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MAS affirms commitment to BIS Foreign Exchange Global Code

THE Monetary Authority of Singapore (MAS) has affirmed its commitment to the Foreign Exchange Global Code (Code) developed by the Bank for International Settlements (BIS).

In its statement of commitment, the central bank said on Monday that the 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 Code applies to the wholesale foreign exchange market globally. It sets out principles that promote a robust, fair, liquid, open and appropriately transparent forex market, underpinned by high ethical standards.

The Code was developed through a collaborative process between the BIS's Foreign Exchange Working Group and private sector market participants.

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"MAS also strongly encourages wholesale forex market participants in Singapore to demonstrate adherence to the Code, to promote the integrity and effective functioning of the global forex market," the central bank said.