The Financial Markets Standards Board (FMSB) held an event on 22 September 2025 to mark 10 years since the Fair and Effective Markets Review (FEMR) and the establishment of the FMSB, bringing together members and stakeholders to reflect on market conduct developments and emerging risks. The programme included contributions from the Chair of the Financial Conduct Authority (FCA), Ashley Alder, and the Governor of the Bank of England, Andrew Bailey. FMSB Chair Jonathan Moulds reviewed the organisation’s origins and its output since 2015, including Standards and Statements of Good Practice, and highlighted FMSB’s paper Future of financial markets on how shifts in participation, execution, new asset classes and geography are reshaping markets and associated conduct risks. Alder discussed FMSB’s role in developing guidance where market practice is ambiguous or where topics fall outside existing rules, while panels revisited FEMR’s impact on behaviour and examined forward-looking challenges linked to evolving market structure. The event also included a video address from Reserve Bank of Australia Deputy Governor Andrew Hauser and concluded with Bailey’s reflections on current and future market risks and the role of industry coordination through FMSB.
Financial Markets Standards Board 2025-10-23
UK's Financial Markets Standards Board marks FEMR decade anniversary and highlights future market conduct risks
The Financial Markets Standards Board (FMSB) marked the 10th anniversary of the Fair and Effective Markets Review and its establishment with an event featuring FCA Chair Ashley Alder and Bank of England Governor Andrew Bailey. Discussions covered FMSB's contributions to market conduct, emerging risks, and evolving market structure, with insights from FMSB Chair Jonathan Moulds and a video address by Reserve Bank of Australia Deputy Governor Andrew Hauser.