Mark Yallop has been appointed to chair the Fixed Income, Currency and Commodities or FICC Markets Standards Board (“FMSB”). An external member of the Prudential Regulation Authority (“PRA”) Board and former investment banker, he will take up the position in July.
The FMSB was set up following the Fair and Effective Markets Review (“FEMR”) in July 2015 to raise standards of conduct and practice in the wholesale financial markets. It is currently led by interim chair Elizabeth Corley CBE, Vice-Chair, Allianz Global Investors, who will remain on the board.
Elizabeth Corley said:
“Mark is a highly successful practitioner with a formidable track record in the wholesale markets as well as experience in the regulatory sphere. I am delighted he is taking over as chair. His international experience and strong commitment to transparency in the fixed income, currency and commodities markets will be invaluable.”
Mark Carney, Governor of the Bank of England and Chair of the PRA Board, said:
“The FMSB has a critical role to play in improving standards in wholesale markets and is a real opportunity for industry to show leadership in making markets fair and effective. I am very pleased that Mark Yallop has agreed to take on this challenging role and continue the excellent progress made under Elizabeth Corley in getting the new standards board off the ground.”
The FMSB’s 36 members bring together sellside investment banks, buyside asset managers, exchanges, custodians and users of the market such as corporates. It is developing standards to address a range of issues in wholesale markets, including the new issue process in fixed income markets and closing price orders.
Mark Yallop has been a PRA Board member since 2014. Before that he was UK Chief Executive Officer for UBS, spent six years as Chief Operating Officer of ICAP plc and held senior positions at Deutsche Bank.
Mark Yallop said:
“It is an honour to be invited to take this role, develop the FMSB and build on the excellent work already started by Elizabeth and her colleagues. The FMSB’s vision concerns all those who depend on wholesale markets: practitioners and users both large and small, corporates, institutions and individuals. This is a unique opportunity to achieve change by bringing together industry practitioners and users of the markets in one body. I look forward to working with the full range of FMSB stakeholders: corporate, institutional and banking members of the Board, other market participants and the authorities, to deliver the vital contribution that the FMSB will make to fair, transparent and effective wholesale markets.”