Featured Product

    MAS Issues Guide to Conduct and Market Practices for Wholesale Markets

    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

    HKMA Revises Implementation Schedule for Initial Margin Rules

    HKMA intends to adopt a revised implementation schedule for the margin requirements for non-centrally cleared derivatives.

    August 16, 2019 WebPage Regulatory News
    News

    HKMA Revises Guideline on Application of Banking Disclosure Rules

    HKMA issued a revised version of the Supervisory Policy Manual module CA-D-1 on guideline on the application of the Banking (Disclosure) Rules (BDR).

    August 16, 2019 WebPage Regulatory News
    News

    ECB Decision on Recognizing Reporting Member States Under AnaCredit

    ECB has finalized the Decision 2019/1348 (ECB/2019/20) that establishes procedure for recognizing non-euro area member states as reporting member states under the AnaCredit Regulation (EU 2016/867).

    August 16, 2019 WebPage Regulatory News
    News

    FASB Proposes to Extend CECL Standard Deadline for Certain Entities

    FASB proposed an Accounting Standards Update that would grant private companies, not-for-profit organizations, and certain small public companies additional time to implement FASB standards on current expected credit losses (CECL), leases, and hedging.

    August 15, 2019 WebPage Regulatory News
    News

    IASB Adds Phase Two of IBOR Reform to Its Work Plan

    IASB (or the Board) has added the second phase of its project focused on potential financial reporting implications linked to the interest rate benchmark reform—interbank offer rate (IBOR) reform—to its work plan.

    August 15, 2019 WebPage Regulatory News
    News

    FED Updates Draft Instructions for Proposed FR Y-14 Reporting Forms

    FED updated draft instructions for the monthly, quarterly, and annual capital assessments and stress testing reports, also known as forms FR Y-14M, FR Y-14Q, FR Y-14A, respectively.

    August 15, 2019 WebPage Regulatory News
    News

    FASB Proposes Taxonomy Changes Related to Topics 326, 815, and 842

    FASB is proposing taxonomy improvements for the proposed Accounting Standards Update on clarifying the interactions among topic 321 on investments in equity securities), topic 323 on investments under equity method and joint ventures), and topic 815 on derivatives and hedging.

    August 15, 2019 WebPage Regulatory News
    News

    OCC Updates Bank Accounting Advisory Series in August 2019

    OCC released an update to the Bank Accounting Advisory Series (BAAS), which reflects accounting standards issued by FASB, through March 31, 2019, on topics such as hedging and credit losses.

    August 15, 2019 WebPage Regulatory News
    News

    APRA Consults on Final Phase Margin Rules for Uncleared Derivatives

    APRA is consulting on amendments to the prudential standard CPS 226 on margin and risk mitigation requirements for non-centrally cleared derivatives.

    August 14, 2019 WebPage Regulatory News
    News

    APRA Applies Additional Capital Requirement for an Australian Insurer

    APRA decided to apply an additional $250 million capital requirement to Allianz Australia Limited to reflect the issues identified in the risk governance self-assessment by the insurer.

    August 14, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3646