The Financial Markets Standards Board has published its 2025 Annual Report, outlining its activities and progress against strategic priorities during its tenth anniversary year. The report highlights publication of the paper Future of financial markets, which reviews how markets have developed over the past decade and the trends expected to shape the next ten years, alongside seven other publications comprising one Standard, three Statements of Good Practice and three Spotlight Reviews. Organizational developments during the year included four new members: Macquarie CGM, Wells Fargo Securities International and Citadel Securities as Full Members, and Droit as an Associate Member. FMSB also signed a memorandum of understanding with the UK Debt Management Office, increasing the number of regulators and public authorities with which it has formal agreements to five, and held a tenth anniversary event at Bloomberg attended by more than 180 member representatives, regulators and industry leaders, with a keynote address by the Governor of the Bank of England.