FX Global Code of Conduct Recognised by Singapore Monetary Authority
- Slowly but surely all FX market participants are expected to adhere to the code a year after its launch

The Monetary Authority of Singapore (MAS) has today confirmed its commitment to adhere to the FX Global Code of Conduct FX Global Code of Conduct The FX Global Code of Conduct outlines an accepted set of global principles of good practice in the forex market. Published in August 2018, the Code helped develop a common set of guidelines to foster the integrity and effective functioning of the wholesale forex market.The effort spanned multiple years and was developed by a partnership between both central banks and market participants across 16 global jurisdictions.Why the FX Global Code of Conduct is a Global Collaboration In particular, the Code constitutes one of the strongest intra-industry collaborations across any market. A total of 15 asset management firms and corporates, 30 domestic and overseas banks, 20 trade associations, and 16 central banks collaborated on the Code’s development and final form.In terms of widespread industry practices, the FX space had lacked a cohesive document of this nature. Of note, the Code does not impose any legally binding or regulatory obligations on market participants.Nor does this initiative substitute for existing regulatory measures in any jurisdiction. Instead, the Code serves as a supplementary means to any and all local laws, rules, and regulations.In this sense, the Code helps traverse any borders, helping identify optimized good practices and processes in the FX space.The Code was originally met with strong support from a wide range of industry players. This includes both retail and institutional market participants.In order to foster transparency and adherence to the Code, a public register has since been established. In doing so, central banks can post their Statements of Commitment to the Code. The FX Global Code of Conduct outlines an accepted set of global principles of good practice in the forex market. Published in August 2018, the Code helped develop a common set of guidelines to foster the integrity and effective functioning of the wholesale forex market.The effort spanned multiple years and was developed by a partnership between both central banks and market participants across 16 global jurisdictions.Why the FX Global Code of Conduct is a Global Collaboration In particular, the Code constitutes one of the strongest intra-industry collaborations across any market. A total of 15 asset management firms and corporates, 30 domestic and overseas banks, 20 trade associations, and 16 central banks collaborated on the Code’s development and final form.In terms of widespread industry practices, the FX space had lacked a cohesive document of this nature. Of note, the Code does not impose any legally binding or regulatory obligations on market participants.Nor does this initiative substitute for existing regulatory measures in any jurisdiction. Instead, the Code serves as a supplementary means to any and all local laws, rules, and regulations.In this sense, the Code helps traverse any borders, helping identify optimized good practices and processes in the FX space.The Code was originally met with strong support from a wide range of industry players. This includes both retail and institutional market participants.In order to foster transparency and adherence to the Code, a public register has since been established. In doing so, central banks can post their Statements of Commitment to the Code. Read this Term. Almost a year after the publication of the document by the Bank of International Settlements, the financial watchdog decidedly signaled that it expects its counterparts to be bound by the rules dictated by the new framework that governs FX transactions globally.
Singapore is one of the biggest FX centers globally and is notorious with its strict regulatory framework. The voluntary commitment to the FX Global Code of Conduct has left many industry participants watching and waiting how critical their commitment to the code would be.
The Basics
The 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. This means that all counterparts which are interacting with Singapore’s financial watchdog will also have to adhere to the code. On their part, their smaller counterparts will also need to commit to the best practices dictated by the document.
Wholesale FX Market Participants
The MAS has stressed that it “strongly encourages” wholesale FX market participants in Singapore to demonstrate adherence to the Code. The aim of the document is to promote the integrity and effective functioning of the global FX market.
“The Institution confirms that it acts as a Market Participant as defined by the Code, and is committed to conducting its FX Market activities in a manner consistent with the principles of the Code. To this end, the Institution has taken appropriate steps, based on the size and complexity of its Activities, and the nature of its engagement in the FX Market, to align its Activities with the principles of the Code,” the MAS has highlighted in an official statement.
Major market participants have been voicing their commitment to the code in light of its anniversary. Recently NEX Group has outlined that as many as 65 percent of its clients have committed to the framework. Meanwhile, earlier in May, the ACI Financial Markets Association (FMA) presented a product designed to test the knowledge of the code amongst company employees.
