Written on: 28 June 2022
  • New guidance draws extensively from existing European and UK regulatory requirements and initiatives.
  • Experts from across the global financial markets reach consensus on how trading platforms should disclose information.
  • Statement of Good Practice to benefit participants both on MTFs (multilateral trading facilities) and single dealer platforms.

28 June 2022 – Financial Markets Standards Board today launches its final Statement of Good Practice on Trading Platform Disclosures. Establishing best practices around what platform operators should disclose to their participants, the paper covers all areas of the fixed income, currencies and commodities markets and includes platforms that are considered to be trading venues under existing regulation (e.g., MiFID II) and those that are not (e.g., Single Dealer Platforms).

Developing six areas of guidance, this Statement of Good Practice calls for Platform Arrangements to contain information about:

  • Trading Protocols
  • Counterparty name disclosure
  • Prioritisation
  • Use of Last Look
  • Trade dispute resolution

The Statement of Good Practice also covers the potential obligations on platform participants, exploring:

  • Systems and Risk Controls
  • Configuring credit and providing names of personnel authorised to access the platform

Outages, are also examined in the paper, including disclosure expectations around suspension of trading:

  • When trading is expected to resume
  • The status of orders or quotes on resumption of trading
  • Information regarding the cause of trading cessation

Myles McGuinness, CEO of FMSB, said: “We would like to thank our members for collaborating to address the important topic of disclosures to trading platform participants. Ensuring that market participants have a solid understanding of how their trades are executed is a cornerstone of fair and effective markets, and with the ever-increasing electronification of markets, this Statement of Good Practice will help participants across the marketplace.”

Zar Amrolia, co-CEO of XTX, said: “I congratulate the FMSB for convening participants from across financial markets to focus on the critical topic of disclosures to participants on electronic trading platforms. The development of this Statement of Good Practice involved significant discussion between different participants which reflects the ambition of the paper to cover fixed income, currencies and commodities markets as a whole and a broad range of platforms from established MTFs (multilateral trading facilities) through to single dealer platforms.”

Mark Meredith, Global Head of FX E-Trading and Algorithmic Execution at Citi, added: “High quality disclosures are a crucial part of how trading platforms and liquidity providers build strong and sustainable relationships with their clients. It has been beneficial to work with the FMSB and other market participants to develop this important Statement of Good Practice.”

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Vic Silverman



Notes to Editors

A not-for-profit, privately-owned company, Financial Markets Standards Board (FMSB) is the leading market-led, global standards body for fair and effective wholesale financial markets.

Created following the Fair and Effective Markets Review (FEMR) in 2015, FMSB brings together its members – practitioners – from buy-side, sell-side, corporate issuer and infrastructure provider organisations to develop Standards, Statements of Good Practice and Spotlight Reviews.

Its mission is to improve the transparency, fairness and effectiveness of global wholesale financial markets.

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