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
Filter and search all our publications:
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
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: 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
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: 20 April 2021
Spotlight Review Published on: 3 August 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
Spotlight Review Published on: 23 April 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
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
Standard Published on: 3 July 2018. Date of Initial Release: 25 October 2017, Dates of Comment Period: 25 October 2017 to 20 December 2017
Statement of Good Practice Published on: 15 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 31 March 2023. For an overview of all activity please see our ‘FMSB Workstreams on a Page’.
Conduct & Ethics
Chair: Tracey McDermott, CBE, Group Head, Conduct, Financial Crimes, Compliance at Standard Chartered
Live workstreams:
- Three lines of defence – observations on design, implementation and interactions between first and second lines
- Training course – introduction to fair and effective wholesale markets
- Management information on conduct
Horizon scanning / potential future areas of focus:
- Applications of artificial intelligence and machine learning in wholesale markets – ethical considerations
- e-Communications and surveillance
Recently completed:
- Behavioural-pattern conduct analysis
- Hybrid working – future risk management frameworks
Electronic Trading and Technology
Chair: Ciara Quinlan, Head of Principal Electronic Trading for Global Markets, UBS and FMSB Standards Board Member
Live workstreams:
- Application of model risk requirements to trading algorithms
Horizon scanning / potential future areas of focus:
- Operational resilience – venue outages and communications with participants
- Applications of artificial intelligence and machine learning in wholesale markets
Recently completed:
- 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
Horizon scanning/potential future areas of focus:
- Incorporating ESG/net zero transition risks into market risk management frameworks
- Greenwashing
- KPIs for sustainability-linked products
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: TBD
Live workstreams:
- Role of benchmarks, data and transparency in driving confidence in precious metals markets
- Pre-hedging in an RFQ context
Horizon scanning/potential future areas of focus:
- Price discovery in illiquid securities
- Transparency and hidden leverage
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
- Trade settlement and confirmation processes in precious metals markets
Post-Trade
Chair: David Hudson, 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?
