Who We Are

Member Firms

Full Members
AstraZeneca
Australia and New Zealand Banking Group Limited
BAE Systems
Bank of America Merrill Lynch
Barclays
BHP
BlackRock
Bloomberg
BNP Paribas
BNY Mellon
BP
Citadel Securities
Citigroup Global Markets Limited
Crédit Agricole CIB
Credit Suisse
Deutsche Bank
Goldman Sachs
HSBC
Invesco
J.P. Morgan
Legal & General Investment Management
Linklaters (Legal Advisor)
Lloyds Banking Group
London Stock Exchange Group
M&G Investment Management Limited
Morgan Stanley & Co. International plc
National Australia Bank
Nomura
RBS
Refinitiv
Rio Tinto
Royal Bank of Canada
Royal Dutch Shell
Royal Mail Group
Société Générale
Standard Chartered
Standard Life Aberdeen
TP ICAP
Tradeweb
UBS
Vodafone
XTX Markets

Associate Members
Euronext FX Inc.
MarketAxess
Tradition

Partner Members
Association of Corporate Treasurers
Banking Standards Board
KPMG
Oliver Wyman
Standards Board for Alternative Investments

 

Advisory Council

 

Name Company Name
Jonathan Slade AstraZeneca
Raj Patara BAE Systems
C.S. (Venkat) Venkatakrishnan Barclays
Stewart Cox BHP
Patrick Olson BlackRock
Arne Groes BNP Paribas
Alan Haywood BP
Paul Hamill Citadel Securities
James Bardrick Citigroup Global Markets Limited
Walid Assaf Crédit Agricole CIB
Nick Lovett Credit Suisse
James Esposito Goldman Sachs
Samir Assaf HSBC
Guy America J.P. Morgan
Sonja Laud Legal & General Investment Management
Robert Elliot Linklaters (Legal Advisor)
Mark Grant Lloyds Banking Group
Raffaele Jerusalmi LSE Group
William Nicoll M&G Investment Management Limited
Clare Woodman Morgan Stanley & Co. International plc
Drew Bradford National Australia Bank
Jonathan Lewis Nomura
Kieran Higgins RBS
Neill Penney Refinitiv
Abel Martins Alexandre Rio Tinto
David Thomas Royal Bank of Canada
Russell O’Brien Royal Dutch Shell
Stuart Simpson Royal Mail Group
Antoine Broquereau Société Générale
Bruno Lettich Standard Chartered
Rod Paris Standard Life Aberdeen
Nicolas Breteau TP ICAP
Simon Maisey TradeWeb
Federica Mazzucato UBS
Zar Amrolia XTX Markets
Kathleen J. Yoh Independent Member

Partner Members

Name Company Name
Caroline Stockmann Association of Corporate Treasurers
Colette Bowe Banking Standards Board
Karim Haji KPMG
Christian Edelmann Oliver Wyman
Amelia Fawcett Standards Board for Alternative Investments

Standards Board

Name Company Name
Paul Moore Australia and New Zealand Banking Group Limited
Graham Hill Bank of America Merrill Lynch
Paul Matherne BNY Mellon
Filippo Zorzoli Barclays
Stewart Cox BHP
Jane Sloan BlackRock
Alex Benech BNP Paribas
Brian Oliver Citadel Securities
Mark Meredith Citigroup Global Markets Limited
David Wayne Deutsche Bank
James Kemp Global Financial Markets Association
Patrick Street Goldman Sachs
Chris Salmon HSBC
Karim Awenat Invesco
Charles Bristow J.P. Morgan
Colin Reedie Legal & General Investment Management
Michael Kent Linklaters (Legal Advisor)
Fabrizio Testa London Stock Exchange Group
William Nicoll M&G Investment Management Limited
Christopher Good Morgan Stanley & Co. International plc
Anthony Deagan National Australia Bank
Matthew Reader Nomura
Abel Martins Alexandre Rio Tinto
Christophe Coutte Royal Bank of Canada
Russell O’Brien Royal Dutch Shell
Craig MacDonald Standard Life Aberdeen
Enrico Bruni TradeWeb
Ciara Quinlan UBS
Zar Amrolia XTX Markets
Marc Bailey Independent Member
Catherine Bradley Independent Member
David Tait Independent Member

Partner Members

Name Company Name
James Winterton Association of Corporate Treasurers
Alison Cottrell Banking Standards Board
Peter Rothwell KPMG
Catherine Brown Oliver Wyman
Thomas Deinet Standards Board for Alternative Investments

