Who We Are

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 FICC market.

Member Firms

Full Members
Australia and New Zealand Banking Group Limited
BAE Systems
Bank of America Merrill Lynch
BNP Paribas
BNY Mellon
Citadel Securities
Citigroup Global Markets Limited
Crédit Agricole CIB
Credit Suisse
Deutsche Bank
Goldman Sachs
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
NatWest Group
Rio Tinto
Royal Bank of Canada
Royal Dutch Shell
Royal Mail Group
Société Générale
Standard Chartered
Standard Life Aberdeen
XTX Markets

Associate Members
Euronext FX Inc.

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

FMSB memberships

There are five levels of FMSB membership: Full; Associate; Corporate; Partner; and Individual. 


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

More information about adherence

Advisory Council

NameCompany Name
Jonathan SladeAstraZeneca
Raj PataraBAE Systems
C.S. (Venkat) VenkatakrishnanBarclays
Stewart CoxBHP
Patrick OlsonBlackRock
Arne GroesBNP Paribas
Alan HaywoodBP
Paul HamillCitadel Securities
James BardrickCitigroup Global Markets Limited
Walid AssafCrédit Agricole CIB
Nick LovettCredit Suisse
James EspositoGoldman Sachs
Georges ElhederyHSBC
Guy AmericaJ.P. Morgan
Sonja LaudLegal & General Investment Management
Michael KentLinklaters (Legal Advisor)
Mark GrantLloyds Banking Group
Raffaele JerusalmiLSE Group
Jim LeavissM&G Investment Management Limited
Clare WoodmanMorgan Stanley & Co. International plc
Drew BradfordNational Australia Bank
Kieran HigginsNatWest Group
Andrew BowleyNomura
Neill PenneyRefinitiv
Abel Martins AlexandreRio Tinto
David ThomasRoyal Bank of Canada
Russell O’BrienRoyal Dutch Shell
Stuart SimpsonRoyal Mail Group
Antoine BroquereauSociété Générale
Bruno LettichStandard Chartered
Rod ParisStandard Life Aberdeen
Nicolas BreteauTP ICAP
Simon MaiseyTradeWeb
Federica MazzucatoUBS
Jamie SteadVodafone
Zar AmroliaXTX Markets
Kathleen J. YohIndependent Member

Partner Members

NameCompany Name
Caroline StockmannAssociation of Corporate Treasurers
Karim HajiKPMG
Christian EdelmannOliver Wyman
Luke EllisStandards Board for Alternative Investments

Standards Board

NameCompany Name
Paul MooreAustralia and New Zealand Banking Group Limited
Bryant ParkBank of America Merrill Lynch
Paul MatherneBNY Mellon
Filippo ZorzoliBarclays
Stewart CoxBHP
Daniel MaystonBlackRock
James PhelpsBloomberg
Alex BenechBNP Paribas
Paul MatherneBNY Mellon
Mark MeredithCitigroup Global Markets Limited
David WayneDeutsche Bank
James KempGlobal Financial Markets Association
Patrick StreetGoldman Sachs
Chris SalmonHSBC
Karim AwenatInvesco
Charles BristowJ.P. Morgan
Colin ReedieLegal & General Investment Management
Michael KentLinklaters (Legal Advisor)
Rob HaleLloyds Banking Group
Fabrizio TestaLondon Stock Exchange Group
Jim LeavissM&G Investment Management Limited
Christopher GoodMorgan Stanley & Co. International plc
Anthony DeaganNational Australia Bank
Matthew ReaderNomura
Abel Martins AlexandreRio Tinto
Christophe CoutteRoyal Bank of Canada
Russell O’BrienRoyal Dutch Shell
Craig MacDonaldStandard Life Aberdeen
Enrico BruniTradeWeb
Ciara QuinlanUBS
Jamie SteadVodafone
Zar AmroliaXTX Markets
David TaitIndependent Member

Partner Members

NameCompany Name
James WintertonAssociation of Corporate Treasurers
Alison CottrellBanking Standards Board
Peter RothwellKPMG
Catherine BrownOliver Wyman
Thomas DeinetStandards Board for Alternative Investments

Committees, Sub-Committees & Working Groups

Find out about our Work in progress

Market Practices Sub-Committees

Fixed Income, Rates Products
Charles Bristow, Chair

Fixed Income, Spread Products
Jonathan Brown, Chair

James Kemp, Chair

Metals Working Group – David Tait, Chair

Energy Working Group – Jonathan Hill, Chair

BCA Committee

David Flowerday, Chair

Conduct & Ethics Sub-Committee

Tracey McDermott, Chair

Conduct & Ethics Working Groups

First Line of Defence – Chair TBD
Conduct & E-Commerce – Chris Dickens, Chair
Conduct & Ethics Conflicts of Interest – Mandy DeFilippo, Chair
Remote Working Risks & Controls – Rosie Murphy Williams

