors – Elizabeth Corley
Bank of America Merrill Lynch – Alex Wilmot-Sitwell
Barclays – Venkat Venkatakrishnan
BHP – Vandita Pant
BlackRock – Patrick Olson
Bloomberg – Rob Friend
BNP Paribas – Pascal Fischer
BNY Mellon – Michael Cole-Fontayn
BP – Alan Haywood
Citadel Securities – Paul Hamill
Citigroup Global Markets Limited – James Bardrick
Crédit Agricole CIB – Thomas Spitz
Credit Suisse – Eraj Shirvani
Deutsche Bank – Ram Nayak
Deutsche Boerse – Carsten Kengeter
Goldman Sachs – Isabelle Ealet
HSBC – Samir Assaf
Independent – Mary Miller
Independent – Charles Nichols
Independent – Stephen O’Connor
JP Morgan – Daniel Pinto
Legal & General Investment Management – Mark Zinkula
Linklaters – Robert Elliott
Lloyds Banking Group – James Garvey
LSE Group – Raffaele Jerusalmi
M&G Investments – Simon Pilcher
MarketAxess – Rick McVey
Morgan Stanley – Rob Rooney
National Australia Bank – Drew Bradford
NEX – Michael Spencer
Nomura – Jonathan Lewis
RBS – Kieran Higgins
Rio Tinto – Jonathan Slade
Royal Bank of Canada – David Thomas
Royal Dutch Shell – Russell O’Brien
Société Générale – Bruno Benoit
Standard Chartered – Neh Thaker
Standard Life Aberdeen – Brad Crombie
Standard Life Aberdeen – Keith Skeoch
State Street – Kim Newell Chebator
Thomson Reuters – Neill Penney
TP ICAP – David Casterton
Tradeweb – Steve Hall
UBS – David Soanes
Vodafone – Nick Read
XTX Markets – Zar Amrolia

Association of Corporate Treasurers – Caroline Stockmann
Banking Standards Board – Dame Colette Bowe
KPMG – Bill Michael
Oliver Wyman – Christian Edelmann
Standards Board for Alternative Investments – Dame Amelia Fawcett

Standards Board Representatives:
Allianz Global Investors – Elizabeth Corley
Bank of America Merrill Lynch – Graham Hill
Barclays – Nat Tyce
BHP – Vandita Pant
BlackRock – Tarek Mahmoud
BNP Paribas – Ludovic de Montille
BNY Mellon – Dan Watkins
Citadel Securities – Brian Oliver
Citigroup Global Markets Limited – Andy Morton
Deutsche Bank – David Wayne
GFMA – James Kemp
Goldman Sachs – Jim Esposito
HSBC – Thibaut de Roux
Independent – Marc Bailey
Independent – Catherine Bradley
Independent – Charles Nichols
Independent – David Tait
JP Morgan – Guy America
JP Morgan – Sally Dewar
Legal & General Investment Management – Colin Reedie
Linklaters – Michael Kent
LSE Group – Fabrizio Testa
M&G Investments – Simon Pilcher
MarketAxess – Christophe Roupie
Morgan Stanley – Jakob Horder
National Australia Bank – Anthony Deagan
NEX – Stuart Wexler
Nomura – Steven Ashley
Royal Bank of Canada – Sian Hurrell
Royal Dutch Shell – Russell O’Brien
Standard Life Aberdeen – Rod Paris
State Street – Stephen Yeats
Thomson Reuters – Nick Collier
Tradeweb – Enrico Bruni
UBS – Chris Purves
Vodafone – Neil Garrod
XTX Markets – Zar Amrolia

Association of Corporate Treasurers – Caroline Stockmann
Banking Standards Board – Alison Cottrell
KPMG – Karim Haji
Oliver Wyman – Serge Gwynne
Standards Board for Alternative Investments – Thomas Deinet