The FICC Market Standards Board (FMSB) has today published an important research document called the Behavioural Cluster Analysis looking at the behavioural patterns in cases of misconduct in financial markets over a long period of time. It is clear from the research that the same behavioural patterns keep repeating and recurring.

A team at Macfarlanes worked with the FMSB on this project.  We think the BCA will be a valuable resource for financial market participants and their advisors.  It is a practical document and we hope it will become a useful reference point for financial services firms.