FMSB Signs Agreement with Australian Regulator
Posted by Colin Lambert. Last updated: September 29, 2022
The Financial Markets Standards Board (FMSB) has signed a consultation agreement with the Australian Securities and Investments Commission (ASIC).
The Agreement formalises the continuing cooperation between FMSB and ASIC aimed at providing clear guidance on how business should be conducted to eliminate or mitigate vulnerabilities. It also seeks to promulgate such guidance as widely as possible globally and obtain commitments for its use.
FMSB and ASIC say they have strong shared interests in maintaining, and where appropriate, improving the operation of wholesale fixed income, currency and commodities markets and the agreement underpins their close strategic and working relationship.
“We welcome the Agreement between ASIC and the FMSB,” says ASIC chair Joseph Longo. “This Agreement will help us engage with the FMSB to promote good wholesale market practices. ASIC is committed to ensuring Australia’s financial markets are fair and efficient, and those who provide financial services demonstrate fairness, honesty and professionalism.”
Mark Yallop, FMSB chair, adds, “I am delighted that we have signed a Consultation Agreement that acknowledges the continuing cooperation between ASIC and FMSB to strengthen the fairness, effectiveness and transparency of wholesale markets. I look forward to seeing enhancements in market and post trade structures and technology.”
Meanwhile, Myles McGuinness, FMSB CEO, says, “Our 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 Australia and around the world. This consultation agreement demonstrates our ongoing important relationship with ASIC and [we] look forward to establishing similar arrangements with key regulatory authorities in other jurisdictions as our membership expands.”