Standards & Publications

A list of all active Standards & Publications:

Scroll down for the full description of each publication type.

Annual Reports

Spotlight Reviews

Standards

Statements of Good Practice

Transparency Drafts

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Standard for the Conduct of Participants in LBMA Precious Metal Auctions

Standard Published on: 1 March 2022. Date of Initial Release: 12 Oct 2021, Dates of Comment Period: 12 Oct 2021 to 3 Dec 2021

Standard for the sharing of investor allocation information in the fixed income primary markets

Standard Published on: 15 February 2022. Date of Initial Release: 15 Dec 2020, Dates of Comment Period: 15 Dec 2020 to 16 Mar 2021

Precious Metals Market Structure

Spotlight Review Published on: 18 November 2021

Hybrid working in FICC markets – Future risk management frameworks 

Spotlight Review Published on: 30 September 2021

Standard on use of Term SONIA reference rates

Standard Published on: 28 July 2021. Date of Initial Release: 24 Mar 2021, Dates of Comment Period: 24 Mar 2021 to 28 May 2021

FMSB Annual Report 2020

Annual Report Published on: 2 June 2021

Standard for the execution of Large Trades in FICC markets

Standard Published on: 6 May 2021. Date of Initial Release: 15 December 2020, Dates of Comment Period: 15 December 2020 to 16 March 2021

LIBOR transition: Case studies for navigating conduct risks in back book transition

Spotlight Review Published on: 20 April 2021

Measuring execution quality in FICC markets

Spotlight Review Published on: 7 September 2020

Monitoring FICC markets and the impact of machine learning

Spotlight Review Published on: 3 August 2020

Examining remote working risks in FICC markets

Spotlight Review Published on: 27 July 2020

Examining remote working risks in FICC markets – Risk register

Spotlight Review Published on: 27 July 2020

Statement of Good Practice for Participation in Sovereign and Supranational Auctions in Fixed Income Markets

Statement of Good Practice Published on: 14 July 2020. Date of Initial Release: 02 December 2019, Dates of Comment Period: 02 December 2019 to 27 January 2020

LIBOR transition: Case studies for navigating conduct risks

Spotlight Review Published on: 11 June 2020

The critical role of data management in the financial system

Spotlight Review Published on: 11 May 2020

Emerging themes and challenges in algorithmic trading and machine learning

Spotlight Review Published on: 23 April 2020

FMSB Annual Report 2019

Annual Report Published on: 25 February 2020

Conflicts of Interest Statement of Good Practice

Statement of Good Practice Published on: 14 October 2019. Date of Initial Release: 20 June 2019, Dates of Comment Period: 20 June 2019 to 06 September 2019

Information & Confidentiality for the Fixed Income and Commodities markets Statement of Good Practice

Statement of Good Practice Published on: 3 October 2019. Date of Initial Release: 01 June 2018, Dates of Comment Period: 01 June 2018 to 31 August 2018

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

Statement of Good Practice Published on: 28 March 2019. Date of Initial Release: 27 July 2018, Dates of Comment Period: 27 July 2018 to 26 October 2018

FMSB Annual Report 2018

Annual Report Published on: 18 March 2019

Secondary Market Trading Error Compensation Standard

Standard Published on: 28 January 2019. Date of Initial Release: 20 March 2018, Dates of Comment Period: 20 March 2018 to 20 June 2018

Suspicious Transaction and Order Reporting Statement of Good Practice for FICC Market Participants

Statement of Good Practice Published on: 15 January 2019. Date of Initial Release: 04 May 2018, Dates of Comment Period: 04 May 2018 to 3 August 2018

FMSB Behavioural Cluster Analysis – Misconduct Patterns in Financial Markets

Spotlight Review Published on: 27 July 2018

Misconduct Patterns in Financial Markets – Selected Case Studies

Spotlight Review Published on: 27 July 2018

Database – Market Abuse and Manipulation

Spotlight Review Published on: 27 July 2018

Risk Management Transactions for New Issuance standard for the Fixed Income markets

Standard Published on: 3 July 2018. Date of Initial Release: 25 October 2017, Dates of Comment Period: 25 October 2017 to 20 December 2017

FMSB Annual Report 2017

Annual Report Published on: 20 September 2017

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

Statement of Good Practice Published on: 15 September 2017

Front Office Supervision Statement of Good Practice for FICC Market Participants

Statement of Good Practice Published on: 15 September 2017

New Issue Process standard for the Fixed Income markets

Standard Published on: 2 May 2017. Date of Initial Release: 18 November 2016, Dates of Comment Period: 18 November 2016 to 17 January 2017

Statement of Good Practice for FICC Market Participants: Conduct Training

Statement of Good Practice Published on: 8 December 2016

Statement of Good Practice for Surveillance in Foreign Exchange Markets

Statement of Good Practice Published on: 8 December 2016

Binary Options standard for the Commodities markets

Standard Published on: 21 November 2016. Date of Initial Release: 22 July 2016, Dates of Comment Period: 22 July 2016 to 14 October 2016

Reference Price Transactions standard for the Fixed Income markets

Standard Published on: 21 November 2016. Date of Initial Release: 30 June 2016, Dates of Comment Period: 30 June 2016 to 8 September 2016

Statement of Good Practice for Trading Platform Disclosures Transparency Draft

Transparency Draft Published on: . Date of Initial Release: 17 Dec 2021, Dates of Comment Period: 17 Dec 2021 to 25 Feb 2022

Retired Publication:

Algorithmic trading in FICC markets Statement of Good Practice for FICC market participants
Statement of Good Practice (Transparency Draft)
Date of Initial Release: 24 Jun 2020, Dates of Comment Period: 24 Jun 2020 to 21 Aug 2020, Retired in March 2021

Annual Reports

The FMSB Annual Report is published annually and sets out progress made by FMSB to enhance standards of behaviour in the wholesale fixed income, currencies and commodities (FICC) markets.

