MAS commits to Foreign Exchange Global Code

The code promotes a robust, fair, liquid, open, and transparent FX market.

The Monetary Authority of Singapore (MAS) affirmed its commitment to the Foreign Exchange Global 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 central bank said in an announcement.

The code applies to the wholesale foreign exchange (FX) market globally. MAS noted that it sets out principles that promote a robust, fair, liquid, open, and appropriately transparent FX market, underpinned by high ethical standards.

It 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,” it added.