A not-for-profit company set up nearly a decade ago in the wake of the Libor rate-rigging scandal will this week appoint a veteran City banker as its next chair.

Sky News understands Jonathan Moulds has been lined up to head the Financial Markets Standards Board (FMSB), with an announcement expected to be made on Tuesday.

The FMSB acts as a standards-setting body for global wholesale financial markets.

Mr Moulds, who spent a long stint in senior roles at Bank of America, joined Barclays in 2015 under then CEO Antony Jenkins.

He is now chair of Citi’s international broker-dealer, CGML, is on the board of the London-listed financial spread-betting operator IG Group, and chairs Litigation Capital Management, the publicly traded litigation funding provider.

At the FMSB, Mr Moulds will replace Mark Yallop, a former UK CEO of UBS, the Swiss banking giant currently in the process of acquiring Credit Suisse in a rescue takeover.

The organisation was created in the wake of the Fair and Effective Markets Review commissioned by the Treasury, Financial Conduct Authority and Prudential Regulation Authority in response to a string of financial markets scandals.

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These included the Libor rate-rigging crisis, which saw dozens of banks fined billions of pounds by regulators around the world.

Global banks were also fined substantial sums for their roles in manipulating gold prices and their use of ‘dark pool’ trading venues.

The FMSB, which counts dozens of banks and other market practitioners as members, could not be reached for comment.

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