Ex-UBS banker Yallop to head new FICC standards body

摘要

Former senior deutsche bank and ubs banker Mark Yallop has been appointed to head a new board to improve standards of conduct and practice for the fixed income, currency and commodities industry. The FICC Markets Standards Board (FMSB) was set up last July following the UK's Fair and Effective Markets Review, in the wake of a series of banking scandals, including manipulation of benchmark interest rates and foreign exchange markets. "It became clear there were a number of areas in wholesale markets, whether that was in FX, government or corporate bonds, OTC derivatives, or commodities, where the high level principles established by the regulators were too general and not practical or detailed enough to be really effective guidance for market practitioners," Yallop told IFR.