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FMSB publishes its Annual Report 2019 – Towards Fairer Markets

25 February 2020 – The FICC Markets Standards Board (FMSB) has today issued its 2019 Annual Report setting out the progress made to enhance standards of behaviour in the wholesale fixed income, currencies and commodities (FICC) markets and its priorities for the year ahead. FMSB is a private sector, practitioner-led organisation whose membership collectively accounts […]

FMSB appoints Christopher Rich as General Counsel

11 February 2020: The FICC Markets Standards Board (FMSB), a standard setting body for the global wholesale fixed income, currencies and commodities (FICC) markets, today announces the appointment of Chris Rich as General Counsel. Chris will join FMSB on 1 April 2020 from Linklaters, where he is a Managing Associate in the Financial Regulation Group. He […]

FMSB issues new ‘Statement of Good Practice for Participation in Sovereign and Supranational Auctions in Fixed Income Markets’

2 December 2019: The FICC Markets Standards Board (FMSB) today issued a Transparency Draft of a new Statement of Good Practice for Participation in Sovereign and Supranational Auctions (‘SSAs’) in Fixed Income Markets. A common way for government or supranational bonds to be issued is through a publicly announced auction. Auctions involve multiple parties/participants including […]

Press coverage

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In the FICC of it

17th March 2020 - 14 March 2020 From Profit & Loss on 14 March 2020: "The podcast lives up to its name this week with an in-depth look at conditions in fixed income, credit and FX markets as volatility spikes continue in markets generally. After a few observations on bitcoin’s failure to live up to its hype as a hedge in times of turmoil and conditions in the FX market generally, P&L’s managing editor Colin Lambert is joined by Mark Yallop, chair of the FICC Markets Standards Board to talk about recent developments in fixed income markets. With automated trading very much to the fore in markets, the conversation then turns to the sensitive issue of managing these machines in an AI/deep learning environment. Yallop observes it is about so much more than the robustness of the algorithms and that there are questions of ethics, control and management to be considered as well. There is time for a look at how platform fragmentation is evolving in other asset classes than FX, as well as what the FCA’s call for input into market data means for providers and consumers." Listen to the podcast at:


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Other Relevant Materials

Documents and other items that are relevant to FMSB.

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FCA Discussion Paper ‘Transforming culture in financial services: Driving purposeful cultures’

On 5 March 2020, the Financial Conduct Authority (FCA) published Discussion Paper 20/1 ‘Transforming culture in financial services: Driving purposeful cultures’. The paper is a set of essays which present a range of views from industry leaders, professional bodies and culture experts to help firms embed purposeful cultures. It makes the case for healthy purposeful cultures in […]

True Finance – Ten years after the financial crisis, speech by Mark Carney

True Finance – Ten years after the financial crisis Speech given by Mark Carney Governor of the Bank of England Chair of the Financial Stability Board Economic Club of New York 19 October 2018   Read the speech here:

Last updated 3rd December 2019