MAS Commits to Fx Global Code of Conduct - The Industry Spread

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.

monetary authority of singapore MAS

MAS Commits to Fx Global Code of Conduct

May 30, 2018

Bank of International Settlements - BISThe Monetary Authority of Singapore (MAS) today affirmed his commitment to the BIS Fx Global Code of Conduct. MAS in its official statement said that it 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 published by Bank of International Settlements (BIS), in order to ensure a global set of good practices being followed in the foreign exchange market. The code is applied to the foreign exchange market globally and sets out robust, fair, liquid, open and transparent forex market with high ethical standards. The codes have been developed in a collaborative process with BIS and other market participants. The bank expects that its counterparts are bound by the new framework that the governs Fx transactions globally. 

Singapore is one of the world’s biggest foreign exchange market and follows a very strict regulatory framework. By adhering to the Fx global code, all counterparties that are interacting with the Singapore’s financial authority will also need to adhere to the code. Smaller counterparties will also need to adhere to the good practice set out in the document.

MAS in an official statement: “The Institution confirms that it acts as a Market Participant as defined by the Code, and is committed to conducting its FX Market activities in a manner consistent with the principles of the Code. To this end, the Institution has taken appropriate steps, based on the size and complexity of its Activities, and the nature of its engagement in the FX Market, to align its Activities with the principles of the Code,”

Singapore Exchange (SGX)In another development, MAS has also announced that it will require investors to report short positions and other short sell orders in the securities listed on the Singapore Exchange from 1st Oct. 2018 in a bid to improve transparency on short selling activities. In the new rules, investors with short positions will report these positions to MAS through Short Position Reporting System (SPRS) portal. The data received from the SPRS portal, MAS will publish an aggregated short positions of each security on Wednesday of each week.

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