FICC Markets Standards Board

The FICC Markets Standards Board (FMSB) is an independent body established by market practitioners to improve standards of conduct in the wholesale Fixed Income, Currencies, and Commodities markets. It was launched in 2015 in response to the UK's Fair and Effective Markets Review. FMSB's mission is to identify emerging vulnerabilities in trading practices, clarify the application of conduct standards, and promote adherence to best practices to create more transparent, fair, and effective wholesale markets. It achieves this by issuing voluntary Standards, Statements of Good Practice, and Spotlight Reviews for its members, which include major global banks, asset managers, and market infrastructure providers.