Committees, Sub-Committees & Working Groups

Market Practices Sub-Committees

Fixed Income, Rates Products
Charles Bristow, Chair

Fixed Income, Spread Products
Jonathan Brown, Chair

Currencies
James Kemp, Chair

Commodities
Metals Working Group – David Tait, Chair

Energy Working Group – Phil Llewellyn, Chair

BCA Committee

David Flowerday, Chair

Conduct & Ethics Sub-Committee

Chair TBD

Conduct & Ethics Working Groups

First Line of Defence – Chair TBD
Conduct & E-Commerce – Chris Dickens, Chair
Conduct & Ethics Conflicts of Interest – Mandy DeFilippo, Chair

Electronic Trading & Technology Committee

Co-Chairs – Zar Amrolia & Ciara Quinlan
Algo Governance Working Group – Ciara Quinlan, Chair
Trading Platforms Working Group – Zar Amrolia, Chair

Large Trades Working Group

Michael Dawson, 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 and documents.

Deloitte

David Strachan – Member of the Surveillance Working Group and contributed to the drafting of the Statement of Good Practice for Surveillance in Foreign Exchange Markets

EY

Stuart Crotaz – Member of the 1st Line of Defence Working Group
Pierre Pourquery – Member of the 1st Line of Defence Working Group
Mark Selvarajan – Member of the Conduct & E-Commerce Working Group member

KPMG

Roger Acton – FMSB Secretariat Secondee (former) and a current member of the Conduct & Ethics Sub-Committee including a number of the associated Working Groups
Andrew Davidson – Codes & Standards Convergence Sub-Committee member
Karim Haji – Partner Member of the FMSB Advisory Council and former member of the FMSB Board, the Conduct & Ethics Sub-Committee and the Surveillance Working Group. Karim contributed to the drafting of the Statement of Good Practice for Surveillance in Foreign Exchange Markets and to the BCA booklet as well as to the Conduct Risk in Market Transactions Statement of Good Practice
Matthew Jarman – FMSB Secretariat Secondee (former)
Peter Rothwell – Partner Member of the FMSB Board
Bill Michael – former Partner Member of the FMSB Advisory Council
Callum Nasim – 1st Line of Defence Working Group member
Lucas Ocelewicz – Member of the Electronic Trading and Technology Committee and of the Conduct & Ethics Sub-Committee. Lucas is also a member of both the Algo Governance and Conduct & E-Commerce Working Groups.
Peter Rothwell – Partner Member of the FMSB Board
James Sedgwick – FMSB Secretariat Secondee (former)

Linklaters

In addition to being the legal advisors to FMSB, Linklaters team members have provided significant and valuable contributions to the drafting of our Standards and Statements of Good Practice. Michael Kent, who is also the legal advisor to our Board, leads the Linklaters team.

Macfarlanes LLP

Dan Lavender assisted with analysis of the FMSB BCA research and database
Laura Strickland-Palmer assisted with analysis of the FMSB BCA research and database

Oliver Wyman

Catherine Brown – Partner Member of the FMSB Standards Board, member of the Commodities Sub-Committee and member of the BCA Committee. Catherine contributed to the drafting of the BCA booklet and to the Conduct Risk in Market Transactions Statement of Good Practice
James Davis – Member of the Conduct & Ethics Emerging Risks Working Group
Christian Edelmann – Partner Member the FMSB Advisory Council
Serge Gwynne, former Partner Member of the FMSB Standards Board and former member of the Commodities Sub-Committee and the BCA Committee. Serge contributed to the drafting of the Binary Options standard for the Commodities Markets. He also contributed to the drafting of the BCA booklet and to the Conduct Risk in Market Transactions Statement of Good Practice.
Hiten Patel – Member of the Electronic Trading and Technology Committee and the Algo Governance Working Group
Nick Studer – former Partner Member for the FMSB Advisory Council
Jennifer Tsim – Member of the Conduct and Ethics Sub-Committee and the Conduct & Ethics Emerging Risks Working Group.
Marine Warsmann, FMSB Secretariat Secondee (former)

PwC

Rukshan Permal – Member of the Surveillance Working Group and contributed to the drafting of the Statement of Good Practice for Surveillance in Foreign Exchange Markets

Wachtell, Lipton, Rosen & Katz

David B. Anders assisted with analysis of the FMSB BCA research and database
Ian Boczko assisted with analysis of the FMSB BCA research and database

Our Team

The FMSB team is made up of dedicated personnel with years of experience in the financial world.

Mark Yallop (Chair)

Mark is the Chair of FICC Markets Standards Board (FMSB) Limited, FMSB Advisory Council, and FMSB Standards Board. He is also an External Member on the Bank of England’s Prudential Regulation Committee, and Financial Market Infrastructure Board. 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. During this time, he built the electronic markets and post-trade businesses of the firm, managed the Group’s infrastructure, and contributed significantly to the firm’s growth and diversification of its business strategy. From 2009 to 2011 he also led a number of initiatives to develop industry and regulatory responses to the 2008 financial crisis.

