On 23 July 2025, the Financial Markets Standards Board (FMSB) published a draft of a Statement of Good Practice (SoGP) on unauthorised trading frameworks in transparency.

Background

The FMSB was established in 2015 in accordance with the recommendations of the UK Fair and Effective Markets Review with a mandate to help raise standards and effectiveness in wholesale financial markets. The FMSB has developed a body of Standards and SoGPs over time, prioritising those areas where FMSB member firms observed a lack of clarity in market processes, the standards of behaviour expected of market participants, a lack of understanding of the issues relevant to a product or transaction type, or evidence of conduct resulting in unsatisfactory outcomes for customers, counterparties or the markets.

Draft SoGP

The draft SoGP now published is intended to support firms in their efforts to prevent or mitigate the risk of unauthorised trading activity in wholesale markets.

Next steps

The deadline for comments on the draft SoGP is 15 September 2025.