FICC Markets Standards Board

What FICC Markets Standards Board does

FICC Markets Standards Board (FMSB), legally Financial Markets Standards Board Limited, is an independent, not-for-profit standards-setting body founded in 2015 following the UK Fair and Effective Markets Review (FEMR). Headquartered in London, FMSB is wholly Member-funded and operates a small Secretariat (approximately 10-15 staff) that supports practitioner-led Committees and Working Groups. Its core purpose is to address gaps between formal regulation and actual market practices in wholesale Fixed Income, Currency, and Commodities (FICC) markets by publishing binding Standards, non-binding Statements of Good Practice (SoGPs), and Spotlight Reviews. Key named outputs include the Standard for Client Onboarding Documentation and Processes, the Standard for Sharing of Standard Settlement Instructions (SSIs) — recognized by the EU Industry Committee for T+1 — and the AI in Trading Spotlight Review.

Name

FICC Markets Standards Board

Legal name

Financial Markets Standards Board Limited

Website

https://fmsb.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

FICC Markets Standards Board is an independent, not-for-profit, member-funded standards body that publishes binding Standards, Statements of Good Practice, and Spotlight Reviews for wholesale Fixed Income, Currency, and Commodities markets. It serves 40+ global banks, asset managers, infrastructure providers, corporates, and regulators across the UK, EU, Australasia, and IOSCO.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Member Subscriptions: FMSB is a wholly independent, not-for-profit organization fully funded by its Members through annual subscriptions. The organization does not engage in lobbying activities that might compromise its convening role with regulators and firms.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

FMSB is an independent, not-for-profit, Member-funded standards body for wholesale FICC (Fixed Income, Currencies and Commodities) markets. It develops binding Standards, Statements of Good Practice, Spotlight Reviews, and Workplans through practitioner-led Committees and Working Groups, with the explicit purpose of addressing gaps between regulation and actual market practices and driving industry adherence to standards of good market conduct.

Product overview

FMSB is an independent, not-for-profit, Member-funded standards organization dedicated to fair and effective wholesale financial markets. Rather than a traditional software platform, FMSB's offerings consist of a portfolio of publications produced through Committees and Working Groups. The core products are: (1) FMSB Standards — binding standards that Members formally commit to adhere to; (2) Statements of Good Practice (SoGPs) — guidance on best practice without formal adherence requirements; (3) Spotlight Reviews — emerging issue analyses informing future work; and (4) Workplans — annual strategic priorities. Key named standards include the Standard for Client Onboarding Documentation and Processes, the Standard for Sharing of Standard Settlement Instructions (SSIs), the Standard for Execution of Large Trades in FICC markets, and guidance on Model Risk Management for Electronic Trading Algorithms. FMSB also provides a membership program enabling participation in standard-setting and regulatory engagement services through formal agreements with global regulators.

Differentiator

Problem solved

Functional benefit

Products and services

• FMSB Standards Binding standards of market practice that FMSB Members are formally committed to adhere to. Standards cover topics including client onboarding, SSI sharing, large trades execution, secondary market trading error compensation, reference price transactions, new issue processes, precious metals auctions, and binary options.
• Statements of Good Practice (SoGPs) Guidance reflecting FMSB's view of what constitutes best practice in particular areas. Members are expected to review and adapt their market practices to align with relevant SoGPs, though there is no formal adherence requirement. Topics include grey market trading, unauthorized trading frameworks, front office supervision, trading platform disclosures, conduct training, surveillance, conflicts of interest, model risk management for electronic trading algorithms, and sustainability-linked products.
• Spotlight Reviews Focused publications examining important emerging issues, drawing on Member and industry expert insight to highlight new challenges and inform topics for future work. Cover areas including AI in trading, carbon markets, ESG ratings, precious metals, remote working risks, the 3 Lines Model for risk management, and uncleared margin for OTC derivatives.
• Workplans Annual workplans outlining FMSB's strategic priorities, focus areas, and planned publications for the coming year. Developed through horizon scanning by Committees and approved by the Standards Board.
• Annual Reports Annual reports documenting FMSB's activities, achievements, and progress in delivering strategic priorities. Available from 2017 through 2025, with the 2025 report marking the organization's 10th anniversary.
• Standard for Client Onboarding Documentation and Processes Standard covering documentation requirements and processes for client onboarding in wholesale financial markets, including country-specific annexes.
• Standard for Sharing of Standard Settlement Instructions (SSIs) Standard providing taxonomies and change request processes for the standardized sharing of settlement instructions across the industry. Recognized by EU Industry Committee for T+1 as minimum EEA data standard.
• Statement of Good Practice for the Application of a Model Risk Management Framework to Electronic Trading Algorithms Statement of Good Practice helping firms apply model risk management frameworks in a proportionate manner to models deployed in electronic trading algorithms.
• AI in Trading: A Practitioners' View of the Current Landscape Spotlight Review examining market-facing applications of AI in wholesale trading, distinguishing between traditional machine learning and novel generative AI use cases.
• Membership Program FMSB membership is open to wholesale financial market participants including banks, asset managers, infrastructure providers, and corporates. Members help shape standards, access Committees and Working Groups, and commit to adhering to FMSB Standards.
• Regulatory Engagement Services FMSB engages with regulators and public authorities including FCA, Bank of England, ASIC, FMA NZ, AMF France, and UK DMO through formal agreements including MoUs and Consultation Agreements.

Quantifiable outcome

• EU Industry Committee for T+1 recognized FMSB SSI Standard as minimum EEA data standard
• +1 more outcomes

Named customers19 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered core and supporting.

