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Market Standards and Codes of Conduct
Financial Markets Standards Board (FMSB)
FMSB Statement of Commitment 2024
Lloyds Bank Corporate Markets plc (the ‘Institution’) acknowledges that the Standards published by the Financial Markets Standards Board (whose name changed from FICC Markets Standards Board on 29 April 2022) (‘FMSB’) represent generally recognised good practice in the wholesale financial markets.
The Institution confirms that it is committed to conduct its wholesale financial 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.
This Statement of Commitment applies to all Standards published by FMSB in final form prior to 31 December 2024 and reaffirms any previous Statements of Commitment made by the Institution where appropriate.
The Institution determines that this Statement of Commitment and its reaffirmation applies to the following Standards:
- Standard for the sharing of investor allocation information in the fixed income primary markets
- Standard on use of Term SONIA reference rates1
- Standard for the execution of Large Trades in FICC markets
- Secondary Market Trading Error Compensation Standard
- Risk Management Transactions for New Issuance Standard
- New Issue Process standard for the Fixed Income markets
- Reference Price Transactions standard of the Fixed Income markets
- Standard for Client Onboarding Documentation and Processes and its Annexes
The Standards for the Conduct of Participants in LBMA Precious Metal Auctions and the Binary Options standard for the Commodities markets are not relevant because the Institution does not undertake transactions in LBMA Precious Metal Auctions and Commodity Binary Options.
1 Term SONIA factsheet can be found here (PDF, 140 KB)
More information can be found on the FMSB website
Market Codes
Statement of commitment to the UK Money Markets Code
Lloyds Bank plc and Lloyds Bank Corporate Markets plc (together, the ‘Institutions’) hereby acknowledge that the UK Money Markets Code (the ‘Code’) represents a set of principles generally recognised as good market practice in the UK Money Markets. The Institutions confirm that they are UK Market Participants as defined by the Code, and have committed to conducting their UK Money Markets activities in adherence with the principles of the Code.
Specifically, in a manner that is commensurate with the size and nature of their UK Money Market activities, the Institutions have established and implemented policies and procedures that accord with the Code (in so far as the content does not conflict with applicable law). Appropriately senior management will review these regularly to ensure their continued relevance and effectiveness.
Statement of commitment to the FX Global Code
Lloyds Bank plc and Lloyds Bank Corporate Markets plc (together, the ‘Institutions’) have reviewed the content of the FX Global Code (the ‘Code’) and acknowledge that the Code represents a set of principles generally recognised as good practice in the wholesale foreign exchange market (the “FX Market”).
The Institutions confirm that they act as Market Participants as defined by the Code, and are committed to conducting their FX Market activities (“Activities”) in a manner consistent with the principles of the Code. To this end, the Institutions have taken appropriate steps, based on the size and complexity of their Activities, and the nature of their engagement in the FX Market, to align their Activities with the principles of the Code.