A list of all Active Standards & Publications:

Our outputs are Standards, Statements of Good Practice, and Spotlight Reviews developed by our membership and designed to illustrate best practices in areas of uncertainty to all market participants. Transparency Drafts are published for comment before the document is finalised. Our Annual Records are included to share future developments and ##### tell me what you want this edited to please.







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

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

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

Retired Publications:

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

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.

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.

The Binary Options standard for the Commodities markets aims to describe the characteristics of a type of transaction which is used by participants in the Commodities markets and to set out certain expected behaviours of wholesale market participants that enter into them.

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

This Standard sets out enhancements to existing practices that are designed to improve the new issue process continuum (from the granting of a mandate to the publication of statistics), which improvements should enhance the fairness and effectiveness of the process for all participants, including issuers, investors and lead managers.

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

This Standard aims to describe the characteristics of a Reference Price Transaction (“RPT”) and to set out certain expected behaviours of wholesale market participants that enter into them.

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

The Risk Management Transactions for New Issuance Standard sets out expected behaviours that are designed to improve the practice and awareness regarding risk management activity that is conducted in and around the new issuance of bonds.

These improvements should enhance the fairness and effectiveness of the process for all market participants.

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

This Standard sets out expected behaviours that are designed to improve the practice regarding the payment of compensation for trading errors.

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

LBMA Auctions establish prices in certain precious metals that are used as benchmark reference prices. Participants in LBMA Auctions submit bids and offers on behalf of clients wishing to buy or sell the relevant metal (Client Orders) and are also able to submit bids and offers for themselves (House Orders). It is understood that certain participants in an LBMA Auction may not be submitting House Orders due to concerns around the management of regulatory and conduct risks associated with:

(i) sourcing liquidity through an auction process which sets the LBMA Precious Metal Price; or
(ii) managing both Client Orders and House Orders in the LBMA Auctions.

This Standard, through its five Core Principles, is designed to provide some clarity as to the way in which those risks can be managed, so as to increase the volume of bids and offers submitted to LBMA Auctions and improve the quality of price discovery resulting from them, thereby improving the effectiveness of the market.

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

This Standard sets out expected behaviours for participants in FICC markets in relation to the execution of Large Trades. The Standard focuses on Large Trades due to the heightened conduct risks associated with their execution and the greater potential market impact of such activity compared with smaller transactions. 

The Standard adopts a subjective definition of Large Trades, acknowledging that what constitutes a Large Trade will vary by markets, product, time period, geography and other factors that could impact liquidity. The Standard sets out ten Core Principles that are applicable to the execution of all Large Trades between dealers and clients, and distinguishes between obligations applicable to market participants who act as either an agent or a principal when executing Large Trades.  

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

This Standard sets out certain expected behaviours of syndicate banks relating to the sharing of investor allocation information for new issuances in fixed income primary markets on the day of pricing within their institutions. The Core Principles seek to promote consistent baseline industry practices and provide both issuers and investors with certain protections and controls as to how their allocation information is used.

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

The Standard has been developed with the aim of identifying where there may be robust rationales for the use of Term SONIA for transactions in the loan, bond and derivatives markets and to set out certain expected behaviours of markets participants when using or issuing Term SONIA products in light of the reduced systemic risks associated with overnight risk-free rates. 

The eight Core Principles of the Standard identify selected use cases where there may be robust rationales for using Term SONIA and set out certain expected behaviours of market participants. 

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

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.

Spotlight Reviews:

Spotlight Reviews encompass a broad range of publications used by FMSB to illuminate important emerging issues in FICC 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.

Market Abuse and Manipulation – Database of Cases

FMSB BCA research includes the analysis document and selected case studies as well as the BCA database of misconduct cases.

27 July 2018

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. See our Organisational structure for more information.

Information about each of FMSB’s active groups is set out below with an update as at 14th February 2022. For an overview of all activity please see our ‘FMSB Workstreams on a Page’.

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Behavioural Conduct Analysis (BCA) Committee

Chair: David Flowerday, EMEA Head of Markets and Securities Services Compliance at Citigroup Global Markets Limited

The BCA Committee was reconvened in April 2020 to produce a second edition of FMSB’s seminal Behavioural Cluster Analysis, published in July 2018. The primary aims of the second edition are to streamline and consolidate the 2018 edition of the BCA and to include new misconduct cases, and to incorporate feedback on the use and engagement with the BCA from practitioners and other users. The group is progressing its analysis of cases and drafting text with the ambition to publish an updated document in 2022.

Conduct & Ethics Sub-Committee

Chair: Tracey McDermott, Group Head of Corporate Affairs, Brand & Marketing, Conduct, Financial Crime and Compliance at Standard Chartered

The Sub-Committee is currently considering its next topic having completed the publication in September 2021 on how existing risk management frameworks should be adapted in order to efficiently monitor and manage new and evolving risks deriving from hybrid working in a post pandemic environment. Future work may include updating this publication, looking at the current challenges of new joiner integration, conduct risks associated with the growth of sustainable finance/ greenwashing and data ethics.

The Sub-Committee is also considering the potential role, if any, FMSB can play in developing conduct training and qualifications. This will be reviewed further in 2022.

Electronic Trading and Technology Committee (“ETTC”)

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. Interested parties are invited to provide comments on the Transparency Draft until 25 February 2022.

Algo Model Risk Working Group – This new 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.

Emerging Vulnerabilities Sub-Committee

Chair: Joe Cassidy, Partner, KPMG

The Emerging Vulnerabilities Sub-Committee (EVSC) was established in April 2021 to undertake two important activities: (1) to maintain and prioritise a register of risks that form the basis of recommendations for future FMSB work on Standards, Statements of Good Practice or Spotlight Reviews; and (2) to monitor changes in FICC market structure that may create risks to conduct, market fairness or effectiveness in the future, i.e. recognise and evaluate emerging vulnerabilities.

Following a review and updating of the 2019 risk register and the implementation of a prioritisation & filtering process, a recent recommendation from the EVSC has resulted in the establishment of a working group which will now explore the implications of ESG ratings in FICC markets

Energy Working Group

Chair: TBC

The Energy Working Group was set up to review the fairness and effectiveness of business practices in the wholesale energy markets. An independent review of existing market practices has been undertaken to refine the workplan for the Working Group. Consideration is being given to a workstream considering issues associated with block trades as well as carbon credits.

ESG Ratings Working Group

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

The ESG Ratings Working Group has commenced 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.

Precious Metals Working Group

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

This Working Group was set up to review the fairness and effectiveness of business practices in the wholesale metals trading markets. Its initial focus is on precious metals markets. The Working Group has identified nine market features, which have been arranged into three themes: i) transparency and price formation; ii) post-trade effectiveness; and iii) market practices. These will be used to identify the issues the Working Group will examine.

To date, the Working Group has published a Spotlight Review focusing on where and how existing practices could give rise to issues challenging the fair and effective operation of the precious metals market and how to address these challenges.

It has also recently competed work on a Standard relating to the provision of liquidity available in LBMA Auctions.

It 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.

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

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

The Spreads Sub-Committee has developed a Standard dealing with the sharing of investor allocation information. This Standard for the sharing on investor allocation information in the fixed income primary markets, which was published as a Transparency Draft on 15 December 2020, seeks to provide a consistent industry baseline standard for the sharing of investor allocation information with secondary market desks on the day of a new primary issuance and to provide both issuers and investors with certain protections and controls as to how their allocation information is used. The period for comments on the Transparency Draft has closed and the Standard will shortly be published in final.

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

Annual Report:

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.