On 28 September 2026, the Financial Markets Standards Board (FMSB) issued version 2 of its Standard for Sharing of Standard Settlement Instructions (SSIs). The Standard establishes certain expected practices for the sharing of SSIs between market participants. However, it does not apply to firms’ management of their counterparties’ SSIs. The FMSB has also published a Spreadsheet Standard for Sharing of SSIs – Change request log.
The FMSB was established in 2015 in response to the Fair and Effective Markets Review in the UK with an original mandate to issue clear and practical guidance designed to improve conduct and raise standards in the wholesale fixed income, currencies and commodities markets. Each FMSB member firm is expected to confirm annually that it is committed to conduct its market activities (its ‘Activities’) in a manner consistent with the core principles contained in FMSB Standards, and to have internal policies, procedures and controls reasonably designed to give effect to those core principles where they are applicable to its Activities, in a manner that is commensurate with the nature of its Activities in the relevant entity or jurisdiction. That confirmation is expected to apply to all FMSB Standards issued in final form in the calendar year prior to the year in which the confirmation is made.