Why we exist:

The Fair and Effective Markets Review by HM Treasury, the Bank of England and the Financial Conduct Authority highlighted serious concerns about poor market practice in fixed income, currencies and commodities.

It recommended the setting up of a body to address the ‘regulatory void’ between high-level principles and low-level operational rules.

We are that body, created in 2015 to bring market practitioners together to develop clearer guidance that could work across all asset classes and jurisdictions, increase market discipline and prevent the repetition of bad behaviours – areas that laws and regulations sometimes failed to reach.

Originally named the FICC Markets Standards Board (FMSB) we became the Financial Markets Standards Board in April 2022 to reflect our current, broader, remit which now covers all areas of strategic importance to the wholesale markets, including Post-Trade.


our mission

Our mission drives everything we do:

We seek to improve the transparency, fairness and effectiveness of global wholesale financial markets.

FMSB’s founding principles

were set in 2015 by FEMR to:

Identify global market vulnerabilities

Develop best market practice

Drive global adherence

Develop consistent approaches to market practices

Our vision is to be the leading market-led, global standards body for fair and effective wholesale financial markets.

Our mission is to improve the transparency, fairness and effectiveness of global wholesale markets by:

Acting in a collaborative and agile fashion across all market interests;
Harnessing members’ thought leadership, technical knowledge and expertise;
Being alert to emerging risks to markets and market structures on the horizon and aware of disruptive impacts of innovation; and by
Promoting adherence to expert standards and individual understanding of the importance of fair and effective markets.

Our purpose? By improving their transparency, fairness and effectiveness, FMSB seeks to support well-functioning, trusted global wholesale financial markets that in turn support sustainable economic growth for governments, corporations and investors.


    In summary, FMSB’s strategic priorities are to:

    • Collaborate selectively with other like-minded organisations in
      order to increase the impact and reach of our work;
    • Broaden our territorial reach through collaboration, membership (engaging with new members in local markets) and building relationships with global regulators; and
    • Retain and attract the breadth of membership central to the process of setting authoritative standards.

    As a network organisation with a small central team, we rely on around 300 market practitioners from all disciplines at our member firms for their time, dedication, time, and insight to the work of our committees and working groups. We also benefit from specialist individuals, consultancies and other organisations working on a pro bono basis.

    What people say about us

    These quotes come directly from members or are taken from FMSB annual reports or press releases. Thank you to everyone quoted for your comments.

    The FCA supports the work of the Financial Markets Standards Board (FMSB) in promoting best practices across wholesale markets; FMSB’s practitioner-led approach is powerful in raising standards of practice and behaviour in the wholesale financial markets. We further enhanced our relationship in 2021 through a memorandum of understanding and look forward to continuing to collaborate in ensuring that markets are fair and effective.

    Nikhil Rathi

    CEO, Financial Conduct Authority (FCA)

    We are very supportive of the important work FMSB does to build trust and confidence for market participants in the fairness and effectiveness of wholesale markets.

    Andrew Bailey

    Governor of the Bank of England