Market Standards and Codes of Conduct
FICC Markets Standard Board (FMSB)
FMSB Statement of Commitment 2020
Lloyds Bank Corporate Markets plc (the ‘Institution’) acknowledges that the Standards published by the FICC Markets Standards Board (FMSB) represent generally recognised good practice in the wholesale Fixed Income, Currencies and Commodities (FICC) markets. The Institution confirms that it is committed to conduct its FICC 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 2020 and reaffirms any previous Statements of Commitment made by the Institution where appropriate. This Statement of Commitment also provides the option for the Institution to adhere to certain Standards finalised in 2021.
The Institution determines that this Statement of Commitment and its reaffirmation applies to the following Standards:
- Secondary Market Trading Error Compensation Standard
- Risk Management Transactions for New Issuance Standard
- New Issue Process standard for the Fixed Income markets
- Binary Options standard for the Commodities markets
- Reference Price Transactions standard of the Fixed Income markets
In addition, the Institution elects that this Statement of Commitment will also apply to the following Standards published by FMSB in final form prior to 31 July 2021:
- Standard for the execution of Large Trades in FICC markets
- Standard on use of Term SONIA reference rates
Term SONIA factsheet can be found here (PDF, 140 KB)
More information can be found on the FMSB website
Market Codes
Lloyds Bank has reviewed the content of the UK Money Market Code (“Code”) and acknowledges that the Code represents a set of principles generally recognised as good market practice in the UK Money Markets. Lloyds Bank confirms that it is a UK Market Participant as defined by the Code, and is committed to conducting its UK Money Markets activities in adherence with the principles of the Code. Lloyds Bank has established and implemented policies and procedures that accord with the Code (as far as the content does not conflict with applicable law). Senior management will review our policies and procedures regularly to ensure their continued relevance and effectiveness.
Statement of commitment to the global precious metals code
Lloyds Bank has reviewed the content of the Precious Metals Global Code (“Code”) and acknowledges that the Code represents a set of principles generally recognised as good practice in the wholesale Precious Metals Market (“Market”). The Institution confirms that it acts as a Market Participant as defined by the Code, and is committed to conducting its Market activities (“Activities”) in a manner consistent with the principles of the Code. To this end, the Institution has taken appropriate steps, based on the size and complexity of its Activities, and the nature of its engagement in the Market, to align its Activities with the principles of the Code.
Statement of commitment to the FX global code
Lloyds Bank Commercial Banking and Lloyds Bank Corporate Markets have reviewed the content of the FX Global Code (“Code”) and acknowledges that the Code represents a set of principles generally recognised as good practice in the wholesale foreign exchange market (“FX Market”). The Institution confirms that it acts as a Market Participant as defined by the Code, and is committed to conducting its FX Market activities (“Activities”) in a manner consistent with the principles of the Code. To this end, the Institution has taken appropriate steps, based on the size and complexity of its Activities, and the nature of its engagement in the FX Market, to align its Activities with the principles of the Code.
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