Written on: 25 May 2017

London, 25 May 2017. The FICC Markets Standards Board (FMSB) welcomes the new BIS Global FX Code launched today. The Code is an important step forward in improving practice standards in wholesale FX markets.

Mark Yallop, Chair of FMSB said:

“Conduct in the foreign exchange markets was one of the areas of concern highlighted by the U.K. Government’s Fair and Effective Markets Review, which led to the establishment of the FMSB.

“FMSB contributed its prior work on foreign exchange to the BIS FX Working Group in 2015 and we believe that the new BIS Code will make a significant contribution to strengthening standards in the international forex markets.

“It will also complement the work we are undertaking on practice standards in other areas of the wholesale FICC Markets.”


For further information please contact:

Mark Yallop
Chair, FMSB
T: +44 (0) 203 861 6431
M: +44 (0) 7785 901 467

Gerry Harvey
T: +44 (0) 203 861 6432
M: +44 (0) 7718 883 128

Peter Wilson-Smith
Meritus Consultants
T: +44 (0)20 7043 4604
M: +44 (0)7979 526152

Notes to Editors:

1) The Fixed Income, Currency and Commodities or FICC Markets Standards Board
(“FMSB”) is an independent body set up by market practitioners 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.

2) 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.

3) 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 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 5) and 6) below

4) The FMSB’s 44 members and 6 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
BHP Billiton
BNP Paribas
BNY Mellon
Citadel Securities
Citigroup Global Markets Limited
Crédit Agricole CIB
Credit Suisse
Deutsche Bank
Deutsche Börse
Goldman Sachs
J.P. Morgan
Legal & General Investment Management
Linklaters (Legal Advisor)
Lloyds Banking Group
London Stock Exchange Group
M&G Investments
National Australia Bank
Morgan Stanley
Rio Tinto
Royal Dutch Shell
Royal Mail Group
Société Générale
Standard Chartered
Standard Life Investments
State Street
Thomson Reuters
XTX Markets

Standing Guests:
Association of Corporate Treasurers
Banking Standards Board
Global Financial Markets Association (GFMA)
Hedge Fund Standards Board
Oliver Wyman

5) Advisory Council representatives:
Member Firm: Representative:
Aberdeen Asset Management Brad Crombie
Allianz Global Investors Elizabeth Corley
Bank of America Merrill Lynch Alex Wilmot-Sitwell
Barclays Venkat Venkatakrishnan
BHP Billiton Vandita Pant
BlackRock Patrick Olson
Bloomberg Rob Friend
BNP Paribas Pascal Fischer
BP Alan Haywood
Citadel Securities Paul Hamill
Citigroup Global Markets Limited James Bardrick
Crédit Agricole CIB Thomas Spitz
Credit Suisse Eraj Shirvani
Deutsche Bank David Wayne
Deutsche Boerse Group Carsten Kengeter
Goldman Sachs Isabelle Ealet
HSBC Douglas Flint
Independent Mary Miller
Independent Charles Nichols
JP Morgan Guy America
JP Morgan Daniel Pinto
Legal & General Investment Management Mark Zinkula
Linklaters (Legal Advisor) Robert Elliott
Lloyds Banking Group James Garvey
London Stock Exchange Group Raffaele Jerusalmi
M&G Investments Simon Pilcher
Morgan Stanley Rob Rooney
National Australia Bank Drew Bradford
NEX Michael Spencer
Nomura Jonathan Lewis
PGGM Patrick Fleur
Royal Bank of Scotland Kieran Higgins
Royal Dutch Shell Russell O’Brien
Royal Mail Matthew Lester Scotiabank Kevin Felix
Société Générale Frank Drouet
Standard Chartered Neh Thaker
Standard Life Investments Keith Skeoch
State Street Kim Newell
Thomson Reuters Neill Penney
TP ICAP David Casterton
Tradeweb Enrico Bruni
UBS David Soanes
Vodafone Nick Read
XTX Markets Zar Amrolia

Standing Guests: Representative:
Association of Corporate Treasurers Caroline Stockmann Banking Standards Board Dame Colette Bowe
Hedge Fund Standards Board Dame Amelia Fawcett
KPMG Bill Michael
Oliver Wyman Christian Edelmann

6) Standards Board representatives:
Standards Board member: Firm:
Elizabeth Corley Allianz Global Investors
Graham Hill Bank of America Merrill Lynch
Nat Tyce Barclays
Vandita Pant BHP Billiton
Tarek Mahmoud BlackRock
Ludovic de Montille BNP Paribas Michael Cole-Fontayn Bank of New York Mellon
Brian Oliver Citadel Securities
Andy Morton Citigroup Global Markets Limited
James Kemp GFMA
Jim Esposito Goldman Sachs
Thibaut de Roux HSBC
Marc Bailey Independent
Catherine Bradley Independent
Charles Nichols Independent
Guy America JP Morgan
Sally Dewar JP Morgan
Anton Eser Legal & General Investment Mgmt
Michael Kent Linklaters (Legal Advisor)
Fabrizio Testa London Stock Exchange Group
Simon Pilcher M&G Investments
Jakob Horder Morgan Stanley
Anthony Deagan National Australia Bank
Steven Ashley Nomura Patrick Fleur PGGM
Russell O’Brien Royal Dutch Shell
John Kirwan Scotiabank Rod Paris Standard Life Investments
Stephen Yeats State Street
Nick Collier Thomson Reuters
Enrico Bruni Tradeweb
Chris Purves UBS Neil Garrod Vodafone
Zar Amrolia XTX Markets

Standing Guests:
Caroline Stockmann Association of Corporate Treasurers
Alison Cottrell Banking Standards Board
Thomas Deinet Hedge Fund Standards Board
Serge Gwynne Oliver Wyman

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