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.

Previously, Mark has served on the board of the International Swaps and Derivatives Association (ISDA), as well as numerous other financial services industry bodies and working groups. He has also served on the Board of the Centre for Social Justice, the Create the Change campaign board for the Francis Crick Institute, and chaired the Development Board for University College, Oxford.

Mark read Chemistry at University College, Oxford from 1978 to 1982.

Martin Pluves (Chief Executive Officer)

Martin joined FMSB as Chief Executive Officer on 1 November 2019, joining from LCH Ltd where he was the CEO.

Martin was appointed as CEO for LCH Ltd in 2015 and during his time there was responsible for its global operations in Australia, Japan, Sri Lanka, Bangalore and New York as well as in London, and for its relationships with 42 international financial services regulators and central banks, including the Bank of England as lead regulator. During his tenure, LCH Ltd enjoyed a period of record growth in revenues and margins and delivered a significant programme of improvement in the resilience and stability of its critical operations.

Prior to his appointment as CEO of LCH Ltd, Martin was Chief Operating Officer, responsible for the day-to-day running and governance of the central counterparty clearing house (CCP). He chaired the Management Committee and led a number of key strategic initiatives, including the programme to integrate CCP with the London Stock Exchange Group post acquisition of a majority shareholding, and all liaison with the Bank of England Market Supervisory team.

He has also held the positions of Group Head of Regulatory Change for LCH Clearnet Group and Chief Operating Officer for ForexClear, after holding various technology management positions in the LCH group of companies between 2009 and 2015.

From 1995 to 2009 Martin was at PA Consulting Group in their financial services practice in a variety of positions including latterly as Partner.

Martin read Computing at Loughborough University of Technology and completed the Program for Leadership Development (PLD) at Harvard Business School.

Rupak Ghose (Senior Advisor)

Rupak is leading the FMSB work on FICC market structure and the impact of regulatory and technological change on the fairness and effectiveness of wholesale FICC markets.

Rupak has more than 15 years’ experience in FICC market structure. He was Head of Corporate Strategy for ICAP/NEX for the last 6 years providing advice on strategic direction, market structure change, customer/competitor landscape, new business ventures and M&A. He was a trusted counsellor on the dramatic transformation of the business from interdealer broker to focused financial technology firm and the ultimate sale of the businesses. During his time at ICAP/NEX he worked closely with the PLC Board, customers, product teams, external advisors and shareholders.

Prior to this Rupak spent more than a decade at Credit Suisse as an equity research analyst where he was Top 3 ranked on numerous occasions by buy side clients in Institutional Investor and other surveys for his coverage of asset managers, exchanges and other capital markets focused companies.

Christopher Rich (Secondee)

Chris is a Managing Associate in the Financial Regulation Group at Linklaters. Since joining the firm in 2011 he has advised a wide range of investment banks, market infrastructure providers and buy-side institutions on numerous areas of UK and European financial regulation. In the FICC space, he has worked on investigations into misconduct in the FX business and subsequent remediation exercises. Additionally, he was heavily involved in assisting market participants in their MiFID II implementation, in particular focussing on the extension of transparency requirements to the FICC markets and the new algorithmic and high frequency trading requirements. More generally, Chris has advised market participants on the Market Abuse Regulation, the new rules applying to CSDs and their participants, best execution compliance and the conduct and regulatory risks associated with the IBOR transition. During his time at Linklaters, Chris has been on secondments to Deutsche Bank and BNP Paribas and is currently completing an Executive LLM in international financial law and regulation at the LSE.

Ossie Fikret

Ossie Fikret (Secondee)

Ossie is an Associate in the Financial Regulation Group at Linklaters, having joined the firm in March 2014. He qualified as a solicitor in March 2016 and has advised financial institutions on both contentious and non-contentious matters. In relation to the former, his experience encompasses both PRA and FCA enforcement activity across the retail and wholesale space. This has included investigations in relation to purported breaches of the market abuse regulation, anti-money laundering/financial crime requirements and the Principles for Businesses. He has previously been seconded to two retail banks and prior to joining Linklaters he spent a number of years working for several backbench Members of Parliament.

Alison Parker (Chief of Staff)

Alison Parker joined in November 2018. As the Chief of Staff, she oversees the operations side of the business, supports the FMSB Secretariat and manages various projects.

Alison read Law at Edinburgh University and then qualified as a Chartered Accountant whilst 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.

Hanna Mutawa (Administrative Support)

Hanna Mutawa joined FMSB in May 2017 from W4i Investment Advisory Limited. At W4i she supported the company directors and managed the office. Hanna has also held administrative and Human Resource positions at Hope Charity and at Shell Exploration and Production.