• EU Industry Committee for T+1coreStrategic or Co-development Partner · 1 July 2026EU Industry Committee for T+1 recognized FMSB SSI Standard as minimum EEA data standard, fully meeting European Economic Area's requirements.
• FMA NZ (Extended)coreStrategic or Co-development Partner · 14 May 2026Consultation Agreement Extension between FMA and FMSB extending the partnership for continued cooperation.
• Autorite des Marches Financiers (AMF) FrancecoreStrategic or Co-development Partner · 30 March 2026Consultation Agreement between AMF and FMSB. Chair Marie-Anne Barbat-Layani states partnership highlights commitment to robust, resilient, and efficient markets.
• International Organization of Securities Commissions (IOSCO)coreStrategic or Co-development Partner · 22 September 2025FMSB is an Affiliate Member of IOSCO. CEO Myles McGuinness pleased to formalize relationship enabling contribution to IOSCO's valuable work on key global market challenges.
• UK Debt Management Office (DMO)coreStrategic or Co-development Partner · 18 September 2025Memorandum of Understanding between UK DMO and FMSB. CEO Jessica Pulay states the MOU reflects ongoing endorsement of high standards across gilt, Treasury bill, and wider sterling markets.
• ASIC (Extended)coreStrategic or Co-development Partner · 23 September 2024Consultation Agreement Extension between ASIC and FMSB extending the partnership for continued cooperation.
• New Zealand Financial Markets Authority (FMA)coreStrategic or Co-development Partner · 17 November 2023Consultation Agreement between FMA and FMSB. CEO Samantha Barrass states the agreement helps FMA understand international best practice. Connected to global learnings improving local markets.
• Australian Securities and Investments Commission (ASIC)coreStrategic or Co-development Partner · 26 September 2022Consultation Agreement between ASIC and FMSB. Commissioner Simone Constant values FMSB member firms' commitments to develop and uphold global standards. ASIC engages with FMSB members' areas of work under the agreement.
• Bank of EnglandcoreStrategic or Co-development Partner · 8 November 2021Memorandum of Understanding between BoE, FCA and FMSB. Governor Andrew Bailey has stated strong commitment to FMSB mission to make markets fairer and more effective. Partnership vital to the Bank's work on financial market standards.
• UK Financial Conduct Authority (FCA)coreStrategic or Co-development Partner · 8 November 2021Memorandum of Understanding between BoE, FCA and FMSB. FCA CEO Nikhil Rathi has stated appreciation for all who play active role in FMSB. Partnership supports regulatory objectives for fair and effective markets.
• Linklaters LLPsupportingImplementation/ SI/ Consulting PartnerLegal advice and Anti-Trust Support provided by Linklaters LLP to FMSB.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Regional players

• SIFMA (Securities Industry and Financial Markets Association): SIFMA is the US-focused trade association for securities and capital markets, with significant overlap in member firms with FMSB (Goldman Sachs, J.P. Morgan, Morgan Stanley, Citi, Bank of America). It is a regional peer: same wholesale markets space and similar advocacy/standards role, but anchored in US regulation rather than UK/EU.

Broad incumbents

• UK Finance: UK Finance is the collective voice for the UK banking and finance industry, covering retail, commercial and wholesale markets. It is a broad incumbent peer: both bodies are UK-headquartered, member-funded trade associations engaging with the FCA and Bank of England, though UK Finance operates at a wider, banking-wide scope than FMSB's FICC-specific remit.
• Global Financial Markets Association (GFMA): GFMA is the global umbrella association for wholesale financial markets, bringing together AFME, ASIFMA and SIFMA. It is a broad incumbent peer to FMSB with a wider remit (advocacy, capital, operational resilience) but overlapping global bank membership and a comparable standing in regulatory dialogue.
• Association for Financial Markets in Europe (AFME): AFME is the European trade association for wholesale financial markets, representing a broader range of products and policy advocacy than FMSB. It is a broad incumbent peer: FMSB Board members (Cole-Fontayn was former AFME Chair) bridge the two, and both serve many of the same European bank and buy-side members.

Emerging players

• FIX Trading Community: FIX Trading Community maintains the FIX messaging protocol and related trading standards, with a narrower, technology-focused remit than FMSB. It is an emerging/adjacent peer: addresses electronic trading standards, an area FMSB's Electronic Trading & Technology Committee also covers (Asita Anche of Barclays chairs both bodies' relevant work).

Direct peers

• ACI Financial Markets Association: ACI is the long-established association for FX and money market professionals, operating a global certification and code-of-conduct framework (including the FX Global Code). It is a direct peer to FMSB in FX market standards, with comparable practitioner-led, member-funded model and parallel regulatory engagement.
• Futures Industry Association (FIA): FIA is the leading global trade organization for futures, options and centrally cleared derivatives markets, advocating for open, transparent and competitive markets. It is a direct peer to FMSB: comparable member-funded standards-setting trade body serving wholesale market participants with overlapping regulatory engagement.
• International Swaps and Derivatives Association (ISDA): ISDA is the global derivatives industry body that develops the ISDA Master Agreement and standardized documentation/protocols for OTC derivatives. Several FMSB Board directors (Moulds, O'Connor) have led ISDA, and FMSB's conduct and trading practice work directly overlaps ISDA's standardization remit.
• International Capital Market Association (ICMA): ICMA is the primary global trade association for capital markets, developing standards and best practice for primary and secondary bond markets. It is a direct peer to FMSB: both are member-funded, standards-setting bodies serving wholesale fixed income participants with overlapping bank and asset manager members.

Others

• Alternative Investment Management Association (AIMA): AIMA is the global representative body for the alternative investment industry (hedge funds, private credit, digital assets). It is an adjacent/ecosystem peer to FMSB: not a direct FICC standards competitor, but represents a segment of wholesale market users whose participation in FMSB membership (e.g., non-bank liquidity providers) is strategically important.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/fmsb-uk
• Xx.com/fmsb_uk

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FICC Markets Standards Board