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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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 27 July 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

Chair:

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

The Electronic Trading and Technology Committee 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 in June 2022 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. 

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 published a Spotlight Review in July 2022 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
Market Practices

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

FMSB is currently horizon scanning determine its forthcoming focus in this area.

Precious Metals Working Group

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

This Working Group published a Spotlight Review in June 2022 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 is currently exploring options for Standards for the use of Consolidated Tape in the global wholesale financial markets.

FMSB Working Group Terms of Reference – May 2022

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