This page sets out information about our member firms, our decision-making forums, and our central team.
Our membership is designed to be representative of the global wholesale financial markets.
Australia and New Zealand Banking Group Limited
Bank of America Merrill Lynch
Citigroup Global Markets Limited
Commonwealth Bank of Australia
Crédit Agricole CIB
Linklaters (Legal Advisor)
Lloyds Bank Corporate Markets plc
Morgan Stanley & Co. International plc
National Australia Bank
Royal Bank of Canada
Royal Mail Group
Westpac Banking Corporation
Mizuho International plc
Association of Corporate Treasurers
Financial Services Culture Board
Standards Board for Alternative Investments
World Gold Council
There are four levels of FMSB membership: Full, Associate, Corporate, and Partner.
Our Members are expected to adopt FMSB Standards in their businesses (where relevant) and to evidence this through an annual Statement of Commitment.
|Paul Moore||Australia and New Zealand Banking Group Limited|
|Raj Patara||BAE Systems|
|Arne Groes||BNP Paribas|
|James Bardrick||Citigroup Global Markets Limited|
|Chris Mclachlan||Commonwealth Bank of Australia|
|Walid Assaf||Crédit Agricole CIB|
|Nick Lovett||Credit Suisse|
|David Wayne||Deutsche Bank|
|Patrick Street||Goldman Sachs|
|Kathleen J. Yoh||Independent Member|
|Guy America||J.P. Morgan|
|Michael Kent||Linklaters (Legal Advisor)|
|Nick Hughes||Lloyds Bank Corporate Markets plc|
|Clare Woodman||Morgan Stanley & Co. International plc|
|Drew Bradford||National Australia Bank|
|Donal Quaid||NatWest Group|
|Maurita Sutedja||Rio Tinto|
|David Thomas||Royal Bank of Canada|
|Peter Millington||Santander CIB|
|Greg Gut||Shell plc|
|Antoine Broquereau||Société Générale|
|Bruno Lettich||Standard Chartered|
|Nell Hutton||Westpac Banking Corporation|
|Caroline Stockmann||Association of Corporate Treasurers|
|Christian Edelmann||Oliver Wyman|
|Luke Ellis||Standards Board for Alternative Investments|
|Paul Moore||Australia and New Zealand Banking Group Limited|
|Alex Benech||BNP Paribas|
|Paul Matherne||BNY Mellon|
|Mark Meredith||Citigroup Global Markets Limited|
|Mark Baillie||Commonwealth Bank of Australia|
|Daniel Morley||Deutsche Bank|
|James Kemp||Global Financial Markets Association|
|Nikhil Choraria||Goldman Sachs|
|Charles Bristow||J.P. Morgan|
|Michael Kent||Linklaters (Legal Advisor)|
|Rob Hale||Lloyds Bank Corporate Markets plc|
|Mandy DeFilippo||Morgan Stanley & Co. International plc|
|David Bateman||National Australia Bank|
|Garrath Fulford||NatWest Markets|
|Maurita Sutedja||Rio Tinto|
|Christophe Coutte||Royal Bank of Canada|
|Juan Saffon||Santander CIB|
|Adnane Asfalou||Société Générale|
|Bruno Lettich||Standard Chartered|
|Emma Norman||Westpac Banking Corporation|
|James Winterton||Association of Corporate Treasurers|
|Alison Cottrell||Financial Services Culture Board|
|Catherine Brown||Oliver Wyman|
|Thomas Deinet||Standards Board for Alternative Investments|
|David Tait||World Gold Council|
Committees, Sub-Committees & Working Groups
Fixed Income, Rates Products – Charles Bristow, Chair
Fixed Income, Spread Products – Jonathan Brown, Chair
Currencies – James Kemp, Chair
Precious Metals Working Group – David Tait, Chair
Energy Working Group – TBC
Conduct & Ethics
Tracey McDermott CBE, Chair
Conduct & Ethics Working Groups
BCA Committee – David Flowerday, Chair
Electronic Trading & Technology
Co-Chairs – Zar Amrolia & Ciara Quinlan
Algo Model Risk Working Group – Ciara Quinlan, Chair
Trading Platforms Working Group – Zar Amrolia, Chair
Joe Cassidy, Chair
Caroline Haas, Chair
Chair – David Hudson
Client Onboarding Working Group – Siobhan Clark, Chair
Non-Economic Trade Data Working Group – Robert Lamb, Chair
Uncleared Margin Working Group – Philip Glackin, Chair
Legal Working Group
Michael Kent, Chair
Pro bono support
Many thanks to those who have provided invaluable pro bono support to FMSB and have been instrumental in the production of our Standards, Statements of Good Practice, and Spotlight Reviews.
