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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

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