Individuals have been manipulating wholesale financial markets since at least the time of the Napoleonic War. The law courts are cluttered with repeated examples of abuse, which successive attempts to legislate and regulate have failed to stem. At the same time, the cost of these abuses, both to market participants, and to firms operating in markets, have been very high. Why do these problems keep recurring? And do they have broader implications for economic activity? If traditional approaches have manifestly failed, what new approaches could be tried and why might they succeed? This seminar will discuss what the FICC Markets Standards Board is attempting to do, what challenges it faces, and why it should succeed?