This page sets out information about our Member firms, our decision-making forums, and our central team. Membership is designed to be representative of the global wholesale financial markets.

Member Firms

Advisory Council

Standards Board

Committees & Working Groups

Pro Bono Support


FMSB Secretariat

Member firms

Full Members
Australia and New Zealand Banking Group Limited
Bank of America
BNP Paribas
BNY Mellon
Citigroup Global Markets Limited
Commonwealth Bank of Australia
Crédit Agricole CIB
Deutsche Bank

Full Members
DTCC Europe Limited
Goldman Sachs

J.P. Morgan
Linklaters (Legal Advisor)
Lloyds Bank Corporate Markets plc
Moody’s Corporation
Morgan Stanley & Co. International plc
National Australia Bank
NatWest Markets
Royal Bank of Canada
Santander CIB

Full Members
Société Générale
Standard Chartered
USS Investment Management
Westpac Banking Corporation

Corporate Members
BAE Systems
Rio Tinto
Royal Mail Group
Shell plc

Associate Members
Mizuho International plc
XTX Markets

Partner Members
Oliver Wyman
Starling Trust Sciences, LLC
World Gold Council

Affiliate Members
Association of Corporate Treasurers
Australian Financial Markets Association 
Standards Board for Alternative Investments 

There are five types of FMSB membership:
Full, Associate, Corporate, Partner or Affiliate

Full Member

Active users of financial markets, such as commercial banks, investment banks, custodians, intermediaries, exchange operators, other financial services infrastructure providers, asset managers, pension funds or hedge funds or private equity are eligible.

Submission of yearly Statement of Commitment which confirms that the firm is adhering to the FMSB Standards relevant to their activities and business profile.

Associate Member

Active users of financial markets, such as commercial banks, investment banks, custodians, intermediaries, exchange operators, other financial services infrastructure providers, asset managers, pension funds or hedge funds or private equity are eligible.

Submission of yearly Statement of Commitment which confirms that the firm is adhering to the FMSB Standards relevant to their activities and business profile which may be limited to Standards developed by Working Group(s) in which the Associate Member has been eligible to participate at their election.

Corporate Member

Corporate issuers active in primary and/or secondary markets but whose primary business is not financial markets are eligible, and other bodies deemed to be eligible by the Board.

Submission of yearly Statement of Commitment which confirms that the firm is adhering to the FMSB Standards relevant to their activities and business profile.

Partner or Affiliate Member

Persons interested in the financial markets who are not eligible to be a Full, Associate or Corporate Member, may be invited by the Board on the recommendation of the Chair or the CEO, to apply to be either a Partner Member or an Affiliate Member.

Partner or Affiliate Members are not required to submit a yearly Statement of Commitment.

Download a copy (PDF) of the FMSB membership types:

Advisory Council

Name Company Name
Gareth Murphy abrdn
Paul Moore Australia and New Zealand Banking Group Limited
Jonathan Slade AstraZeneca
Raj Patara BAE Systems
Muraari Vasudevan Bank of America
Filippo Zorzoli Barclays
Stewart Cox BHP
Jatin Vara BlackRock
Joe McHale Bloomberg L.P.
Hubert De Lambilly BNP Paribas
David McAnany BNY Mellon
Colin Adams BP
James Bardrick Citigroup Global Markets Limited
Chris Mclachlan Commonwealth Bank of Australia
Walid Assaf Crédit Agricole CIB
David Wayne Deutsche Bank
Michalis Sotiropoulos DTCC Europe Limited
Patrick Street Goldman Sachs
Richard Blackburn HSBC
Pranav V Thakur J.P. Morgan
Michael Kent Linklaters (Legal Advisor)
Nick Hughes Lloyds Bank Corporate Markets plc
Christopher Beatty Morgan Stanley & Co. International plc
David Bateman National Australia Bank
Donal Quaid NatWest Group
John Goff Nomura
David Niotakis Rio Tinto
David Thomas Royal Bank of Canada
Michael Bagguley Santander CIB
Sam Critchlow Shell plc
Mohamed Braham Société Générale
Bruno Lettich Standard Chartered
Christophe Patricot UBS
Ben Clissold USS Investment Management
Max Bulloch Westpac Banking Corporation

Partner and Affiliate Members

Name Company Name
Annette Spencer Association of Corporate Treasurers
Brett Harper Australian Financial Markets Association
Karim Haji KPMG
Christian Edelmann Oliver Wyman
Stephen Scott Starling Trust Sciences, LLC

Standards Board

Name Company name
Louise Drummond abrdn
Paul Moore Australia and New Zealand Banking Group Limited
Mauricio Sada-Paz Bank of America
Tyler Wellensiek Barclays
Stewart Cox BHP
Daniel Mayston BlackRock
Wayne Barlow Bloomberg L.P.
Alexandre Benech BNP Paribas
Rosie Murphy Williams BNY Mellon
Mark Meredith Citigroup Global Markets Limited
Mark Baillie Commonwealth Bank of Australia
Daniel Morley Deutsche Bank
Michalis Sotiropoulos DTCC Europe Limited
James Kemp Global Financial Markets Association
Nikhil Choraria Goldman Sachs
Chris Dickens HSBC
Karim Awenat Invesco
Tom Prickett J.P. Morgan
Michael Kent Linklaters (Legal Advisor)
Rob Hale Lloyds Bank Corporate Markets plc
Daniel Aksan Morgan Stanley & Co. International plc
Hugh Whitworth National Australia Bank
Phil Lloyd NatWest Markets
David Niotakis Rio Tinto
Christophe Coutte Royal Bank of Canada
Jan Lundstrom Santander CIB
Bruno Lettich Standard Chartered
Hannah Falth UBS
Ben Clissold USS Investment Management
Andrew Martin Westpac Banking Corporation

