MAS Renews its Statement of Commitment to the FX Global Code
Singapore, 31 August 2022…The Monetary Authority of Singapore (MAS) today renewed its Statement of Commitment to the updated Foreign Exchange (FX) Global Code (Code). MAS reaffirms its adherence to the principles of the Code as a market participant, and the alignment of its internal practices and processes with these principles.
2 The Code sets out principles that promote a robust, fair, liquid, open, and appropriately transparent FX market, underpinned by high ethical standards. The Code was first published in May 2017 and updated in July 2021 for alignment with the ongoing evolution of the FX market. The Code is promoted, maintained, and updated on a regular basis by the Global Foreign Exchange Committee.
3 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.
2 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 (https://www.globalfxc.org/).
MAS said Singapore’s banking system remains sound and resilient amid heightened volatility in global financial markets following the recent closure of banks in the US. The Singapore Dollar money market and foreign exchange market continue to function well.