The Singapore Foreign Exchange Market Committee (SFEMC) recently published an updated version of the “Blue Book”, the Singapore Guide to Conduct and Market Practices for Treasury Operations.
In the Blue Book, the SFEMC acknowledges the goodwill of ACI – The Financial Markets Association in permitting The Model Code to be used as a source of reference from which a limited number of statements in the guide are drawn.
ACI, via its Committee for Professionalism, originally launched The Model Code at its 41st World Congress in Paris in 2000 to promote the concept that best market practices in global markets, such as the FX and international money markets, should be harmonised to the extent that they are not in conflict with local legal regulations or guidelines.
In order to achieve this, ACI continues to work closely with regulators and foreign exchange committees in the various major financial centres, it says.
A growing number of countries have accepted The Model Code, either in its entirety or in part, and ACI says it welcomes this trend as a way of establishing a compatible level playing field for market participants around the globe.