Encompass joins Financial Markets Standards Board as member

Encompass Corporation has been named an Associate Member of the Financial Markets Standards Board (FMSB), broadening the board's expertise in the development of financial market standards.

The partnership is aligned with the Bank of England's Post-Trade Taskforce recommendations, where FMSB's Post-Trade Committee aims at enhancing operational processes. This collaboration sees Encompass contributing towards practices in client onboarding and the sharing of standardised settlement instructions, processes already highlighted in recent Transparency Draft Standards.

Myles McGuinness, CEO of FMSB, commented: "We are pleased to welcome Encompass as an Associate Member of FMSB. Our Post-Trade Committee has been particularly active recently, developing practical ways to improve operational processes, with two Standards already published in Transparency Draft on Client Onboarding and the Sharing of Standardised Settlement Instructions. We look forward to drawing on the expertise at Encompass to inform this valuable, ongoing work."

Henry Balani, Global Head of Industry & Regulatory Affairs at Encompass, expressed enthusiasm about the membership. "We are delighted to be joining FMSB as an Associate Member. We look forward to working with FMSB Members from across the wholesale markets and to contributing to the excellent work of the Post-Trade Committee. As a provider of digital identification and verification to firms operating in the wholesale markets, helping to establish good practices in areas like client onboarding is of the utmost importance to us."

Established in the wake of the Fair and Effective Markets Review in 2015, the FMSB brings together a diverse membership base from banks, investment institutions, corporates, and more, to develop global standards intended to promote fairness and efficiency in wholesale financial markets.

The inclusion of Encompass as an Associate Member is seen as a move to further bolster the practical implementation of standards and improvements in market conduct.

Both organisations are committed to raising the standards of behaviour, competence, and awareness, ensuring that financial markets operate with greater transparency and adherence to best practices.