Читать книгу Non-financial Risk Management in the Financial Industry - Группа авторов - Страница 34

First, market conduct risk can be defined as the risk of the market’s integrity and transparency being harmed by unfair or abusive behaviour towards fellow market participants. The Fixed Income, Currencies and Commodities Markets Standards Board (FMSB) outlines seven client misconduct patterns,[54] which can be observed in the market. While this analysis is not entirely original, a number of different authorities and reviews – most recently the Fair and Effective Markets Review (FEMR) by the Bank of England in 2015[55] – have recognised the importance of focusing on the behavioural patterns underlying market misconduct. In 2018, the FMSB became the first standard-setting body to collate, analyse and publish these behavioural patterns of market conduct risk as a single reference point for market participants.