A list of all active Standards & Publications:

Scroll down for the full description of each publication type. See our five committees and workstreams here.

Annual Reports

Spotlight Reviews

Standards

Statements of Good Practice

Transparency Drafts

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Annual Report Published on: 7 May 2024

Statement of Good Practice Published on: 22 April 2024. Date of Initial Release: 18 July 2023, Dates of Comment Period: 18 July 2023 to 22 September 2023

Transparency Draft Published on: 28 February 2024. Date of Initial Release: 28 February 2024, Dates of Comment Period: 3 May 2024

Transparency Draft Published on: 28 February 2024. Date of Initial Release: 28 February 2024, Dates of Comment Period: 3 May 2024

Spotlight Review Published on: 12 September 2023

Spotlight Review Published on: 24 July 2023

Spotlight Review Published on: 5 July 2023

Spotlight Review Published on: 8 June 2023

Annual Report Published on: 3 April 2023

Spotlight Review Published on: 29 September 2022

Spotlight Review Published on: 20 July 2022

Annual Report Published on: 30 June 2022

Statement of Good Practice Published on: 28 June 2022. Date of Initial Release: 17 December 2021, Dates of Comment Period: 17 December 2021 to 25 February 2022

Spotlight Review Published on: 17 June 2022

Spotlight Review Published on: 30 May 2022

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

Spotlight Review Published on: 18 November 2021

Spotlight Review Published on: 30 September 2021

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

Annual Report Published on: 2 June 2021

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

Spotlight Review Published on: 7 September 2020

Spotlight Review Published on: 3 August 2020

Spotlight Review Published on: 27 July 2020

Spotlight Review Published on: 27 July 2020

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

Spotlight Review Published on: 11 June 2020

Spotlight Review Published on: 11 May 2020

Annual Report Published on: 25 February 2020

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

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

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

Annual Report Published on: 18 March 2019

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

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

Spotlight Review Published on: 27 July 2018

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

Annual Report Published on: 20 September 2017

Statement of Good Practice Published on: 15 September 2017

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 Published on: 8 December 2016

Statement of Good Practice Published on: 8 December 2016

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

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

Retired Publications:

Behaviour Cluster Analysis
Spotlight Review
Date of publication: 27 July 2018. Retired in May 2022.

Misconduct Patterns in Financial Markets – Selected Case Studies
Date of publication: July 2018. Retired in May 2022.

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 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.

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 and working groups, each of which follows a rigorous production and review process.

Information about each of FMSB’s active groups is set out below with an update as at 16th May 2024. For an overview of all current activity including exploratory topics see our FMSB Key Initiatives Timeline and current FMSB Workstreams and other topics for consideration.

Conduct & Ethics

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

Live workstreams:

  • Front Office Supervision
  • Training course – introduction to fair and effective wholesale markets

Horizon scanning / potential future areas of focus:

  • Applications of artificial intelligence and machine learning in wholesale markets – ethical considerations
  • Trade surveillance

Recently completed:

  • Conduct & Culture MI
  • The 3 lines model – A lens on risk management frameworks
  • Behavioural-pattern conduct analysis
  • Hybrid working – future risk management frameworks

 

Electronic Trading and Technology

Chair: Daniel Mayston, MD, Head of Electronic Trading and Market Structure EMEA at BlackRock and FMSB Standards Board Member

Live workstreams:

Horizon scanning / potential future areas of focus:

  • Applications of artificial intelligence and machine learning in electronic markets
  • Operational resilience – venue outages and communications with participants

Recently completed:

  • Application of model risk requirements to electronic trading algorithms
  • Statement of Good Practice promoting consistency of disclosures made by all trading platforms to their participants or prospective participants across FICC asset classes
ESG

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

Live workstream:

  • Governance of sustainability-linked products

Horizon scanning/potential future areas of focus:

  • Incorporating ESG/net zero transition risks into market risk management frameworks

Recently completed:

  • ESG ratings – focusing on increasing the transparency of ESG ratings methodologies and data collection processes to promote user understanding, aid comparability across providers and improve trust in ratings.
  • Voluntary Carbon Markets – history, the current landscape and the essential components of a mature VCM ecosystem.
Market Practices

Chair: Kieran Higgins, Head of Flow Rates Trading, EMEA, Co-Head of Global Finance & Rates SM, Citigroup Global Markets Limited

Live workstreams:

  • Pre-hedging
  • Trading in the grey

Horizon scanning/potential future areas of focus:

  • Price discovery in illiquid securities / BWICS & OWICS
  • Transparency and hidden leverage
  • Dealer polls

Recently completed:

  • Sharing investor allocation information in fixed income primary markets
  • Expected behaviours associated with the execution of Large Trades including focus on pre-hedging
  • Compendium on precious metals markets evolution collating FMSB’s published work on precious metals market structure, post trade processes and data & transparency into one document
Post-Trade

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

Live workstreams:

  • Non-Economic Trade Data (Chair:Tim McLeod, BlackRock)
  • Uncleared Margin (Chair: Philip Glackin, J.P. Morgan)
  • Client Onboarding (Chair: Siobhan Clarke, Royal London)

Horizon scanning/potential future areas of focus:

  • Consolidated Tape

FMSB Working Group Terms of Reference – May 2022

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