On 13 July 2020, the FICC Markets Standards Board (FMSB) published a statement of good practice which describes the way in which sovereign and supranational auctions are typically conducted in Europe, the roles market participants in those auctions play, the types of auction structure, orders and transaction types that are often utilised, and the different conflicts of interest that can arise for such market participants. The statement also sets out eight good practice statements relating to the management of those conflicts and certain other matters relevant to the conduct of participants in and around such auctions.