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

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 and 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.
Josie Hutchins – Facilitating the Energy Working Group.
James Lewis – Member of the IBOR Transition Working Group.
James Maycock – Facilitating the Energy Working Group.
Lucas Ocelewicz – Member of the Electronic Trading and Technology Committee, and the Conduct and Ethics Sub-Committee. Lucas is also a member of both the Algorithmic Governance and Conduct and E-Commerce Working Groups.
Richard Peace – Facilitating Energy Working Group.
Peter Rothwell – Partner Member of the FMSB Standards Board.

Oliver Wyman

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, and the Algorithmic Governance Working Group.
Jennifer Tsim – Member of the Conduct and Ethics Sub-Committee.

FMSB Limited

FMSB 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 FICC Market Standards Board Limited are BDO LLP. FICC Markets Standards Board Limited is a not-for-profit organisation funded by member subscriptions.

Mark Yallop (Chair & Director)

Mark joined FMSB in May 2016 and is the Chair and a Director of FMSB Limited and the Chair of both the FMSB Advisory Council and 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. 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.

Charles Nichols (Senior Independent Director)

Charles is the Senior Independent Director of FMSB Limited and has been a Director since January 2017.

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.

Niki Beattie (Director)

Niki Beattie has been a Director of FMSB 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 currently Chair of both XTX Markets Limited, a quantitative-driven electronic market-maker, and Aquis Exchange PLC, a pan-European MTF, as well as a non-executive director of IRESS, a listed Australian financial technology company, and Kepler Cheuvreux International, the French brokerage company.

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 (Director)

Michael has been a Director of FMSB Limited since March 2019.

Michael is the Chair of the Association for Financial Markets in Europe (AFME) and Chair of the Chartered Institute for Securities and Investment (CISI). AFME is the trade association for leading global and European banks and other significant capital market participants, and 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.

Philippa Foster Back CBE (Director)

Philippa Foster Back CBE has been a Director of FMSB Limited since June 2020. Until April 2020 she was as 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 a non-executive director of the CISI Board as well as a member of its Integrity Forum, until July 2020, when she will step down.

Edward Ocampo (Director)

Edward has been a Director of FMSB Limited since March 2019.

Edward is 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 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 O’Connor (Director)

Stephen has been a Director of FMSB 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 a Non- Executive Director of London Stock Exchange Group plc.

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.

Martin Pluves (Chief Executive Officer & Director)

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

Martin was appointed CEO for LCH Ltd in 2015 and during his time was responsible for its global operations in Australia, Japan, Sri Lanka, Bangalore, New York and 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.

Before his appointment as CEO, Martin was the COO. He led a number of key strategic initiatives, including the programme to integrate the 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 COO 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 its financial services practice in a variety of positions, including latterly as Partner.

Our Team – the FMSB Secretariat

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

Alison Parker (Chief of Staff)

Alison joined FMSB in November 2018. As 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 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 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.

Christopher Rich (General Counsel)

Chris joined FMSB as General Counsel on 1 April 2020, following a secondment from Linklaters where he was a Managing Associate in the Financial Regulation Group.

While at Linklaters, Chris 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 FX businesses and subsequent remediation exercises. Additionally, he was heavily involved in assisting an array of market participants on all aspects of their MiFID II implementation, including the extension of transparency requirements to FICC markets and the new algorithmic and high-frequency trading requirements. More generally, Chris has advised market participants on the Market Abuse Regulation, best execution compliance and the conduct and regulatory risks associated with IBOR transition.

During his time at Linklaters, Chris also undertook secondments at RBS, Deutsche Bank and BNP Paribas and is currently completing an Executive LLM in international financial law and regulation at the London School of Economics.

Samantha Smith (Secretariat Support)

Sam Smith joined FMSB in January 2020. Reporting to the Chief of Staff, as a member of the FMSB Secretariat Sam provides support to the governance of FMSB Limited, Advisory Council, Standards Board, and Adherence Oversight Committee (when needed). Sam also supports FMSB operations.

Sam has vast experience supporting at board level, as Business Assistant & Company Secretarial Assistant, most recently in the latent defects insurance sector for CRL Management Limited.