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.

FMSB’s members were invaluable in identifying where there may be robust rationales for using Term SONIA and setting out certain expected behaviours of market participants. Thanks to them and FMSB for your leadership in shaping fairer and more efficient financial markets.

Edwin Schooling Latter

Head of Markets Policy, Financial Conduct Authority (FCA)

We know that financial markets are international by their very nature, the advantage of working with industry standards bodies like FMSB is that voluntary standards can have positive impact across jurisdictions.

Martin Maloney

Secretary General, International Organization of Securities Commissions (IOSCO)

Ensuring consistently applied codes and standards of behaviour and conduct across jurisdictions is essential to delivering fair and effective wholesale markets. As a practitioner-led standard setter, FMSB has identified vulnerabilities where conduct risk may reside and provided clear and practical guidance that supplements existing legal and regulatory frameworks. I firmly believe that FMSB is making a valuable contribution to raising standards and building trust and confidence in FICC markets.

Verena Ross

Executive Director, European Securities and Markets Authority (ESMA)

Trust is the foundation of commercial relationships in any sector, but none more so than finance. And yet, with the steady stream of conduct scandals and with the financial crisis still fresh in the public’s memory, much remains to be done for the financial industry to reach a level of confidence in line with its economic and social importance. FMSB’s role in bringing practitioners together, identifying areas of conduct risk, and developing codes and standards that are adopted in global organisations is an important piece of the puzzle in raising trust and integrity worldwide.

Greg Medcraft

Director, Directorate for Financial and Enterprise Affairs, OECD

The Treasury Market Practices Group (TMPG) and FMSB have similar goals in terms of working with industry professionals to discuss market developments and promote best practices. While we cover different asset classes, I see many opportunities for TMPG and FMSB to share our experiences and explore synergies, while also considering how our work complements laws, regulations and other standards and codes that exist in interconnected, global markets.

Gerald Pucci

Chair, Treasury Market Practices Group (TPMG)

ASIC has an acute focus on professionalism and fairness in our markets. Professionalism as the standard, and fairness embraced and embedded in everything market practitioners do. These imperatives need to be prioritised for there to be meaningful cultural change in the industry. In these beliefs we are aligned with FMSB and we continue to support its aim to make markets operate fairly and effectively. I look forward to a dialogue on current and emerging conduct risks in FICC markets.

Cathie Armour

Commissioner, Australian Securities and Investments Commission (ASIC)

Bringing together the collective, real life experience of practitioners who operate in financial markets every day, is the best way to develop standards on ethics and emphasise the importance of personal judgement. As Chair of the Conduct & Ethics Sub-Committee, it’s my pleasure to collaborate with FMSB’s members and Secretariat to help shape the industry and support them to deliver these standards.

Tracey McDermott, CBE

Group Head, Conduct, Financial Crime & Compliance, Standard Chartered and Chair of the FMSB Conduct & Ethics Sub-Committee

Our membership of the FMSB Advisory Council and participation in FMSB groups gives us a unique opportunity to contribute to the development of standards and guidance that help enable fair and effective markets for all. The continued enhancements and transparency around this process reinforces the trust and confidence in the fairness of our markets and makes them even more effective than they already are.

Guy America

Global Head of Credit Markets, J.P. Morgan Securities plc and FMSB Advisory Council Member

The industry’s evolution continues apace, and the FMSB provides a thoughtful and effective forum in which practitioners can usefully discuss and implement the range of changes required to ensure wholesale FICC markets become more transparent, fair and effective. We look forward to continuing our support for the FMSB.

Clare Woodman

Head of EMEA and CEO, Morgan Stanley & Co. International Plc and FMSB Advisory Council Member

As the financial services sector prepares for LIBOR transition, a post-Brexit world and the further electronification of European fixed income trading, it’s important that the FMSB reinforces its mission to create standards and identify best practices that result in more transparent, fair and effective markets; but also increasingly to educate market participants on these standards and practices. By bringing together different stakeholders to share their experiences and foresight, the FMSB members will be able to create codes and standards that help prevent misconduct and bad behaviour in financial markets.

Enrico Bruni

Managing Director, Head of Europe and Asia Business , Tradeweb and FMSB Standards Board Member

Over the years, US corporations, particularly those with international operations, have become heavily dependent on the financial markets for foreign exchange and interest rate hedging products to protect their operations and balance sheets. They have also increasingly made use of the global funding markets. Trust that these market sectors function efficiently and confidence that the institutions executing their mandates are behaving in an ethical manner is crucial. Hence, US corporations are very supportive of the work which FMSB and wholesale market participants are doing in establishing Codes and Standards of behaviour.

Kathleen Yoh

FMSB Advisory Council Independent Member

Breadth of participant representation has played a critical part in the impact and success of the FMSB’s standards and guidelines. It is important to ensure that the buy-side perspective continues to be brought into the relevant discussions at the FMSB Standards Board and in the various FMSB Working Groups. Constructive challenge and debate is vital to understanding the current and emerging issues and to ensure that appropriate and practical approaches are developed that will make a real and lasting difference.

Jane Sloan

Head of iShares, EMEA, BlackRock

The insight from senior industry experts and practitioners in the wholesale FICC markets is vital to ensure FMSB brings focus to the right issues. It is encouraging that FMSB members are proposing new areas where it can add real value. The creation of the IBOR Transition Working Group is a prime example of this in action, and I look forward to seeing the results from that work in the coming weeks.

Edward Ocampo

Non-Executive Director, FMSB Limited

Citigroup gives its full support to FMSB in its role to establish global standards for FICC wholesale markets, and to make them as transparent and effective as possible for all participants. As a trusted and truly global partner to institutional clients doing business in over 160 countries around the world, Citi is committed to championing global standards.

James Bardrick

CEO, Citigroup Global Markets Limited and FMSB Advisory Council Member

The Algo Model Risk Group allows for clarity of thought and action to happen at a turning point in our industry’s history. I’m delighted to chair that group and that FMSB is building guidance with practitioners, making it real world and highly applicable.

Ciara Quinlan

Global Head of Principal Electronic Trading, FX, Rates and Credit, UBS Investment Bank

Having witnessed the effects on the real economy of misconduct across FICC markets while at the Bank of England, I recognise the value that market practitioners can bring to finding the solutions which seek to prevent malpractice. I am delighted to represent HSBC in a new FMSB Working Group aimed at considering conduct risks arising from the transition from IBOR to risk-free rates, and exploring how we can provide firms with practical behavioural scenario analysis to assist in managing these risks.

Chris Salmon

Head of Markets and Securities Service, HSBC and FMSB Standards Board Member

When groups of market participants come together to pool their collective view, the results are powerful.


Rosie Murphy Williams

COO, EMEA Markets, BNY Mellon