7 June 2021 – The FICC Markets Standards Board (“FMSB”) today announces the appointment of Myles McGuinness as its new Chief Executive Officer.
Myles joins FMSB from NatWest Markets where he has spent the last 20 years across a number of senior roles, most recently as Head of Capital Markets NV, where he was responsible for establishing the bank’s new capital markets business in Europe.
Myles has extensive experience of working with regulators in the UK, Continental Europe and the US and has been a chair of NatWest Markets Reputational Risk Committee. Prior to NatWest, Myles spent 10 years at ABN AMRO in their FICC markets businesses. He studied Economics and Geography at the National University of Ireland, Galway and received a MSc in Investment and Treasury from Dublin City University.
Mark Yallop, Chair of FMSB said: “I am delighted Myles is joining FMSB as our new CEO. He has spent his whole career working in wholesale markets and therefore brings a vast amount of experience and knowledge of the issues that FMSB is seeking to address. He also has significant leadership experience and strong relationships with a variety of FMSB’s key stakeholders in the UK, Europe and the US. I look forward to working with him and continuing to deliver FMSB’s ambitious strategic agenda.”
Myles McGuinness said: “FMSB is an organisation whose activities and membership encompasses a wide spectrum of wholesale markets activity. It has recently produced high-quality work on a range of topics including LIBOR transition, machine learning and the use of data as part of the overall remit of enhancing the fairness and effectiveness of wholesale markets. I am very excited about joining and leading this important organisation and building on the success it has enjoyed to date.”
Myles joins FMSB today and succeeds Martin Pluves.
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Notes to Editors
1) The Fixed Income, Currencies and Commodities Markets Standards Board (‘FMSB’) is practitioner led, funded by members and operated by the major participants in wholesale markets to improve standards of conduct in wholesale fixed income, currencies and commodities (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 for all participants is at the heart of FMSB’s mission.
FMSB Standards set out Core Principles and accompanying guidance on the most important aspects of practice where ambiguity risks undermining the transparency, fairness and effectiveness of markets.
FMSB Statements of Good Practice set out clear expectations and guidance on good practice in relation to broader areas of uncertainty in wholesale FICC markets.
FMSB Spotlight Reviews encompass a broad range of publications used by FMSB to illuminate important emerging issues in FICC markets. Drawing on the insight of members and industry experts, they provide a way for FMSB to surface nascent challenges market participants face and may inform topics for future work. Spotlight Reviews will often include references to existing law, regulation and business practices. However, they do not set or define any new precedents or standards of business practice applicable to market participants.
All FMSB publications are available on the FMSB website at fmsb.com/our-publications/.
2) Setting up the FMSB was one of the main recommendations from the Fair and Effective Markets Review (FEMR), which was conducted by HM Treasury, the Bank of England, and the Financial Conduct Authority.
FEMR set FMSB four strategic goals:
- Identifying global market vulnerabilities through scanning the horizon for emerging business practice risks.
- Developing best market practice through the production of standards and other materials that create a common understanding.
- Driving global adherence through ensuring standards are comprehensible and practical.
- Developing consistent approaches to market practices through identifying gaps and inconsistencies in existing regulatory standards and working with other standards setting bodies.
3) FMSB has a Standards 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. In specialist, focused committees, subcommittees and working groups, industry experts debate issues and develop FMSB Standards and Statements of Good Practice, and undertake Spotlight Reviews that are made available to the global community of FICC market participants and regulatory authorities.
4) FMSB members bring together sell-side investment banks, buy-side asset managers, market infrastructure providers and exchanges, custodians and users of the market such as corporates. This constitution is unique.
The member firms are listed and available on the FMSB website at fmsb.com/who-we-are/