Barclays announces its 2024 Statement of Commitment to Standards published by the FMSB.

Barclays is committed to applying best practices specified in the following Standards published by the FMSB: Reference Price Transactions for the Fixed Income Markets, New Issue Process standard for the Fixed Income markets, Risk Management Transactions for New Issuance standard for the Fixed Income markets, Secondary Market Trading Error Compensation Standard for the Fixed Income Currencies and Commodities Markets, Standard for the execution of Large Trades in FICC Markets, Standard on use of Term SONIA reference rates and Standard for the sharing of investor allocation information in the fixed income primary markets (together with the “Standards”). Barclays is actively engaged in the work of the FMSB, including the development of these FMSB Standards. Barclays will continue to participate in the important work of the FMSB.

Barclays Statement of Commitment

Barclays acknowledges that the Standards represent generally recognised good practice in the wholesale financial markets. Barclays confirms that it is committed to conduct its wholesale financial market activities (its ‘Activities’) in a manner consistent with the Core Principles contained in the 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 31st December 2023 and reaffirms any previous Statements of Commitment made by the Institution, where appropriate.

The FMSB

The Fair and Effective Markets Review by HM Treasury, the Bank of England and the Financial Conduct Authority highlighted serious concerns about poor market practice in fixed income, currencies and commodities.

It recommended the setting up of a body to address the ‘regulatory void’ between high-level principles and low-level operational rules.

As such, the FMSB was created in 2015 to bring market practitioners together to develop clearer guidance that could work across all asset classes and jurisdictions, increase market discipline and prevent the repetition of bad behaviours – areas that laws and regulations sometimes failed to reach.

Originally named the FICC Markets Standards Board (FMSB), they became the Financial Markets Standards Board in April 2022 to reflect their current, broader, remit which now covers all areas of strategic importance to the wholesale markets, including Post-Trade.

Read full information about the FMSB on their website