global index, only a small number are from buy - side market participants. at the global level, there is acknowledgement that more can be done to demonstrate to the buy - side community the benefits of the code, and to articulate more clearly the benefits of adherence. for example, the code helps the buy - side understand the practices that your counterparties abide by, and helps to inform what you should expect from the relationship, and in turn, who you may want to transact with. the code also provides a useful opportunity for the buy - side to benchmark your internal processes against global standards of best practices. the gfxc has launched a group that will focus on buy - side outreach to create greater awareness and adoption of the code. this will not be an effort bound by time, but will be a journey and one which we are committed to. in singapore, we have seen strong support from buy - side associations and we will continue to encourage singapore - based buy - side market participants to issue statements to demonstrate adherence. 12 second, to continue the existing work on cover and deal which arose in response to the feedback received from the consultation on “ last look ” practices, and to strengthen fx disclosures. on this front, further work will be done to understand the role that disclosures play in informing market participants how their trade requests are handled in ‘ cover and deal ’ arrangements. in addition, the gfxc hopes to develop a framework that can assist market participants to review or develop their client disclosures, and to identify any challenges to appropriate transparency. 13 third, to continue to embed and integrate the code into the fx market. a survey was conducted by the gfxc last year, to assess the industry ’ s baseline in code awareness and adoption. we plan to conduct another survey later this year, to see how market participants are embedding the code and how practices and behaviours have evolved. this survey will be rolled out across the key fx jurisdictions likely through the fxc network. we look forward to your active participation when the survey is rolled out. from the survey findings, we hope to identify ways to deepen adoption and broaden awareness over time and across jurisdictions. 14 these efforts need the support of you as market participants, and we hope that you can do 3 / 5 bis central bankers'speeches your part in promoting the good practices set out in the code, from your respective vantage points and positions within the fx market. 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