In a statement to the International Monetary and Financial Committee, FSB chairman Mark Carney said that market participants need to be mindful of risks of diminished market liquidity, asset price discontinuities, and contagion across markets.
The FSB advises the Group of 20 Nations on improving the resilience of markets worldwide.
It is important to ensure that any financial stability risks are properly understood and managed, Carney said.
"The risk of a sharp and disorderly reversal remains," Carney said.
The FSB has therefore agreed a plan to identify risks "associated with market liquidity in fixed income markets and asset management activities in the current conjuncture, as well as longer-term structural financial stability issues that may arise," he said.
The FSB will look at existing and potential policy measures to mitigate risks, and make recommendations, he said. Initial findings will be discussed at the next FSB meeting in December.
The board will also look at misconduct in financial institutions, Carney said.
"Misconduct in financial institutions has the potential to create systemic risks by undermining trust in financial institutions and markets," he said.
The work plan will therefore look at how reforms have helped to reduce misconduct, at whether additional measures are needed and at steps needed in the fixed income, commodities and currency markets.