be powerful – the major regional fxcs have more than 200 members within them – and these are amongst the largest participants in the fx market. so what is singapore ’ s approach to the code? singapore is now asia pacific ’ s largest fx centre. the average daily turnover in singapore exceeds us $ 0. 5 trillion5. we have registered 11. 7 % cagr growth over the last 6 years, and account for about 8 % of global turnover. 5 / 6 bis central bankers'speeches this is supported by a growing ecosystem of banks and non - bank financial participants, asset managers and corporate treasuries, who have chosen to base their fx activities here. as the preeminent fx centre in the asian time zone, which serves the different investment and hedging needs of market participants, it is important that singapore play a leading role in adopting code. within singapore, the singapore foreign exchange market committee ( “ sfemc ” ), will take on the responsibility to promote and encourage adherence to the code. as a start, sfemc members, comprising key sell - side banks and buy - side participants, will be using the statement of commitment to demonstrate their commitment to adhere to the code. sfemc will also be the key platform to collect feedback and views on evolving issues that could be brought to the gfxc and included into the code over time. in terms of outreach, we will leverage on a public - private partnership approach to engage our market participants. mas and sfemc members have been actively engaging market participants through both sell - side and buy - side associations, and will continue to do so. these include the association of banks in singapore ( abs ), the investment management association of singapore ( imas ) and the association of corporate treasurers ( acts ). if you have good ideas to share, on how we can do this more effectively, please reach out to us. conclusion the code is a tool to rebuild trust in the fx market, and we are confident that it can achieve its full potential with your support. together, we can raise standards, professionalism and accountability of market participants within the fx market in singapore and globally. on that note, i hope that you will have good discussions and a fruitful conference ahead. 1 source : bis triennial fx surveys. 2 by signing the code, a market participant represents that it ( a ) supports the code and recognises it as a set of principles of good practice for the fx market ;

code. the code incorporates the principle of proportionality, given the diverse nature of market participants. what this means is that not every principle will apply directly to every market participant. in the case of a buy - side participant, you will find that only a portion of the principles have direct applicability. for example, most of the principles relating to execution are directly applicable only to sellside participants. hence, the implementation burden may not be as significant as one would expect. nevertheless, while the rest of the principles may not have direct applicability, they provide clarity to your counterparty relationship with the sell - side. by understanding the practices that your counterparties are abiding by, it informs what you should expect from the counterparty relationship. for example, in the hotly debated issues of mark - ups and last look, the good practices help you make more informed choices in selecting and interacting with your counterparties. while we were initially less optimistic about buy - side adoption relative to the sell - side, our outreach efforts have indicated that once the buy - side sees the benefits the code brings, they become enthusiastic adopters. the third reason why this code will be different, is that it was developed by an unprecedented public - private partnership, and will be kept relevant over time. the development process for the code was an intense and inclusive one, involving the participation of a wide range of market participants. hence, we expect strong buy - in from market participants. this partnership also recognises the importance of keeping the code relevant over time. moving forward, the code will be collectively owned and maintained by the local foreign exchange committees ( or fxcs ), through the global foreign exchange committee ( or the gfxc ). the gfxc was launched in may this year, together with the publication of the code. the gfxc, comprising members from key central banks and private sector market participants, will assess regularly if there are new market developments that should be included into the code. it will also oversee a comprehensive review of the code on a less frequent basis, keeping the code relevant over time. fourth, extensive outreach to market participants has been done and will continue. over the past two years, extensive outreach was undertaken to more than 120 sell - side and buy - side industry associations, and key market infrastructure globally. the response has been positive. these efforts by the gfxc, central banks and local fxcs, to raise awareness and encourage adherence to the