Standards & Publications

Our Members provide and publicise Statements of Commitment in relation to published Standards.

Annual Report

The FMSB Annual Report covers the activities of FMSB from 1 August 2016 to 31 July 2017 and examines FMSB membership, operations, progress in the year, market behaviours and emerging vulnerabilities.

FMSB Annual Report

The FMSB Annual Report, published on 20 September 2017, sets out progress made to enhance standards of behaviour in the wholesale Fixed Income, Currencies and Commodities (“FICC”) markets.

A summary of the FMSB publications to date

# Publication Name Type Date of Initial Release Dates of Comment Period Date of Final Release
1 Reference Price Transactions standard of the Fixed Income markets Standard 30-Jun-16 30-Jun-16 to 8-Sep-16 21-Nov-16
2 Binary Options standard for the Commodities markets Standard 22-Jul-16 22-Jul-16 to 14-Oct-16 21-Nov-16
3 New Issue Process standard for the Fixed Income markets Standard 18-Nov-16 18-Nov-16 to 17-Jan-17 02-May-17
4 Surveillance Core Principles for FICC Market Participants: Statement of Good Practice for Surveillance in Foreign Exchange Markets Statement of Good Practice n/a n/a 08-Dec-16
5 Statement of Good Practice for FICC Market Participants: Conduct Training Statement of Good Practice n/a n/a 08-Dec-16
6 Monitoring of written electronic communications Statement of Good Practice for FICC Market Participants Statement of Good Practice n/a n/a 15-Sep-17
7 Front Office Supervision Statement of Good Practice for FICC Market Participants Statement of Good Practice n/a n/a 15-Sep-17
8 Risk Management Transactions for New Issuance standard for the Fixed Income markets Standard 25-Oct-17 25-Oct-17 to 20-Dec-17 03-Jul-18
9 Secondary Market Trading Error Compensation Standard Standard (Transparency Draft) 20-Mar-18 20-Mar-18 to 20-Jun-18 Not released as final document as yet
10 Suspicious Transaction and Order Reporting Statement of Good Practice for FICC Market Participants Statement of Good Practice (Transparency Draft)

 

04-May-18 04-May-18 to 03-Aug-18 Not released as final document as yet
11 Information & Confidentiality for the Fixed Income and Commodities markets Statement of Good Practice Statement of Good Practice  (Transparency Draft) 01-Jun-18 01-Jun-18 to 31-Aug-18 Not released as final document as yet
12 Algorithmic Trading In FICC Markets Statement of Good Practice for FICC Market Participants Statement of Good Practice  (Transparency Draft) 11-Jul-18 11-Jul-18 to 07-Sep-18 Not released as final document as yet
13 Behavioural Cluster Analysis – Misconduct Patterns in Financial Markets Research 27-Jul-18 n/a 27-Jul-18
14 Misconduct Patterns in Financial Markets – Selected Case Studies Case Studies 27-Jul-18 n/a 27-Jul-18
15 Database – Market Abuse and Manipulation: Historic Cases Database 27-Jul-18 n/a 27-Jul-18
16 Conduct Risk in Market Transactions Statement of Good Practice Statement of Good Practice  (Transparency Draft) 27-Jul-18 27-Jul-18 to 26-Oct-18 Not released as final document as yet

Standards

Materials that aim to define acceptable or unacceptable behaviour regarding specific trading practices

001-2018 Risk Management Transactions for New Issuance Standard

The Risk Management Transactions for New Issuance Standard sets out expected behaviours that are designed to improve the practice and awareness regarding risk management activity that is conducted in and around the new issuance of bonds.

These improvements should enhance the fairness and effectiveness of the process for all market participants.

001-2017 New Issue Process Standard for the Fixed Income markets

This Standard sets out enhancements to existing practices that are designed to improve the new issue process continuum (from the granting of a mandate to the publication of statistics), which improvements should enhance the fairness and effectiveness of the process for all participants, including issuers, investors and lead managers.

002-2016_U Binary Options for the Commodities Markets_Updated

The Binary Options standard for the Commodities markets Standard aims to describe the characteristics of a type of transaction which is used by participants in the Commodities markets and to set out certain expected behaviours of wholesale market participants that enter into them.

001-2016_U Reference Price Transactions for the Fixed Income Markets – Updated

This Standard aims to describe the characteristics of a Reference Price Transaction (“RPT”) and to set out certain expected behaviours of wholesale market participants that enter into them.

