focused on efficient management of risk and capital. mas is developing a regulatory framework for ils and will consult the industry in due course. development of more advanced risk management techniques has to be supported by more sophisticated research. for example, more reliable estimates of catastrophic losses will allow insurers to better price and write larger risks. for ils to be priced and rated, more robust risk models are needed. singapore is well - placed to serve as a centre for asian insurance research. we therefore encourage the industry to deepen its ties and collaboration with academia, and identify the relevant areas where greater research can make a difference. mas is prepared to consider supporting worthy projects financially. conclusion ladies and gentleman, the success of our initiatives to grow the insurance industry is contingent upon active participation from the industry. as new products are introduced and more players enter the market, there will be greater vibrancy in our insurance industry. there will be greater cross - fertilisation of ideas and upgrading of skills, which will underpin the continued growth of singapore into a thriving insurance marketplace. mas and gia have enjoyed an excellent working relationship over the years, and we look forward to many years of close and fruitful cooperation. it is our collective aim to continue to grow the vibrant insurance industry in singapore and to bring it to even greater heights. thank you.

, to the code. one year on, the gfxc has done a “ stock - take ” of our achievements, and i will share some of these with you today. 6 first, on awareness and commitment to the code. on this front, the gfxc, together with the fxcs in each jurisdiction, has made good progress. a key part of the code is the statement of commitment. this is a single, common basis by which each market participant can demonstrate that it commits to adhere to the code. one year on, we have seen a significant number of market participants from all over the 1 / 5 bis central bankers'speeches world using the statement as a means to demonstrate adherence to the code. to lead by example, many central banks, including mas, have also issued statements and published these on our websites. central banks have also requested that our fx counterparties issue the statement. many fxcs have linked membership of the fxc with code adherence. these efforts have resulted in a “ bumper crop ” of statements being issued at the one - year anniversary of the code. we have also seen about 12 public registers being established in response to market demand. these are repositories where market participants can publish their statements, to publicly demonstrate adherence to the code. in addition, the gfxc launched a global index of public registers ( or the global index ) in may this year, which links these public registers. the global index has a search function which enables the quick identification of market participants that have published statements on the participating public registers. as at mid - august, the global index had about 420 statements, from 9 participating public registers. the gfxc is continuing with efforts to include more public registers, and this will be an important and highly visible way to track adherence progress to the code. the gfxc has also been expanding its membership to include more jurisdictions. from the original 8 fxcs, we have seen a number of new fxcs being established in the last year. these include the fxcs in mexico, south africa, scandinavia and switzerland. through the membership expansion, the code will become more global as these fxcs promote the adoption of the code within their jurisdictions. 7 second, on embedding the code and integrating it into the fx market. if done well, we should see market behaviours reflect the good practices set out in the code. we have seen that the process of issuing the statements has prompted internal reviews within