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.

    We value the work FMSB Members continue to do setting Standards and Good Practice for the wholesale markets in areas where it makes sense for industry to lead.

    “I am particularly pleased to see the range of FMSB Standards expanding to cover post trade efficiencies with the publication of the Transparency Draft of a Standard for Client Onboarding Documentation and Processes in early 2024. This allows the recommendations set out by the Post-Trade Task Force initiated by the Bank to establish standardised document requirements and data definitions to be operationalised across the market.

    “I look forward to seeing further output from FMSB’s Post-Trade Committee as it puts the Task Force’s recommendations into practice to deliver more effective operations in the financial markets and improve client experiences.

    Andrew Bailey

    Governor of the Bank of England

    We appreciate all those who rightly play an active role in FMSB by contributing their expertise and support to create and maintain transparent, fair and effective wholesale financial markets.

    “Last year’s output on the 3 Lines Model and Culture and Conduct MI illustrates the power of collectively sharing knowledge to improve firms’ approach on issues such as risk and behaviour.

    “I know from our engagement with FMSB that output in areas such as pre-hedging, the governance of sustainability-linked products and further work on carbon markets is due in 2024; I look forward to seeing this work contribute to higher standards in all these areas.

    Nikhil Rathi

    CEO, Financial Conduct Authority (FCA)

    When selecting banks for long-term partnerships or key transactions, we give consideration to whether they are Members of FMSB and following FMSB Standards.
    Stewart Cox

    Group Treasurer, BHP and FMSB Advisory Council and Standards Board Member