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Financial Markets Standards Board: A Change Agent at the Heart of Wholesale Financial Markets

Financial Markets Standards Board: A Change Agent at the Heart of Wholesale Financial Markets

by Christopher Rich, Ted MacDonald

May 15, 2022


The need to bring people to the table to agree a way forward, virtually or in person, has never been more important. It’s what Financial Markets Standards Board (FMSB) has been doing for the wholesale fixed income, currencies and commodities markets since its inception in 2015. Collaboration, education and internationalisation are the watchwords of this unique body that looks not only at misconduct but the behaviours that drive it – and ways to interrupt history repeating itself.

Step back to 2015 and the UK’s Fair and Effective Markets Review (FEMR) describing a ‘regulatory void’ between high-level principles and granular operational rules which needed to be filled with clearer guidance for market participants.1 It also noted the opportunity to address conduct risks arising in unregulated markets. To achieve this, FICC Markets Standards Board Limited (FMSB) was created: a private sector, market-led organisation.2 The name was updated in Q2 2022 to replace FICC with ‘Financial’ to reflect the changing market.

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