Written on: 1 February 2021

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

Martin joined FMSB in 2019 and has played a pivotal role in all FMSB activities, including the establishment of new Working Groups, the finalisation of several Standards and the production of a series of Spotlight Reviews looking at various areas of market practice.

Alongside his role at FMSB, Martin has significant charitable and other commitments, including to the Ellen MacArthur Cancer Trust where he is a Trustee. He has decided the time is right for him to take a step back from his full-time leadership role in financial services to allow him to focus his efforts and time on these non-executive roles.

The FMSB Ltd Board has appointed a search firm to find a successor to Martin, who will be staying in his role until the Spring to ensure an orderly transition.

Mark Yallop, Chair of FMSB said: On behalf of everyone at FMSB I want to thank Martin for his tremendous contribution as CEO.  He has been an extremely effective leader and during his time FMSB has produced a range of important materials, all of which support its role of enhancing the fairness and effectiveness of wholesale markets.  Martin’s charitable and other interests will be big winners from our loss and we wish him every success as he begins a new chapter in his career.  He has very generously agreed to remain at the helm and help us to locate his successor in an orderly transition; we have already started this process and believe it will attract a range of high calibre applicants.”

Martin Pluves, CEO of FMSB said: “I have hugely enjoyed my time at FMSB, which is a unique organisation that brings together a wide range of market participants. I am extremely grateful to all FMSB members for the support and effort they have shown, as well as to my colleagues in the FMSB Secretariat. FMSB plays a vital role in wholesale markets and I’m sure will continue to be successful as I step away from full-time leadership to dedicate more time to a range of different projects which are close to my heart.”

Media contacts

Andy Donald or Sam Turvey
+44 207 379 5151

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:
i) Identifying global market vulnerabilities through scanning the horizon for emerging business practice risks.
ii) Developing best market practice through the production of standards and other materials that create a common understanding.
iii) Driving global adherence through ensuring standards are comprehensible and practical.
iv) 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/

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