4 November 1999...Singapore today hosted the Third Joint Meeting of the New York Foreign Exchange Committee (NYFEC) and the Singapore Foreign Exchange Market Committee (SFEMC). This meeting also marked the first time that representatives from the Tokyo Foreign Exchange Market Committee (TFEMC) participated as an observer.

The SFEMC and NYFEC have been meeting annually since 1997. The joint meetings serve as an important platform for market participants in the financial centres of New York and Singapore to discuss industry developments, and to facilitate the sharing of ideas and harmonisation of market practices.

Comprising leading industry players in the treasury markets, the SFEMC and NYFEC were established with the objective of fostering the growth of foreign exchange and financial market activities in Singapore and New York respectively. Both Committees also act as an important forum for airing pertinent issues and serve as a channel of information between market participants and the central banks in Singapore and the US.

At a dinner hosted by the Monetary Authority of Singapore (MAS), Mr Tharman Shanmugaratnam, Deputy Managing Director of the MAS, acknowledged the contribution made by industry associations like the SFEMC in providing invaluable market feedback to facilitate policy formulation. During the welcome address, he said, "Market feedback and consultation have become a cornerstone in MAS' modus operandi. It helps us to better understand market developments and industry concerns and to perform our job as a central bank in a more proactive manner."

During the one-day meeting, members of the SFEMC and NYFEC discussed recent developments in the Asian and other emerging markets post-crisis. Issues relating to barrier options and force majeure clauses were also covered. In addition, the MAS led a discussion on the state of Y2K readiness in Singapore.

Today's meeting also marked the first time that the Tokyo Foreign Exchange Market Committee (TFEMC) sent a team to observe the joint meeting. Added Mr Shanmugaratnam, "In an increasingly integrated market place, we need to maintain even more open dialogue amongst industry players from across the globe. We are very pleased that this year, we not only have our New York counterparts with us, but were also able to expand our discussions to include our Tokyo colleagues."

The next SFEMC-NYFEC joint meeting will be held next year in New York.