Written on: 5 August 2016

London, 5 August 2016. The FICC Markets Standards Board (“FMSB”) has appointed Gerry Harvey as its first Chief Executive Officer. Gerry Harvey has 30 years’ experience in the wholesale financial markets and extensive experience in the regulatory field.

Mark Yallop, Chair of the FICC Market Standards Board (FMSB), said:
“I am delighted Gerry is joining the FMSB. He has a deep knowledge of business practices, market structures and regulation in the fixed income, foreign exchange and commodities markets. We couldn’t have found a better person to lead the FMSB through the next stages of its journey raising standards across wholesale markets.”

Gerry Harvey said:
“The FMSB has a critical role to play in ensuring markets are fair and effective and I am much looking forward to taking up the position of Chief Executive Officer.”

Gerry Harvey was formerly Group Head of Compliance at ICAP plc from 2010 to 2015. He has also worked as Chief Compliance Officer at Gartmore and before that spent five years as Head of Regulatory Risk for Debt Markets at the Royal Bank of Scotland. He is a qualified lawyer and his working career included spells at LIFFE and the London Stock Exchange.

The FMSB recently published its first two standards aimed at improving conduct in the wholesale markets. The standards, which have been issued in draft form for comment, cover binary options in the commodities markets and reference price transactions in the fixed income rates markets.

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Notes to Editors:

1) Gerry Harvey was Group Head of Compliance at ICAP plc from September 2010 to 2015, where he led a team of 50 staff supporting voice broking, electronic trading and post trade service business units operating across 42 jurisdictions worldwide. Before ICAP, he worked at Gartmore Investment Management Ltd, RBS plc, Nikko Europe Ltd and LIFFE in a variety of senior positions. He is a qualified solicitor and from 2000-2003, he practised financial services law and regulation at Milbank, Tweed, Hadley and McCloy and from 1999-2000 at Cadwallader, Wickersham and Taft. Gerry has an MA in Comparative History from the University of Essex and completed his Graduate Diploma in Law at London Guildhall University in 1999.

2) 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.

3) 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.

4) 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 6) and 7) below

5) 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


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