Firstly, a high standard of industry practice, enabled by high industry standards, and a strong, responsive supervisory framework. Secondly, a strong pool of market participants with deep expertise. Thirdly, a good network among the players and regulators to promote collaboration and the introduction of new products; as well as to promote Singapore as the choice location for capital raising and trading. All these are to be done without of course undermining competition or investors' interests. I believe SIBA can play key roles in each of these areas. Allow me to elaborate. 1/3  High standards to maintain confidence A fundamental building block of a good capital market is trust and integrity. Investors must have confidence that the market is clean, transparent, and provides fair dealing for all participants. They demand a high standard of corporate governance, timely disclosures, and compliance with regulations. Hence, MAS, as well as other relevant agencies like the Accounting and Corporate Regulatory Authority and the Singapore Exchange, have actively worked on various initiatives to enhance disclosure, strengthen market discipline and improve corporate governance of listed companies. These efforts included the Code of Corporate Governance, revisions to the SGX listing rules, as well as the introduction of the new civil penalty regime under the Securities and Futures Act that provides an alternative enforcement mechanism. In September 2005, MAS released the Guidelines on Corporate Governance to provide guidance on the best practices for financial institutions on corporate governance.

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