Singapore MAS calls wholesale FX market participants and counterparties to adhere to FX Code

Rick Steves

“MAS strongly encourages all wholesale FX market participants in Singapore as well as all its counterparties to adhere to the latest version of the Code, in order to promote the integrity and effective functioning of the global FX market.”

The Monetary Authority of Singapore (MAS) has renewed its commitment to the updated Foreign Exchange (FX) Global Code (Code), reaffirming its adherence to the principles as a market participant, and the alignment of its internal practices and processes with these principles.

The FX Code – promoted, maintained, and updated on a regular basis by the Global Foreign Exchange Committee – was first published in May 2017 and updated in July 2021 for alignment with the ongoing evolution of the FX market.

The Global Foreign Exchange Committee was established in May 2017 as a forum bringing together central banks and private sector participants with the aim to promote a robust, fair, liquid, open, and appropriately transparent FX market.

“The Code sets out principles that promote a robust, fair, liquid, open, and appropriately transparent FX market, underpinned by high ethical standards […] MAS strongly encourages all wholesale FX market participants in Singapore as well as all its counterparties to adhere to the latest version of the Code, in order to promote the integrity and effective functioning of the global FX market”, the financial watchdog said in a statement.

FX Code updated 11 of 55 principles

In July 2021, the FX Code was updated in several key areas, totaling eleven of the Code’s fifty-five principles. The committee also strengthened the Code’s guidance on anonymous trading, algorithmic trading and transaction cost analysis, disclosures and settlement risk.

The FX Code does not impose legal or regulatory obligations on Market Participants, nor does it substitute for regulation, but rather it is intended to serve as a supplement to any and all local laws, rules and regulations by identifying global good practices and processes.

It aims to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market. The FX Global Code has been adhered to by more than a thousand entities.

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