Singapore, 28 May 2018…The Monetary Authority of Singapore (MAS) today issued a statement affirming its commitment to the Foreign Exchange Global Code (Code) developed by the Bank for International Settlements (BIS).  MAS will adhere to the principles of the Code when acting as a market participant and ensure that its internal practices and processes are aligned with these principles.

The Code applies to the wholesale foreign exchange (FX) market globally. It sets out principles that promote a robust, fair, liquid, open, and appropriately transparent FX market, underpinned by high ethical standards. The Code was developed through a collaborative process between the BIS’s Foreign Exchange Working Group and private sector market participants.

MAS also strongly encourages wholesale FX market participants in Singapore to demonstrate adherence to the Code, to promote the integrity and effective functioning of the global FX market.

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Additional Information:

1   The BIS Foreign Exchange Working Group published the Code on 25 May 2017 (https://www.bis.org/about/factmktc/fxwg.htm ). The Code is voluntary and applies to wholesale FX market participants. Central banks have stated their intention to adhere to the Code (https://www.bis.org/press/p170525.htm ).