Fixed Income, Currencies and Commodities Markets Standards Board (FMSB)



The FICC Markets Standards Board (“FMSB”) was established in 2015 as a private sector response to the Conduct problems revealed in global wholesale Fixed Income Currencies and Commodities (“FICC”) markets after the financial crisis.

FMSB’s purpose is to help raise standards of conduct in global wholesale markets and thereby make those markets more transparent, fair and effective.

FMSB’s outputs are voluntary Standards and other guidance, developed by their membership and designed to illustrate best practice to all market participants, in areas of uncertainty.

These standards are intended to reduce the continuing uncertainty about acceptable practice in opaque and unregulated areas, which is a hazard for FMSB’s members (and other market participants). The ambition is that FMSB’ Standards can be developed quickly and pre-emptively, adopted rapidly and align naturally with the new regulatory approach to behaviour, conduct, compliance, culture and governance in financial services.

FMSB’s approach is open and consultative: working with any interested national and international body, avoiding any duplication and overlap and sharing thinking and output with any other organisation worldwide wishing to use, adopt or copy materials.

FMSB is not a regulatory authority, a trade association, a lobby group, a consultant or a legal advisor; nor does it compete with any of these organisations. FMSB does not produce rules, laws or codes nor have any statutory or regulatory authority.

For further information, please visit FMSB website.



HSBC is represented on the FMSB’s Advisory Committee by Georges Elhedery, Co-CEO of HSBC Global Banking and Markets, and on the FMSB’s Board by Chris Salmon, Chief Control Officer of Markets at HSBC. HSBC also has representation on many relevant FMSB’s working groups.

FMSB has published five Standards at the end of 2020:

  • Binary Options for the Commodities Market
  • Reference Price Transactions for the Fixed Income Markets
  • New Issue Process Standard for the Fixed Income Markets
  • Risk Management Transactions for New Issuance Standard
  • Secondary Market Trading Error Compensation Standard

In line with the FMSB Membership rules, HSBC has reviewed its operational policies and procedures and issued the attestation statement below.

HSBC’s FMSB Attestation Statement (as of 14 September 2021)

HSBC’s Global Banking & Markets businesses acknowledge that the Standards published by the FICC Markets Standards Board (“FMSB”) represent generally recognised good practice in the wholesale Fixed Income, Commodity and Currency (“FICC”) markets. The Institution confirms that it is committed to conduct its FICC market activities (its “Activities”) in a manner consistent with the Core Principles contained in FMSB Standards, and to have internal policies, procedures and controls reasonably designed to give effect to those Core Principles where they are applicable to its Activities, in a manner that is commensurate with the nature of its Activities in the relevant entity or jurisdiction. This statement of commitment applies to all Standards published by FMSB in final form prior to 31 December 2020.

This statement of commitment also applies to the following standards published in 2021:

  • Standard for the execution of Large Trades in FICC markets
  • Standard on the use of Term SONIA reference rates

HSBC's FMSB Pre Marketing Investor Selection and Allocation Procedure

In accordance with the FMSB New Issue Process Standard for the Fixed Income Markets, HSBC's FMSB Pre Marketing Investor Selection and Allocation Procedure provides a summary of the HSBC Global Banking procedures that are globally applicable to the pre-marketing and allocation processes in relation to best efforts syndicated offerings of fixed income bonds in the wholesale markets.


Last updated: 15 September 2021