FMSB, BoE and FCA agree Memorandum of Understanding
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FMSB, BoE and FCA agree Memorandum of Understanding 09 November 2021UK Reporter: Carmella Haswell
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The FICC Markets Standards Board (FMSB), Bank of England (BoE) and Financial Conduct Authority (FCA) have announced signing a triparty Memorandum of Understanding (MoU).
The MoU sets out a high-level framework formalising the continuing cooperation between FMSB, BoE and FCA in relation to the delivery of FMSB’s primary objectives as recommended in the Fair and Effective Markets Review Final Report.
These objectives seek to promote fair and effective global wholesale FICC markets; to produce clear guidance on how business should be conducted to eliminate or mitigate vulnerabilities; and to promulgate such guidance as widely as possible globally and obtain commitments for its use.
Speaking on the announcement, Andrew Bailey, governor of the Bank of England, says: “I am pleased that we have an agreed MoU that builds on our working relationship with FMSB to date and sets a clear framework for how we will continue to cooperate in the future.
“The FMSB was a key recommendation of the Fair and Effective Markets Review, and we strongly support its primary aim of raising standards of conduct so that global FICC markets are more transparent, fair and effective. The FMSB plays an important role in engendering confidence and trust from users and the public.”
Myles McGuinness, FMSB CEO, adds: “FMSB’s strategic goals, to promote fair and effective markets for all participants, align closely to those of the regulatory authorities, policy makers and supervisors both in the UK and around the world. I am very pleased that this MoU clarifies our ongoing important relationship with the FCA and the Bank of England and look forward to establishing similar arrangements with key regulatory authorities in other jurisdictions as our membership expands into new areas of wholesale FICC markets activity.”
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