What We Do: Our Objectives

In a rapidly evolving industry, FMSB’s approach to standard setting is based on four key objectives:

1Identify global market
vulnerabilities

A structured approach to horizon scanning ensures that emerging trends and threats are identified, ambiguities in existing trading practices are addressed so that FMSB can respond in a timely and effective way to the risks that matter most to Members.

2Develop best practice

FMSB produces a range of different publications:

  • FMSB Standards: standards of market practice that Members are formally committed to adhere to.
  • Statements of Good Practice (SoGPs): reflecting FMSB’s view of what constitutes best practice in a particular area. Members are expected to review and adapt their own market practices to align with relevant SoGPs although there is no formal adherence requirement.
  • Spotlight Reviews: focused on important emerging issues, drawing on the insight of Members and industry experts to highlight new challenges for the market and inform topics for future work.

3Drive adherence to standards

FMSB Members complete an annual Statement of Commitment that attests to their adherence to FMSB Standards and confirms that they have the necessary internal policies, procedures and controls in place to underpin their commitment. They also draw on FMSB’s SoGP’s and Spotlight Reviews to raise standards of market practice within their firms.

Non-member firms are encouraged to consider and adopt them where relevant.

4Promote international convergence

FMSB is a powerful influence in driving international convergence of best practice and market standards by bringing together major global firms in multiple jurisdictions and participating in major international initiatives.