What We Do

Why we exist

The Fair and Effective Markets Review (FEMR) was undertaken by HM Treasury, the Bank of England and the Financial Conduct Authority as a result of serious concerns about poor market practice in the fixed income, currencies and commodities (FICC) markets. One of its key conclusions was that there was insufficient clear, practical guidance available to market practitioners as to how they should operate in the best interest of their clients.

The FEMR recommended the creation of a new FICC Markets Standards Board (FMSB) with participation at the most senior levels from a broad cross-section of global and domestic market practitioners and end-users to fill this need for practical guidance.

Among the concerns raised by FEMR were that: market discipline was lacking; market participants failed to recognise that the same types of bad behaviour repeat over time; these behaviours occurred across all asset classes and jurisdictions; they adapted to new media and market structures; and these behaviours were not fully described in laws and regulation.

The review highlighted a ‘regulatory void’ between high-level principles and low-level operational rules which needed to be filled with clearer guidance for market participants. There is also the opportunity to address conduct risks arising in unregulated markets.

FMSB brings together a unique breadth of market participants to identify how more transparent, fair and effective FICC markets can be created. In committees, sub-committees and working groups industry representatives debate issues and create FMSB Standards, Statements of Good Practice and other approved publications for review by our Standards Board.

Delivering our mission

Our mission drives everything we do

Our one aim is to raise standards of conduct in global wholesale FICC markets so that they are more transparent, fair and effective for all participants in those markets.

FMSB’s strategic goals were set in 2015 by FEMR to:

  • Identify global market vulnerabilities
  • Develop best market practice
  • Drive global adherence
  • Develop consistent approaches to market practices

In our strategy we set out our high-level plan to delivery our strategic goals and achieve our mission. Our current strategy is for three years from 2019-2021.

Our strategic priorities are taken from our strategy. We have four strategic priorities for 2020 to:

  • Continue producing best market practice
  • Respond to challenges created by the FICC market structure reforms, in particular screen-based electronic trading, high-frequency trading, and centralised market infrastructures
  • Measure the impact of FMSB Standards
  • Explore the viability of FMSB training programmes

We use our strategic framework to assess the areas where FMSB can add value, for example when identifying priorities from the emerging vulnerabilities horizon scan or issues proposed for work by FMSB committees, sub-committees or working groups.

Our workplan is set annually, at a more granular level so that we are clear on the key projects and tasks that we need to complete during the year to deliver our strategic priorities.

As a network organisation with a small central team, we rely on around 280 or so market practitioners from all disciplines at our member firms for their time, dedication, time, and insight to the work of our committees, sub-committees and working groups. We also benefit from specialist individuals, consultancies and other organisations working on a pro bono basis.

Find out more about who we are

Find out more about FMSB Publications including Standards and Statements of Good Practice

Organisational structure

Click above to expand.

Our structure chart shows the active committees, sub-committees and working groups within the overall FMSB structure, together with key roles and responsibilities.


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.

Read our Annual Reports

Last updated 5th February 2020