Transparency Drafts

All Standards and some Statements of Good Practice are published for feedback as Transparency Drafts. FMSB seeks comment on Transparency Drafts. Please click on the link to the right to leave comments or email comments to standards@fmsb.com

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005-2018 Conduct Risk in Market Transactions Statement of Good Practice for FICC Market participants

This paper sets out Good Practice Statements for the identification of conduct risks in market transactions using this methodology. The identification of conduct risk is an important role undertaken by the Front Office, as well as by control and oversight functions, and firms should consider their own practices in light of this Statement of Good Practice and make any changes to such practices that they deem to be appropriate.

The Conduct Risk in Market Transactions Statement of Good Practice is issued as a Transparency Draft. Please provide your comments by 26 October 2018.

004-2018 Algorithmic Trading In FICC Markets Statement of Good Practice Transparency Draft

The FMSB Transparency Draft of the Algorithmic Trading In FICC Markets Statement of Good Practice sets out a number of Good Practice Statements in relation to the use of Algorithms by FMSB member firms in their FICC business activities.

The Algorithmic Trading In FICC Markets Statement of Good Practice is issued as a Transparency Draft. Please provide your comments by 7 September 2018.

003-2018 Information Confidentiality for the Fixed Income and Commodities markets Statement of Good Practice Transparency Draft

The question of what information may be shared between participants in the Fixed Income and Commodities markets is complex. This Statement of Good Practice seeks to bring some clarity to certain questions relating to the sharing of information within those markets.

The Information & Confidentiality Statement of Good Practice is issued as a Transparency Draft. Please provide your comments by 31 August 2018.

002-2018 Transparency Draft – Suspicious Transaction and Order Reporting Statement of Good Practice

The Suspicious Transaction and Order Reporting Statement of Good Practice covers the identification of suspicious orders and transactions and their reporting to relevant regulators (the FCA in the case of the UK). Many of the practices described relating to the identification and investigation of suspicious activity will be relevant to many jurisdictions.

The Suspicious Transaction and Order Reporting Statement of Good Practice is issued as a Transparency Draft. Please provide your comments by 3 August 2018.

001-2018 Secondary Market Trading Error Compensation Transparency Draft

The Secondary Market Trading Error Compensation Standard Transparency Draft sets out expected behaviours that are designed to improve the practice regarding the payment of compensation for trading errors.

The Secondary Market Trading Error Compensation Standard is issued as a Transparency Draft. Please provide your comments by 20 June 2018.

You may leave commentd on the FMSB website or email comments to standards@fmsb.com.

Statements of Good Practice

Statements of Good Practice reflect FMSB’s view of what constitutes good or best practice in the areas covered by the Statement of Good Practice in question. FMSB members are expected, and other firms are invited, to consider their own practices in light of relevant Statements of Good Practice and make any changes to such practices that they deem to be appropriate.

SoGP_002-2017 Monitoring of written electronic communications Statement of Good Practice for FICC Market Participants

The Monitoring of written electronic communications Statement of Good Practice for FICC Market Participants is designed to be relevant to all front-office and control or support function personnel who are active participants in the FICC markets and to those who are engaged in the monitoring and surveillance of those activities.

SoGP_001-2017 Front Office Supervision Statement of Good Practice for FICC Market Participants

The Front Office Supervision Statement of Good Practice outlines good practice for the Supervision of front office activities that may directly affect the functioning of FICC markets and/or conduct with market participants.

SoGP_002-2016 Conduct Training

This Statement of Good Practice sets out a number of Core Principles relevant to conduct training, together with good practices that are currently used in Member Firms to achieve the outcomes specified in these Core Principles.

SoGP_001-2016 Surveillance in Foreign Exchange Markets

Set out in this document are a set of core principles for surveillance that firms may wish to adopt in order to identify, determine and establish an effective surveillance function.

Behavioural Cluster Analysis (BCA)

FMSB BCA research includes the analysis document and selected case studies as well as the BCA database of misconduct cases.

View the database >

FMSB Behavioural Cluster Analysis – Misconduct Patterns in Financial Markets

FMSB Behavioural Cluster Analysis – Misconduct Patterns in Financial Markets

Misconduct Patterns in Financial Markets Selected Case Studies

This document examines selected cases in detail.

BCA Database

Market Abuse and Manipulation – Database of Cases

27th July 2018 - BCA Database