starting in 1 / 6 bis central bankers'speeches new zealand, australia, and moving to singapore and london as the day progresses, before ending in new york. participation is diverse – with banks, asset managers, corporates, and central banks, each transacting fx to meet different objectives. participants act as principals or agents, and the responsibilities pertaining to each may not be well understood. hence, there could be market failures, asymmetry in information and potential conflicts of interests. good practices are therefore, essential to guide behaviour in the fx market, and to anchor a strong ethical culture within firms. the code will support the nurturing of good practices and in turn, the growth of the fx market across key financial centres, including singapore. unique features of the code codes of conduct have been in existence and are not new. so why will this code be different? there are several factors why this may be the case, including : what the code captures ; who the code will apply to ; how the code was developed and will be maintained ; and how it will be implemented. first, the content of the code is relevant and reflects good practices that should exist in the fx market. the code provides guidance in areas where clarity is needed. for example, after the misconduct came to light, many market participants swung to the other extreme and became highly reluctant to share market colour. this negatively affected market liquidity. the code includes principles on information sharing, stating explicitly that “ the timely dissemination of market colour can contribute to an efficient, open, and transparent fx market ”. additional guidance has been provided on how to apply this principle e. g. while communications should not include specific client names, aggregated and anonymised information can be shared. both positive and negative examples also provide additional practical guidance. second, it will apply to all market participants. previous codes were catered to sell - side participants. this code extends to all wholesale market participants – sell - side, buy - side, non - bank market makers, trading platforms and market infrastructure. a question that we have been asked frequently comes from buy - side participants – why does the code matter to me? the application of the code to all wholesale market participants, including the buy - side, stems from the belief that good practices should apply to all market participants and not only a subset. 2 / 6 bis central bankers'speeches with widespread adoption, the power of market discipline and peer pressure can be immense. this is important for a voluntary

gan kim yong : keynote speech - ibf golden jubilee ite scholarship keynote speech by mr gan kim yong, deputy prime minister and minister for finance, and deputy chairman of the monetary authority of singapore, at the launch of institute of banking and finance ( ibf ) golden jubilee ite scholarship, singapore, 14 may 2024. * * * ms low khah gek, chief executive officer, ite, ms carolyn neo, chief executive officer, ibf, financial industry partners, distinguished guests, students, ladies and gentlemen, introduction 1. good morning to all of you. it gives me great pleasure to join you today to launch the ibf golden jubilee scholarship for ite students. 2. the institute of banking and finance, or ibf, was established in 1974 to develop the professional competencies of the financial industry. over the last 50 years, it has dedicated itself to growing a skilled and resilient financial sector workforce a€ “ a cornerstone of singapore's position as a vibrant and trusted global financial centre. as ibf celebrates its golden jubilee, it is timely and meaningful to launch this scholarship. expanding the talent pipeline for the financial sector 3. since its founding in 1992, ite has served as a key provider of technical and vocational training to equip our students with relevant skills and to support singapore's economic growth. over the years, the government has expended significant resources to develop ite and invest in its students. it has a strong focus on practical skills and industry partnerships, to equip its students with industry - relevant skills. ite also offers work - study diplomas to its graduates, so that they can continue to upgrade and upskill. this has helped our ite graduates to have successful careers. 4. the financial sector has created well - paying jobs, offering the highest median gross income amongst employed residents. a ) and it continues to offer promising employment opportunities. over the past five years, the sector's workforce has grown by 16 % to 194, 000. of this 16 % increase, more than 9 out of 10 were residents. 5. we expect the sector to continue to grow, and we want to see more singaporeans from diverse backgrounds pursue fulfilling careers in the financial sector. ite graduates are part of this talent pipeline, and this scholarship will allow them to gain industry exposure and explore career opportunities in the financial sector. 1 / 3 bis - central bankers'speeches expanding possibilities, catalysing partnerships,