Roger Acton – Member of the Conduct & Ethics Sub-Committee, including a number of the associated working groups, and former FMSB Secretariat Secondee.
Karim Haji – Partner Member of the FMSB Advisory Council.
James Lewis – Member of the IBOR Transition Working Group.
Lucas Ocelewicz – Member of the Electronic Trading and Technology Committee, and the Conduct & Ethics Sub-Committee.
Peter Rothwell – Partner Member of the FMSB Standards Board.
Catherine Brown – Partner Member of the FMSB Standards Board.
Christian Edelmann – Partner Member of the FMSB Advisory Council.
Serge Gwynne – Member of the IBOR Transition Working Group.
Hiten Patel – Member of the Electronic Trading and Technology Committee.
Jennifer Tsim – Member of the Conduct & Ethics Sub-Committee.
Financial Markets Standards Board Limited
FMSB is formally governed by way of a legal entity, Financial Markets Standards Board Limited.
Financial Markets Standards Board Limited is a company registered in England and Wales (registered number 09732893) with the registered office c/o Hackwood Secretaries Limited, One Silk Street, London, United Kingdom, EC2Y 8HQ. The auditors to Financial Markets Standards Board Limited are BDO LLP. Financial Markets Standards Board Limited is a not-for-profit organisation funded by member subscriptions. The company changed its name from FICC Markets Standards Board Limited in April 2022.
Chair & Director
Mark joined FMSB in May 2016 and is the Chair and a Director of Financial Markets Standards Board Limited and the Chair of both the FMSB Advisory Council and Standards Board. He was an External Member on the Bank of England’s Prudential Regulation Committee, and Financial Market Infrastructure Board until November 2020. Mark serves on the Board of OpenFin (a US technology firm), and is Partner at Illuminate Financial Management (a fintech venture capital business).
From March 2013 to September 2014 Mark was UK Group CEO for UBS, responsible for overseeing all of UBS’s Investment Banking, Wealth Management and Asset Management activities in the UK. Between 2005 to 2011 Mark was Group COO and main board director at ICAP plc. From 2009 to 2011 he also led a number of initiatives to develop industry and regulatory responses to the 2008 financial crisis.
For 20 years from 1984 to 2004 Mark was at Morgan Grenfell and then Deutsche Bank where he was one of the architects of its expansion in investment banking, built and ran a number of trading and sales businesses as Global Head, and served as Global Markets and Corporate and Investment Banking Chief Operating Officer. In 2002 he became Deutsche Bank AG Group COO, responsible for managing the Group’s infrastructure and business rationalisation programme.
Philippa Foster Back CBE
Senior Independent Director
Philippa Foster Back CBE has been the Senior Independent Director of Financial Markets Standards Board Limited since 1 January 2022 and has been a Director since June 2020.
Until April 2020 she was a Director of the Institute of Business Ethics (IBE), a role she has held since 2001. The IBE’s work is focused on promoting high standards of business behaviour based on ethical values.
Philippa was previously Group Treasurer at EMI Group, Group Finance Director at DC Gardner Group and Group Treasurer at Bowater. Philippa has also held a number of trustee, major review committee and non-executive roles throughout her career. She is a past President of the Association of Corporate Treasurers (ACT) and is currently a BEIS/FRC Wates Coalition Group member, a member of the ACT and Finance Leasing Association (FLA) Advisory Panels, and was a non-executive director of the CISI Board as well as a member of its Integrity Forum until July 2020.
Director & Chair of the Audit and Risk Committee
Charles has been a Director of Financial Markets Standards Board Limited since January 2017 and was the Senior Independent Director until 31 December 2021.
Charles spent 31 years at Unilever where he held various financial and general management roles, including the senior management positions of Group Treasurer, Group Controller and Executive Vice President respectively. He is currently a member of the Board of Trustees of the Unilever UK Pension Fund and chairs the Investment and Funding Committee of this Pension Fund. Charles is also a Director of Jaguar Land Rover Automotive PLC and Chair of its Audit Committee.
Director & Chair of the Nomination and Remuneration Committee
Niki Beattie has been a Director of Financial Markets Standards Board Limited since June 2020. Niki has extensive corporate governance experience on the boards of both listed and private companies in financial markets, as well as serving on two European regulatory committees.
Niki is Chair of XTX Markets Limited, a quantitative-driven electronic market-maker, as well as a non-executive director of IRESS, a listed Australian financial technology company, and Kepler Cheuvreux International, the French brokerage company. She was the Chair of Aquis Exchange PLC, a pan-European MTF, until 31 December 2021.
