General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
April 18, 2018

MAS published a guide to conduct and market practices for wholesale financial markets, along with the FAQs on this guide. The guide is applicable to all wholesale dealings in the exchange-traded and over-the-counter markets for foreign exchange, debt securities, money market instruments, derivatives products, and other market instruments (new or emerging financial products). The broad topics covered in the guide are ethics and behavioral standards; governance, risk management, and compliance principles; general dealing principles and market conduct; back-office practices; handling of market disruptions; foreign exchange/non-deliverable forward dealing practices; debt securities dealing practices; money market dealing practices; OTC derivatives dealing practices; and benchmark rate setting. Adherence to the guide is expected by January 01, 2019.

Singapore Foreign Exchange Market Committee (SFEMC) has developed this guide, which is also commonly referred to as “The Blue Book,” and it applies in parallel with the FX Global Code. The Global Code is a code of conduct for the global wholesale foreign exchange market, and the SFEMC has endorsed this Global Code. While the Global Code applies only to foreign exchange, this guide applies to foreign exchange, other asset classes, and the setting of financial benchmarks. This guide, along with the Global Code, is intended to foster a high standard of conduct and good market practices, ensure equitable and healthy relationships between participants, and facilitate market efficiency. 

The guide applies to all participants in Singapore that are engaged in the wholesale financial markets for all asset classes covered by this guide (that is, Market Participants). In this guide, unless the context otherwise requires, the term Market Participant is used to refer generally to both entities, as well as the individuals who conduct activity in the wholesale financial markets on behalf of entities. This guide applies to entities, as well as individuals who conduct activity on behalf of such entities. Market Participants include, without limitation,

  • Sell-side entities, including banks, merchant banks, and other recognized financial institutions
  • Brokerage firms, including money brokers, interdealer brokers and firms offering electronic broking services
  • Buy-side entities, including asset managers, sovereign wealth funds, hedge funds, pension funds, insurance companies, corporate treasury departments, and family offices running treasury operations
  • Non-bank liquidity providers
  • Firms running automated trading strategies, including high-frequency trading strategies, and/or offering algorithmic execution, trading facilities and platforms, including e-trading platforms
  • Affirmation and settlement platforms

Effective Date: January 01, 2019

Keywords: Asia Pacific, Singapore, Banking, Insurance, Securities, Market Conduct, Governance, Wholesale Financial Market, SFEMC

Related Articles
News

EBA Single Rulebook Q&A: Third Update for March 2019

EBA published answers to seven questions under the Single Rulebook question and answer (Q&A) updates for this week.

March 15, 2019 WebPage Regulatory News
News

OCC Updates Recovery Planning Booklet of the Comptroller's Handbook

OCC updated the Recovery Planning booklet of the Comptroller’s Handbook.

March 15, 2019 WebPage Regulatory News
News

EBA Publishes Report on Convergence of Supervisory Practices Across EU

EBA published annual report on the convergence of supervisory practices in EU.

March 14, 2019 WebPage Regulatory News
News

CPMI-IOSCO Publish Update to Level 1 Assessment of PFMI Implementation

CPMI and IOSCO jointly updated the Level 1 Assessment Online Tracker on monitoring of the implementation of the Principles for financial market infrastructures (PFMI).

March 14, 2019 WebPage Regulatory News
News

Agustín Carstens of BIS Speaks About New Role of Central Banks

While speaking at the 20th anniversary conference of the Financial Stability Institute (FSI), Agustín Carstens, the General Manager of BIS, highlighted the need for regulatory actions in light of the continued evolution of financial technology.

March 14, 2019 WebPage Regulatory News
News

PRA Publishes Policy Statement on Group Supervision Under Solvency II

PRA published a policy statement (PS9/19) that provides feedback on responses to the consultation paper CP15/18 and the final supervisory statement SS9/15 (Appendix) on group supervision under Solvency II.

March 14, 2019 WebPage Regulatory News
News

ECB Announces Start Date for Euro Short-Term Rate

ECB announced that it will start publishing the euro short-term rate (€STR) as of October 02, 2019, reflecting the trading activity of October 01, 2019.

March 14, 2019 WebPage Regulatory News
News

PRA Proposes to Update the Pillar 2 Capital Framework for Banks

PRA is proposing (CP5/19) to update the Pillar 2 capital framework to reflect continued refinements and developments in setting the PRA buffer (Pillar 2B).

March 13, 2019 WebPage Regulatory News
News

PRA Publishes Policy Statement Related to Credit Risk Mitigation

PRA published a policy statement (PS8/19) that contains the final policy in the updated supervisory statement SS17/13 on credit risk mitigation (Appendix 1) as well as the statement SS31/15 on Internal Capital Adequacy Assessment Process (ICAAP) and the Supervisory Review and Evaluation Process or SREP (Appendix 2).

March 13, 2019 WebPage Regulatory News
News

FED Updates Supplemental Information and Q&A for Form FR Y-14

FED updated the supplemental instructions and the questions and answers (Q&A) document for the information collection on capital assessments and stress testing, which is covered by the reporting form FR Y-14A.

March 13, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2750