and knowledge through seminars and other training programmes. mas will also continue to collaborate with financial institutions, the tripartite partners, and institutes of higher learning to build a strong local pipeline of specialised talent, particularly in areas such as information technology, computing, data analytics. 25 if we can do well in these two key areas, it will position our fx market and participants to capture growth opportunities and serve the needs of the asian markets. conclusion 26 promoting and embedding the code within the global fx market and in singapore, is a journey that we have committed to. we hope that you can support these efforts, from your firms and in your individual capacity as market participants. 27 we have also co - created our medium term business strategies with market participants like yourselves, and we are committed to making them work, and bringing more innovation into the market place. 28 with this, i hope that you will have a productive and rewarding conference ahead. 5 / 5 bis central bankers'speeches

and macroeconomic policy. the items on regulation can themselves be divided into two subgroups. on the one hand, the g20 decided to tighten or strengthen the regulatory framework applying to entities or activities that had already been regulated before the crisis. examples include : • a more demanding framework for the capital, leverage, and liquidity of banks, prepared by the basel committee on banking supervision ( bcbs ) and known as the basel iii accord since its initial exposition in 2010 ; bis central bankers ’ speeches • special regulatory treatment of systemically important financial institutions ( sifis ), such as additional capital ( or in the basel jargon, “ loss absorbency ” ) requirements ; and • additional disclosure obligations for banks. on the other hand, entities or activities that until 2008 were mostly outside of the scope of regulators were made subject to a comprehensive regulatory framework : • over - the - counter ( otc ) derivatives, • executive compensation, • credit rating agencies, • hedge funds, “ shadow banking ” ( i. e. entities and activities that are not regulated as banks, but present bank - like systemic risk profiles ) and, more recently, • financial benchmarks ( following the detecting of fraud in the setting of libor, the london interbank offered rate, and other similar reference rates ). all those initiatives that were envisaged by the g20 are translated into regulatory changes in us and europe. in the us, dodd – frank wall street reform and consumer protection act ( or known as dodd - frank act ) implements changes that, among other things, affect the oversight and supervision of financial institutions. the dodd - frank act creates the financial stability oversight council to oversee financial institutions. additionally, it provides for a new resolution procedure for large financial companies, a creation of a new agency responsible for implementing and enforcing compliance with consumer financial laws, introduces more rigorous regulatory capital requirements, affects significant changes in the regulation of otc derivatives, includes reform of the regulation of credit rating agencies, implements changes to corporate governance and executive compensation practices, incorporates the volcker rule, requires registration of advisers to certain private funds, and affects significant changes in the securitization market. in the eu, markets in financial instruments directive mifid is an important step in the biggest overhaul of financial markets regulation in the eu for a decade. however, the new regulatory framework consists of directive ( mifid 2 ) and regulation on markets in financial instruments ( mifir ). it is an integral part of the