This website provides materials and information related to the Fixed Income, Currencies and Commodities Markets Standards Board (FMSB).


The FICC Markets Standards Board (FMSB) is committed to sustaining the integrity of wholesale FICC markets.  The purpose of the FMSB is to define and sustain good practice standards for wholesale FICC markets and raise standards of behaviour, competence and awareness across those markets and among participants, thereby contributing to the fairness and effectiveness of these markets.

The FMSB is focused on addressing matters related to standards in wholesale FICC markets. Where these touch on or overlap with broader financial services issues or topics, the FMSB will not duplicate work or initiatives being addressed elsewhere. The FMSB practice recommendations and publications represent the views of its members.

Although initially established in the United Kingdom, the body will have international reach through its private sector membership and will, over time, seek opportunities to work with similar organisations and authorities in other jurisdictions.


The Fixed Income, Currency and Commodities (FICC) markets are fundamental to the global economy. Their influence reaches beyond the financial markets to governments, companies and consumers. However, public trust in these markets has been shaken in the wake of serious misconduct seen in recent years.

The Fair and Effective Markets Review (FEMR) was launched by the Chancellor of the Exchequer and the Governor of the Bank of England in June 2014 to reinforce confidence in the wholesale FICC markets and to influence the international debate on trading practices. The Review focused on those wholesale markets, both regulated and unregulated, where most of the recent concerns about misconduct have arisen. The Review was co-chaired by Minouche Shafik of the Bank of England, Martin Wheatley of the Financial Conduct Authority and Charles Roxburgh of HM Treasury. An independent Market Practitioner Panel (MPP) was established to contribute industry insight into the Review.

The Review aimed to establish a common understanding of what “fair and effective” means for FICC markets and to identify areas where the markets remain deficient. The Review highlighted four near-term actions:

  1. Raise standards, professionalism and accountability of individuals
  2. Improve the quality, clarity and market wide understanding of FICC trading practices
  3. Strengthen regulation of FICC markets in the United Kingdom
  4. Launch international action to raise standards in global FICC markets.

It also set out two principles to guide a more forward looking approach to FICC markets by promoting fairer FICC market structures and enhancing effectiveness as well as forward looking conduct risk identification and mitigation.

In the final report of the FEMR, the co-chairs stated:

We must find more collaborative ways to harness the technical knowledge and innovation of market participants, while using the powers available to the authorities to hold firms to their responsibilities”.

The Review concluded that FICC markets require stronger collective processes for identifying and agreeing standards of good market practice, consistent with regulatory requirements, that respond more rapidly to new market structures and trading patterns, apply to both traditional and new market players, and are more effectively monitored and adhered to within (and between) firms.

The Review called on senior leadership of FICC market participants to create a new FICC Markets Standards Board (FMSB) with participation from a broad cross-section of global and domestic firms and end-users at the most senior level.

This is consistent with the input from the MPP during the Review who felt strongly that creating an independent, respected body, representing the broad range of wholesale market participants would help establish an enduring culture of openness and dialogue.

Read about the FEMR Review on the Bank of England website:


Comments are closed.

Copyright ©2016 FICC Markets Standards Board