Niki is also the CEO and Founder of Market Structure Partners, an independent consulting firm providing strategic advice on financial market structure issues to global exchanges, clearing houses, technology firms, market participants and government bodies. She is a member of ESMA’s Secondary Markets Advisory Committee, and was also a member of the FCA’s Regulatory Decisions Committee for 6 years. Prior to setting up Market Structure Partners, Niki spent 14 years at Merrill Lynch across a number of roles, including EMEA Head of Market Structure.
Michael has been a Director of Financial Markets Standards Board Limited since March 2019.
Michael is a Director of JP Morgan Securities PLC and the Chair of the Chartered Institute for Securities and Investment (CISI). He was the Chair of the Association for Financial Markets in Europe (AFME) from September 2015 until June 2021. CISI is the largest professional body for the securities and investment profession in the UK.
Michael was previously EMEA Chair of BNY Mellon, responsible for governance, culture and strategy development across the region.
Before taking up the EMEA Chair of BNY Mellon, he spent 25 years in various roles at both BNY Mellon and Bank of New York in London, Hong Kong and New York.
Chief Executive Officer & Director
A long-term advocate for raising standards of conduct and ethics in financial markets, Myles McGuinness joined FMSB as CEO in June 2021. His career in investment banking spans 30 years across sales and structuring, deal origination, strategy development and the management of regulatory relationships. He has worked in the UK, the US and prior to joining FMSB, in the Netherlands, responsible for a pan European Capital Markets business.
Myles has chaired Reputational Risk Committees and held several Conduct and Risk committee roles, which included overseeing a Federal Reserve Board remediation programme.
He studied Economics and Geography at the National University of Ireland, Galway and received a MSc in Investment and Treasury from Dublin City University.
Edward has been a Director of Financial Markets Standards Board Limited since March 2019.
Edward is a Director at JP Morgan Securities and an Advisory Director at Quantile Technologies Limited, which provides portfolio risk management services for derivatives markets. Prior to joining Quantile Technologies, he spent four years as a Senior Adviser at the Bank of England where he led work to develop and promote alternatives to LIBOR. He also contributed to the Fair and Effective Markets Review (FEMR), which called for the creation of FMSB. He joined the Bank of England from Morgan Stanley in London, where he was a Managing Director and held several senior roles over a 24-year career.
Stephen has been a Director of Financial Markets Standards Board Limited since December 2018.
Stephen is the Chair and founder of Quantile Technologies Limited, which provides portfolio risk management services for derivative markets. He is the Chair of HSBC Bank plc and was a Non-Executive Director of London Stock Exchange Group plc until August 2021.
He was a Non-Executive Director of GE Capital International Holdings Ltd between 2015 and 2017 and of the International Swaps and Derivatives Association (ISDA) between 2009 and 2014 including three years as Chair. He was also the Chair of OTC Deriv Ltd between 2001 and 2011. Stephen was at Morgan Stanley for 25 years where he was a Managing Director and Member of the Fixed Income Division Management Committee. Stephen is a qualified Chartered Accountant.
Our team – the FMSB Secretariat
The FMSB team is made up of dedicated personnel with many years of experience in the financial world.
Chief of Staff
Alison joined FMSB in November 2018. As Chief of Staff, she manages the day-to-day operations of the Secretariat and the business of Financial Markets Standards Board Limited, and provides support to the various FMSB governance fora. Alison read Law at Edinburgh University and then qualified as a Chartered Accountant while at Coopers and Lybrand, before moving to Credit Suisse First Boston (CSFB) where she became the Global Head of Compensation and Executive Compensation. After leaving CSFB, she undertook various freelance compensation consultancy roles, ran various private property businesses and was a partner in her family farming business.
Carol joined FMSB in March 2020 and supports the Chair and Chief Executive Officer. She also assists the Chief of Staff and Secretariat with event planning and management, and special projects.
Carol has an extensive background in board and senior-level support and event management, most recently at Morgan Stanley.
She read Italian at the University of Reading.
General Counsel and Head of Standards
Chris is FMSB’s General Counsel and Head of Standards and has overall responsibility for all FMSB Working Groups and their publications. Since joining FMSB in April 2020 following a secondment from Linklaters, Chris has played a key role in delivering Standards, Statements of Good Practice and Spotlight Reviews on a broad range of topics including the execution of large trades, data sharing in a new issuance context, use of Term SONIA reference rates, LIBOR conduct risks and the development of risk management frameworks for hybrid working. He is also overseeing FMSB’s nascent and ongoing work on ESG, electronic trading and post-trade processes.
