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Barclays announces its 2021 Statement of Commitment to Standards published by the FMSB. Barclays is committed to applying best practices specified in 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, Secondary Market Trading Error Compensation Standard, Standard for the Execution of Large Trades in FICC Markets and Standard on use of Term SONIA reference rates. 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.
We acknowledge that the Standards published by the FICC Markets Standard Board (“FMSB”) represent generally recognised good practice in the wholesale Fixed Income, Commodity and Currency (“FICC”) markets. Barclays is committed to conduct its FICC market activities (its “Activities”) in a manner consistent with the Core Principles contained in FMSB Standards, and are committed to having internal policies, procedures and controls reasonably designed to give effect to those Core Principles where they are applicable to our Activities, in a manner that is commensurate with the nature of our activities in the relevant entity or jurisdiction. This statement of commitment applies to all Standards published by FMSB in final form prior to 31st July 2021.
The FMSB was established in 2015 as a private sector response to the Conduct issues revealed in global wholesale FICC markets after the financial crisis. It was put into place to help raise standards of conduct in global wholesale markets and thereby make those markets more transparent, fair and effective. The mission of the FMSB is to enhance standards of behaviour in FICC markets by developing clear Standards and Guidelines on conduct which fill the gap between high-level principles and detailed regulation. Membership of the FMSB is intended to be representative of the range of participants in the wholesale FICC markets.