FMSB publishes new financial markets misconduct research

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The FICC Markets Standards Board (“FMSB”) today publishes its Behavioural Cluster Analysis (“BCA”) study. This is a unique piece of research that has reviewed the behavioural patterns in 390 cases of misconduct in financial markets over an extended period of time (225 years stretching back to 1792) and covering 26 countries and multiple asset classes. This review indicates that the behavioural patterns evident in misconduct events are not unique to each case but that the same 25 behavioural patterns are evident in market misconduct cases and these consistently repeat and recur over time.