Partner and Affiliate Members

Name Company name
James Winterton Association of Corporate Treasurers
Brendon Harper Australian Financial Markets Association
Peter Rothwell KPMG
Catherine Brown Oliver Wyman
Thomas Deinet Standards Board for Alternative Investments
Erich Hoefer Starling Trust Sciences, LLC
David Tait World Gold Council

Committees & Working Groups

Market Practices

Market Practices Committee – Kieran Higgins, Chair

Pre-Hedging Working Group – David Morris, Chair

Conduct & Ethics

Conduct & Ethics Committee – Tracey McDermott CBE, Chair

Front Office Supervision – Chris Dickens, Chair

Electronic Trading & Technology

Electronic Trading & Technology Committee – Daniel Mayston, Chair


ESG Committee – Caroline Haas, Chair

Sustainability-Linked Products Working Group – Caroline Haas, Chair


Post Trade Committee – David Hudson, Chair

Client Onboarding Working Group – Siobhan Clark, Chair

Non-Economic Trade Data Working Group – Tim Mcleod, Chair

Uncleared Margin Working Group – Warren Rees, Chair

Michael Kent, Chair


Our Members are expected to adopt FMSB Standards in their businesses (where relevant) and to evidence this through an annual Statement of Commitment.

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. This includes KPMG, Oliver Wyman and World Gold Council.

Financial Markets Standards Board Limited

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.

This a portrait image of Jonathan Moulds, CBE. He is wearing a suit and tie, looking directly at the camera and smiling.

Jonathan Moulds, CBE

Chair & Director

Jonathan joined Financial Market Standards Board (“FMSB”) in June 2023 as Chair and Director of FMSB Limited and Chair of the FMSB Advisory Council.

Having worked in the UK, US and Asia during his 25+ year executive career, Jonathan spent the majority of his career at Bank of America where he became head of Bank of America’s international businesses and subsequently European President of Bank of America Merrill Lynch and the CEO of Merrill Lynch International following the merger of the two companies in 2009.

Until December 2016, Jonathan was Group Chief Operating Officer at Barclays Plc. Since then, he has assumed a number of non-executive roles and is the Senior Independent Director and Chair of the Risk Committee at IG Group, the listed global leveraged trading platform, Chair of Citi’s International Broker Dealer CGML and Chair of Litigation Capital Management, a listed litigation finance provider focused on global commercial disputes.

During his executive career, Jonathan has been active in numerous industry bodies including as Chair of the International Swaps and Derivatives Association (ISDA), an inaugural Board member of the Association of Financial Markets in Europe (AFME) and a Board member of the Global Financial Markets Association (GFMA). He was the founding Chair of OTCDerivNet (the online clearing initiative for OTC products).

Jonathan has a long-standing commitment to music education, both from his experience as a player and benefactor. Among his many charitable interests, Jonathan is Chair of the Advisory and Development Boards of the London Symphony Orchestra (LSO).

In 2015, he received a CBE in the New Year’s Honours List for his philanthropic work for various charities including the LSO. He holds a first-class honours degree in mathematics from the University of Cambridge.

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, and was a non-executive director of the CISI Board as well as a member of its Integrity Forum until July 2020.

Charles Nichols

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, and is a former member of the Board of Trustees of the Unilever UK Pension Fund and Former Chair of its Investment and Funding Committee. Charles is also a Director of Jaguar Land Rover Automotive PLC and Chair of its Audit Committee.

Niki Beattie

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 a non-executive director of IRESS, a listed Australian financial technology company, and Chair of  ClearToken, a start-up that will introduce a clearing house to the digital asset marketplace. She was the Chair of Aquis Exchange PLC, a pan-European MTF, until 31 December 2021 and the Chair of XTX Markets Limited, a quantitative-driven electronic market-maker, until 30th September 2022.

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 Cole-Fontayn


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). CISI is the largest professional body for the securities and investment profession in the UK. He was the Chair of the Association for Financial Markets in Europe (AFME) from September 2015 until June 2021. He is also currently Master and The Merchant Taylors Company.  

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.

Myles McGuinness

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 Ocampo


Edward became a Director of Financial Markets Standard Board Limited in March 2019.

Edward is a Non-Executive Director and Chair of the Board Risk Committee at J.P. Morgan Securities plc. He is also an Independent Member of the ICE Swap Rate & Term Reference Rate Oversight Committee and an Affiliate of Rutter Associates LLC.

From 2018 to 2022 he was an Advisory Director at Quantile Technologies Limited and from 2014 to 2018 he was a Senior Advisor at the Bank of England. Previously at Morgan Stanley for 24 years where he held a number of senior roles and most recently was Head of Fixed Income Risk Management for EMEA and a Director of Morgan Stanley’s UK bank.

Edward received his MBA degree from Stanford University in 1983 and his AB degree in Economics from Princeton University in 1979.


Stephen O’Connor


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.

FMSB Secretariat

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

Alison Parker

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.

Capucine Bonabeau

EY Secondee

Capucine (Cap) joined FMSB in March 2024, on secondment from EY, and supports the development of various FMSB publications, particularly in the Conduct & Ethics and ESG workstreams.

Cap joined EY’s Sustainable Finance Transformation Consulting team in London in 2023. Prior to joining EY, she completed a MSc in Cognitive and Decision Sciences at UCL, simultaneously working as a research executive at Kantar Public in their Behavioural Practice, focusing on sustainability behaviours. Cap also holds a Bachelor’s in Arts and Sciences from UCL.

Carol Boag

Business Assistant

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.

Chris Rich

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.

Mimi Yan

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 holds an LLM (Distinction) in Law and New Technologies from Birkbeck, University of London, with a focus 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.

Samantha Smith

Secretariat Support

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.

Ted MacDonald

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.