CONTENTS
HOME
OUR WORK - Managing Risks, Sustaining Growth
A MORE CHALLENGING POLICY ENVIRONMENT
MONETARY POLICY - PROVIDING AN ANCHOR FOR PRICE STABILITY OVER THE MEDIUM-TERM
MANAGING THE CHALLENGES OF INCREASED GLOBAL FINANCIAL UNCERTAINTY
A SOUND AND PROGRESSIVE FINANCIAL CENTRE
CURRENCY
 
A SOUND AND PROGRESSIVE FINANCIAL CENTRE 28
 
Banking 28
 
Lower Paid-up Capital for Incorporated Wholesale Banks 28
 
Changes to Minimum Liquid Assets and Minimum Cash Balance Requirements (Amendments to MAS Notice 613) 29
 
Developments in Islamic Finance 29
 
Box Story 3 - Basel II Implementation in Singapore 30
 
Insurance 30
 
Enhanced Governance and Disclosure Framework for Participating Insurance Business (MAS 320) 30
 
Revision to Rules for Investment-Linked Products (MAS 307) 31
 
Follow Up on Framework for Insurance-Linked Securities 31
 
Capital Markets 31
 
A More Globalised and Sophisticated Equity Market 31
 
Size of Debt Market 32
 
Assets Under Management 32
 
Strong Treasury Market 33
 
Proposed Legislative Amendments to Securities and Futures Act and Financial Advisers Act 33
 
Amendments to the Singapore Code on Take-overs and Mergers 34
 
Box Story 4 - Guidelines on Fair Dealing -Board and Senior Management Responsibility for Delivering Fair Dealing Outcomes to Consumers 35
 
Thematic Approach to Market Conduct Supervision 35
 
Enhancing Market Discipline 36
 
Box Story 5 - Singapore: The Premier International Real Estate Financing Centre 36
 
REITS 37
 
Revised Property Fund Guidelines 37
 
Licensing Framework for REIT Managers 37
 
Extension of the Singapore Code on Take-overs and Mergers to REITs 37
 
Regulatory Oversight of Commodity Futures 38
 

Strong Treasury market

According to a survey by the Singapore Foreign Exchange Market Committee (SFEMC), average daily foreign exchange (FX) trading volumes in Singapore jumped 44% from a year ago, to reach US$229 billion in October 2007 (Chart 10).

The SFEMC carried out this semi-annual FX survey of the top 30 trading banks in Singapore, in co-ordination with similar committees in New York, London and Tokyo.

The Bank for International Settlement (BIS) also carried out its triennial FX survey and ranked Singapore as the fifth largest FX centre in the world and the second largest in Asia, close behind Tokyo. According to the BIS, average daily FX turnover in Singapore jumped 84% from April 2004, to reach US$231 billion in April 2007.

Singapore's FX market continued to be international in character, with the major currencies such as US Dollar, Japanese Yen and Euro dominating turnover.

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