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: 30 April 2025. Updated on: .
Date of Initial Release: 17 December 2024, Dates of Comment Period: 17 December 2024 to 21 February 2025
Statement of Good Practice Published on: 8 January 2025. Updated on: .
Date of Initial Release: 7 October 2024, Dates of Comment Period: 7 October 2024 to 15 November 2024
Statement of Good Practice Published on: 22 April 2024. Updated on: .
Date of Initial Release: 18 July 2023, Dates of Comment Period: 18 July 2023 to 22 September 2023
Statement of Good Practice Published on: 28 June 2022. Updated on: .
Date of Initial Release: 17 December 2021, Dates of Comment Period: 17 December 2021 to 25 February 2022
Statement of Good Practice Published on: 14 July 2020. Updated on: .
Date of Initial Release: 02 December 2019, Dates of Comment Period: 02 December 2019 to 27 January 2020
Statement of Good Practice Published on: 14 October 2019. Updated on: .
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. Updated on: .
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. Updated on: .
Date of Initial Release: 27 July 2018, Dates of Comment Period: 27 July 2018 to 26 October 2018
Statement of Good Practice Published on: 15 January 2019. Updated on: .
Date of Initial Release: 04 May 2018, Dates of Comment Period: 04 May 2018 to 3 August 2018
Statement of Good Practice Published on: 15 September 2017
Statement of Good Practice Published on: 15 September 2017. Updated on: 8 January 2025.
Date of Initial Release: 15 September 2017, Dates of Comment Period:
Statement of Good Practice Published on: 8 December 2016
Statement of Good Practice Published on: 8 December 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. For an overview of all current activity including exploratory topics see our 2025 Workplan.
Conduct & Ethics
Co-chairs: Gareth Murphy, Group Chief Risk Officer, abrdn and Alison Higgins, Markets Head for UK, Europe, and the Americas and Global Head of Control for Markets, Standard Chartered Bank
Live workstreams:
- Unauthorised trading (Chair: Alison Higgins, Standard Chartered)
Horizon scanning / potential future areas of focus:
- Non-financial misconduct
Recently completed:
- Front office supervision
- 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: TBD
Live workstreams:
- Applications of artificial intelligence in electronic markets (Chair: David Shelton, Bank of America)
Horizon scanning / potential future areas of focus:
- Electronic / auto pre-hedging
- 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 at NatWest Markets
Live workstream:
- Governance of sustainability-linked products (Chair: Caroline Haas, NatWest Markets)
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 (Chair: David Morris, BlackRock)
- Grey market trading
- Carbon markets
Horizon scanning/potential future areas of focus:
- New issuance swaps
- Price discovery in illiquid securities
- Private market valuations
- Dealer polls
Recently completed:
- Pre-hedging : case studies
- 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:
- Client Onboarding (Chair: Siobhan Clarke, Royal London)
- Non-Economic Trade Data (Chair: Tim McLeod, BlackRock)
- Uncleared Margin (Chair: Warren Rees, J.P. Morgan)
- Digital ID
Recently completed:
- Client Onboarding
FMSB Working Group Terms of Reference
How does a typical Standard or Statement of Good Practice progress to publication?