Spotlight Reviews

Spotlight Reviews encompass a broad range of publications used by FMSB to illuminate important emerging issues in financial markets. Drawing on the insight of members and industry experts, they provide a way for FMSB to surface challenges market participants face and may inform topics for future work. Spotlight Reviews will often include references to existing law, regulation and business practices. However, they do not set or define any new precedents or standards of business practice applicable to market participants.

Standards

FMSB Standards are intended to reduce the continuing uncertainty about acceptable practice in opaque and unregulated areas, which is a hazard for FMSB members (and other market participants). FMSB members are expected to adopt FMSB Standards in their businesses (where relevant) and to evidence this through an annual Statement of Commitment – see Adherence for more information.

Statements of Good Practise

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.

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 below or email comments to secretariat@fmsb.com.

Work in Progress:

Standards, Statements of Good Practice and Spotlight Reviews are produced by FMSB’s cross-sectoral committees, sub-committees and working groups, each of which follows a rigorous production, review and transparency process. 

Information about each of FMSB’s active groups is set out below with an update as at 6 May 2022. For an overview of all activity please see our ‘FMSB Workstreams on a Page’.

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Conduct & Ethics
Conduct & Ethics Sub-Committee

Chair: Tracey McDermott, Group Head, Conduct, Financial Crimes, Compliance at Standard Chartered

Exploratory work  has commenced in relation to the Three Lines of Defence, and future work may include looking at the current challenges of new joiner integration and data ethics.

Recently completed and ongoing work includes:

  • examining remote working risks;
  • hybrid working – future risk management frameworks;
  • behaviour-pattern conduct analysis; and
  • the development of conduct training and qualifications.

 

Electronic Trading and Technology

Co-Chairs:

Zar Amrolia, Co-CEO, XTX Markets

Ciara Quinlan,  Head of Principal Electronic Trading for Global Markets, UBS and FMSB Standards Board Member

The ETTC is currently addressing two topics in separate Working Groups covering Trading Platforms and Algo Model Risk.

Trading Platforms Working Group

The Working Group published a Statement of Good Practice Transparency Draft aimed at promoting greater transparency as to how both bilateral and multilateral electronic trading platforms operate and seeking to ensure consistency of disclosures made by all trading platforms to their participants or prospective participants across FICC markets and asset classes. Increased transparency and standardisation of disclosures should in turn help minimise disputes between trading platform operators and their participants. The Transparency Draft period closed on 25 February 2022 and comments are in the process of being reviewed.

Algo Model Risk Working Group

This Working Group has been set up to look at the application of model risk requirements to trading algorithms, and in particular whether a FMSB publication could help firms advance practical implementations of model risk requirements that effectively mitigate risk through appropriate governance and controls.

ESG

Chair: Caroline Haas, Head of Climate and ESG Capital Markets, NatWest Markets

The ESG Ratings Working Group is continuing its work on a Spotlight Review focusing on increasing the transparency of ESG ratings methodologies and data collection processes to promote user understanding, aid comparability across providers, improve trust in ratings and thereby support informed allocation of capital.

Exploratory work has commenced on Voluntary Carbon Markets and conduct risks associated with the growth of sustainable finance/greenwashing.

Market Practices
Rates Sub-Committee

Chair – Charles Bristow, Global Head of Rates Trading, J.P. Morgan and Member of the FMSB Standards Board 

The Rates Sub-Committee is considering topics and prioritisation of its future work.

 

Spreads Sub-Committee

Jonathan Brown, Head of Lending and Portfolio Management, EMEA, Barclays

The Spreads Sub-Committeeis considering topics and prioritisation of its future work having recently developed a Standard dealing with the sharing of investor allocation information.

Precious Metals Working Group

Chair – David Tait, CEO of World Gold Council and  Member of the FMSB Standards Board

This Working Group is currently developing a Spotlight Review examining the existing trade settlement and confirmation process, highlighting the market inefficiencies and suggesting possible solutions on improving the market operations.

Post-Trade

Chair – David  Hudson, Co-head CIB Digital  and Platform Services, J.P.Morgan

A Post-Trade Committee with three working groups under it has been established to consider the potential implementation of the Post Trade Task Force’s recommendations.

The three working groups under the Post Trade-Committee are:

1. Non-Economic Trade Data (Chair: Robert Lamb, BlackRock)
2. Uncleared Margin (Chair: Philip Glackin, J.P.Morgan)
3. Client Onboarding (Chair: Siobhan Clarke, Royal London)

Each of the working groups will consider the PTTF recommendations relevant to their workstream as outlined in the BoE report and in light of FMSB’s mandate before reporting back to the Standards Board and deciding on next steps. The Committee itself will perform a steering role in line with FMSB’s other existing Committees with substantive outputs being generated by the working groups.

FMSB Working Group Terms of Reference

FMSB Working Group Terms of Reference – May 2022

How does a typical Standard or Statement of Good Practice progress to publication?