The Monetary Authority of Singapore (MAS) has today confirmed its commitment to adhere to the FX Global Code of Conduct FX Global Code of Conduct The FX Global Code of Conduct outlines an accepted set of global principles of good practice in the forex market. Published in August 2018, the Code helped develop a common set of guidelines to foster the integrity and effective functioning of the wholesale forex market.The effort spanned multiple years and was developed by a partnership between both central banks and market participants across 16 global jurisdictions.Why the FX Global Code of Conduct is a Global Collaboration In particular, the Code constitutes one of the strongest intra-industry collaborations across any market. A total of 15 asset management firms and corporates, 30 domestic and overseas banks, 20 trade associations, and 16 central banks collaborated on the Code’s development and final form.In terms of widespread industry practices, the FX space had lacked a cohesive document of this nature. Of note, the Code does not impose any legally binding or regulatory obligations on market participants.Nor does this initiative substitute for existing regulatory measures in any jurisdiction. Instead, the Code serves as a supplementary means to any and all local laws, rules, and regulations.In this sense, the Code helps traverse any borders, helping identify optimized good practices and processes in the FX space.The Code was originally met with strong support from a wide range of industry players. This includes both retail and institutional market participants.In order to foster transparency and adherence to the Code, a public register has since been established. In doing so, central banks can post their Statements of Commitment to the Code. The FX Global Code of Conduct outlines an accepted set of global principles of good practice in the forex market. Published in August 2018, the Code helped develop a common set of guidelines to foster the integrity and effective functioning of the wholesale forex market.The effort spanned multiple years and was developed by a partnership between both central banks and market participants across 16 global jurisdictions.Why the FX Global Code of Conduct is a Global Collaboration In particular, the Code constitutes one of the strongest intra-industry collaborations across any market. A total of 15 asset management firms and corporates, 30 domestic and overseas banks, 20 trade associations, and 16 central banks collaborated on the Code’s development and final form.In terms of widespread industry practices, the FX space had lacked a cohesive document of this nature. Of note, the Code does not impose any legally binding or regulatory obligations on market participants.Nor does this initiative substitute for existing regulatory measures in any jurisdiction. Instead, the Code serves as a supplementary means to any and all local laws, rules, and regulations.In this sense, the Code helps traverse any borders, helping identify optimized good practices and processes in the FX space.The Code was originally met with strong support from a wide range of industry players. This includes both retail and institutional market participants.In order to foster transparency and adherence to the Code, a public register has since been established. In doing so, central banks can post their Statements of Commitment to the Code. Read this Term. Almost a year after the publication of the document by the Bank of International Settlements, the financial watchdog decidedly signaled that it expects its counterparts to be bound by the rules dictated by the new framework that governs FX transactions globally.
Singapore is one of the biggest FX centers globally and is notorious with its strict regulatory framework. The voluntary commitment to the FX Global Code of Conduct has left many industry participants watching and waiting how critical their commitment to the code would be.
The Basics
The 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. This means that all counterparts which are interacting with Singapore’s financial watchdog will also have to adhere to the code. On their part, their smaller counterparts will also need to commit to the best practices dictated by the document.
Wholesale FX Market Participants
The MAS has stressed that it “strongly encourages” wholesale FX market participants in Singapore to demonstrate adherence to the Code. The aim of the document is to promote the integrity and effective functioning of the global FX market.
“The Institution confirms that it acts as a Market Participant as defined by the Code, and is committed to conducting its FX Market activities in a manner consistent with the principles of the Code. To this end, the Institution has taken appropriate steps, based on the size and complexity of its Activities, and the nature of its engagement in the FX Market, to align its Activities with the principles of the Code,” the MAS has highlighted in an official statement.
Major market participants have been voicing their commitment to the code in light of its anniversary. Recently NEX Group has outlined that as many as 65 percent of its clients have committed to the framework. Meanwhile, earlier in May, the ACI Financial Markets Association (FMA) presented a product designed to test the knowledge of the code amongst company employees.