Financial Markets Standards Board (FMSB) has today published its 2025 Annual Report, documenting the organisation’s activities, key achievements, and progress in delivering its strategic priorities during its tenth anniversary year.
Highlights of the report include:
- FMSB’s 10th anniversary event at Bloomberg, featuring a keynote address by the Governor of the Bank of England and attended by more than 180 Member representatives, regulators, and industry leaders from across the financial market spectrum.
- The publication of a landmark paper, Future of financial markets, examining developments in financial markets over the past decade and exploring the trends likely to shape the next ten years.
- A Memorandum of Understanding signed with the UK Debt Management Office, bringing the number of regulators and public authorities with which FMSB has formal agreements to five.
- The addition of four new Member firms during the year: Macquarie CGM, Wells Fargo Securities International and Citadel Securities as Full Members, and Droit as an Associate Member.
- The publication of seven new papers, including one Standard, three Statements of Good Practice, and three Spotlight Reviews.
Jonathan Moulds, Chair Financial Markets Standards Board Limited, said:
“2025 was a landmark year for FMSB, marking ten years since the organisation was established following the Fair and Effective Markets Review. It was a year in which we reflected on the achievements of the past decade while also looking ahead to how markets are evolving, the new challenges they present, and how FMSB can best equip itself to meet them.
Our anniversary event was a particular highlight, alongside a strong pipeline of new publications and the addition of four new Members.
Looking ahead, I am encouraged by the opportunities for FMSB to continue shaping the evolution of global financial markets. By harnessing the collective expertise of our Members, and strengthening collaboration across jurisdictions, we can set standards and promote practices that not only respond to emerging challenges but also help define the future of fair and effective markets.”
Access the Annual Report as a PDF
Notes to editors
About FMSB:
- Financial Markets Standards Board (FMSB) is an industry-led, member-funded global standards body for the wholesale financial markets.
- Created out of the Fair and Effective Markets Review (FEMR) in 2015, FMSB brings together its Members from banks, asset managers and owners, infrastructure and information providers, corporates, and non-bank liquidity providers, 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 global 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.
- Access FMSB’s 2026 workplan
- See FMSB’s full membership