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Market Standards and Codes of Conduct
Financial Markets Standards Board (FMSB)
FMSB Statement of Commitment 2023
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 2023 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
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
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 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.