Prior to joining FMSB, Chris spent nine years at Linklaters in the Financial Regulation Group advising a wide range of investment banks, market infrastructure providers and buy-side institutions on numerous areas of UK and European financial regulation. In the fixed income, currencies and commodities space, he has worked on investigations into misconduct in FX businesses and subsequent remediation exercises. During his time at Linklaters, Chris undertook secondments at RBS, Deutsche Bank and BNP Paribas and has recently completed an Executive LLM in international financial law and regulation at the London School of Economics.
Ellie joined FMSB in April 2022 for a six-month secondment from EY, where she is a Financial Services Risk Management Consultant with a focus on Capital Markets and Commercial Risk. Ellie also has previous experience with Wealth and Personal Banking at HSBC.
In 2021, Ellie graduated from the University of Bristol with First Class Honours in BSc Economics, with a year studying in Bordeaux, France.
Ellie works closely with Chris Rich, FMSB’s General Counsel, and the Senior Technical Specialists to support in various workstreams, with a focus on Precious Metals.
Janie joined FMSB in October 2021 as maternity leave cover. Reporting to the Chief of Staff, Janie provides operational support to the FMSB Secretariat, including membership and meeting logistics.
Janie spent 10 years at Deutsche Bank working within the Equity Capital Markets team, followed by a further 10 years in Corporate Broking / Investor Relations at Citi, Deutsche Bank and Peel Hunt.
Senior Technical Specialist
Mimi Yan joined FMSB in March 2022. Mimi has over a decade of experience in regulatory policy change across Capital Markets structuring, Risk, and Treasury functions.
Following her BA (Hons) in Law from Trinity College, Cambridge, Mimi began her career at Bank of America Merrill Lynch first in M&A financing, and then as a hybrid bond structurer in Debt Capital Markets, predominantly covering financial institution clients.
At Credit Suisse, Mimi served as acting head of EMEA Treasury Capital, before transferring to the Zurich office. There, she was global lead for Recovery Planning at Credit Suisse, working closely with Risk, global desk heads, chief operating officers and regulators, including FINMA, PRA, HKMA.
Mimi most recently took an LLM in Law at Birkbeck University, focusing on Regulation, Data Privacy and Intellectual Property.
Mimi works closely with Chris Rich, FMSB’s General Counsel, on the development of the various FMSB publications, including supporting outputs from the Spreads, Rates, ESG and Post-Trade workstreams as well as the Legal Working Group.
Sam joined FMSB in January 2020. Reporting to the Chief of Staff, Sam provides operational support to the FMSB Secretariat, including membership and logistics.
Sam has experience supporting at board level, as Business Assistant & Company Secretarial Assistant. Prior to joining FMSB, Sam worked in the latent defects insurance sector for CRL Management Limited.
Senior Technical Specialist
Ted MacDonald joined FMSB in February 2022. He is a financial services practitioner having held senior roles in business origination, risk management, board-level governance, and more recently, regulation. He has helped transform banking teams and whole organisations and led major change initiatives for the UK Financial Conduct Authority. With a solid reputation for thought leadership and strategic thinking, he has also found time for mentoring staff at junior and middle management levels.
Following 35 years of intense industry responsibility, he joined the FCA in 2014 as an Advisor and stayed on as a Technical Specialist in Conduct & Culture. He published five thematic reviews and led their flagship ‘5 Conduct Questions’ program. This included the CEO Roundtable sessions on Leader Character, Corporate Purpose, Diversity & Inclusion and Psychological Safety. Most of his activity in conduct and culture has included elements of behavioural psychology.
Ted is a fully accredited Mediator and maintains strong links with academia including his favourite role as an unofficial ambassador for the Ivey Business School and the Leader Character Program. He relocated to London from Toronto in 1990.
Ted works closely with Chris Rich, FMSB’s General Counsel, supporting the development of qualifications and thought leadership workstreams.
Head of Communications
A Reuters-trained journalist, Vic joined FMSB in February 2022 having worked across the media and financial sectors for more than 15 years, including at Deloitte, ITV, Thomson Reuters, Refinitiv and London Stock Exchange Group.
A former director in Thomson Reuters’ Innovation group, Vic moved to support Refinitiv’s CEO and leadership team ahead of its acquisition by the London Stock Exchange Group in February 2020.
She has a master’s degree in criminology from Wolfson College, Cambridge University, is an advisor to the charity Urban Synergy and a Board member of the International Association of Business Communicators, UKI.