MAS nods the publication of FX Global Code

Other central banks also gave their go signal.

The Monetary Authority of Singapore (MAS), along with the Bank of Korea (BOK), the Hong Kong Monetary Authority (HKMA), the Reserve Bank of Australia (RBA) and the Reserve Bank of India (RBI), welcomed the publication of the FX Global Code.

The FX Global is a single global code of conduct for the wholesale foreign exchange (FX) market. It was developed through a collaborative process between the Bank for International Settlements’
(BIS) Foreign Exchange Working Group and private sector market participants. The Code sets out
principles that promote a robust, fair, liquid, open and appropriately transparent market, underpinned by high ethical standards. The Code is voluntary and applies to wholesale FX market participants.

"Given the increasing volume of FX activity taking place in Asia, they encourage all market participants based in their jurisdictions to adhere to the principles of the Code. Market participants are also encouraged to demonstrate their commitment to adhere to the Code through the Statement of Commitment, which is published as part of the Code," the central banks said.