On 7 October 2024, the Financial Markets Standards Board (FMSB) issued a transparency draft of an updated version of its statement of good practice (SoGP) for front office supervision of wholesale traded markets.
The SoGP is intended to help firms in their efforts to design and operate effective supervision frameworks for market and client-facing activity in wholesale markets. The SoGP is being updated following working group discussions within the FMSB’s Conduct and Ethics Committee to expand the document so that, among other things, it clarifies the concepts of supervision, responsibility and controls and addresses conflicts of interest including those that may arise from delegation.
Next steps
The deadline for comments on the transparency draft is 15 November 2024.