IGTA Journal - Summer 2018

your part in promoting the good practices set out in the Code, from your respective vantage points and positions within the FXmarket. Singapore’s approach 15 Last year, I shared that the Singapore Foreign Exchange Market Committee (or SFEMC) has taken on the responsibility to promote and encourage adherence to the Code in Singapore. 16 Given Singapore’s position as the preeminent FX centre within the Asian time zone, it is important for us to continue to take a leading role in adopting the Code. 17 One year on, I am proud to share that all SFEMC members, across sell-side and buy-side, have issued Statements to the Code. A significant number of banks operating in Singapore have also already issued the Statements, with many of them publishing these Statements on their websites and public registers. Notwithstanding this commendable outcome thus far, SFEMC will continue to work with the key industry associations in Singapore to further promote and embed the Code. For example, we have recently collaborated with the Association of Banks in Singapore to encourage all banks with FX operations in Singapore to issue Statements by the end of this year. 18 SFEMC will also be establishing a public register in the second half of this year, for market participants in Singapore to post their Statements. This is in response to demand from market participants. 19 SFEMC believes that having such a public register in Singapore would help in our promotion efforts in getting more market participants, particularly buy-side entities, to issue Statements to the Code. 20 Where your firm has issued a Statement, we welcome you to publish your Statement on the SFEMC public register when this is ready. Developing Singapore to be an e-trading hub for FX 21 I am confident that the Code will further strengthen the integrity and vibrancy of our FX market. This will complement our co-creation efforts with industry players, like yourselves, to grow the FX market further. These initiatives are set out in the Financial Services Industry Transformation Map (or ITM), a roadmap that paints Singapore’s vision as a leading global financial centre in Asia in 2020. 22 In the ITM, our action plan includes the following: First, growth strategies by business lines – leveraging global and regional opportunities, and strengthening our position in activities where we already have a strong competitive advantage; Second, innovation and technology adoption – embracing innovation, sharpening our competitiveness and injecting even greater dynamism into the sector; Third, programmes for upgrading skills – expanding and deepening our talent pool. 23 I will briefly share two areas of relevance to this audience. The first area is on the strategy to grow our FXmarket into the e-trading centre in this time zone. Today we are already an established international financial centre and FX market, ranked third globally after London and New York by FX volumes. In the next phase of our transformation, we want to become a global FX pricing and liquidity centre, operating in the Asian time zone. 4 / 5 BIS central bankers' speeches IGTA eJournal | Summer 2018 | 32