The FICC Markets Standards Board (FMSB) has published a draft standard aimed at improving conduct in the wholesale fixed income, currency and commodities (FICC) markets. The standard covers reference price transactions in the fixed income rates markets. Fixed income reference price transactions involve agreeing all terms of a transaction except price, which is set later based on a pre-agreed reference price. The standard will apply to FMSB member firms. It is not legally binding, but is designed to supplement applicable law, rules and regulation. The FMSB was established in 2015 in response to the Fair and Effective Markets Review (FEMR) with a mandate to issue standards to improve conduct and raise standards in the wholesale FICC markets. Comments are invited by 8 September 2016.