The breadth and engagement of the membership gives its standards credibility and creates peer pressure within the industry to promote adherence. 8  Canute, King of Denmark, England and Norway, 995-1035, reputedly set his throne by the sea shore and commanded the incoming tide to halt and not wet his feet and robes. Yet "continuing to rise as usual [the tide] dashed over his feet and legs without respect to his royal person. Then the king leapt backwards, saying: 'Let all men know how empty and worthless is the power of kings, for there is none worthy of the name, but He whom heaven, earth, and sea obey by eternal laws.' 5  All speeches are available online at www.bankofengland.co.uk/speeches  5  Second, peer pressure within firms should reinforce standards and, more generally, the commitment to real markets. Most banks have codes of ethics or business principles. These are necessary but not sufficient not least because it isn’t reasonable to expect every trader to absorb their meaning or to translate them readily into live situations. But it is reasonable to expect them to use FMSB guidance to help recognise the differences between a real market and a rigged one. And it is essential that business cultures encourage everyone to call out market abuse when it occurs. Third, buyside pressure for proper behaviour is made easier by clear, practical standards.
Its key objective will be to pursue a broad-based transition from Libor to SONIA by 2021. Buy side firms, issuers, infrastructure firms and trade associations will be brought into the Group alongside banks and broker-dealers. We are under no illusions about the complexity of the task. Libor is embedded throughout the financial system in derivatives, loans, bonds and commercial contracts. 13  The Bank and FCA are committed to supporting UK market participants as they prepare for the transition. Reasserting London’s Leadership of Real Markets  To conclude, two years on from FEMR, by working together, we are making enormous progress. We are moving from markets that collapse when there is a shock from abroad to markets that are resilient. From markets where transactions occur in chat rooms to markets that are professional and open. From markets where few were accountable for anything to markets where everyone is responsible for their actions. The FMSB is playing an essential role in this transformation. When your standards are combined with more robust regulatory requirements, new compensation arrangements and the Senior Managers Regime, we are achieving what Canute could not. The tide of misconduct is going out, revealing the real markets working for the good of the people of the United Kingdom and the world. 12  To facilitate a smooth transition, the FCA has coordinated panel banks to support Libor until the end of 2021. See the Record of the September FPC meeting at http://www.bankofengland.co.uk/publications/Pages/Records/fpc/2017/record1710.aspx 13  9  All speeches are available online at www.bankofengland.co.uk/speeches  9