This brings me to the FX Global Code and its global implementation, which I will share more about today. Launch of the FX Global Code The FX Global Code was launched in May 2017 by the Bank for International Settlements (or BIS). It was developed over 2 years by the BIS Foreign Exchange Working Group (or FXWG), which comprised central banks from the key FX jurisdictions. The effort was also supported by a public-private partnership between the central banks and active engagement from key FX market participants. The private sector participants included the sell-side, buy-side, trading platforms and other market infrastructure. What we have now is a single, global code of conduct for the wholesale FX market. Benefits of the Code How will the Code benefit the FX market? Let’s take a step back and look at the nature of the wholesale FX market. It is inherently complex: Activity takes place across multiple venues; there is no single trading venue and no single price. Trading happens 24 hours a day, spanning multiple centres, with the day’s trading 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.
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; (b) is committed to conducting its FX market activities in a manner that is consistent with the principles of the Code; and (c) considers that it has taken appropriate steps, based on the size and complexity of its activities, and the nature of its engagement in the FX market, to align its activities with the principles of the Code. 3 The assessment would take into account issues such as the breadth of adoption of the Code, the effectiveness  of adherence mechanisms, the extent to which behaviour in the market has changed and the effect of the Code on market functioning. 4 BIS press release, 25 May 2017, “Central bank Governors welcome global code of conduct for currency  markets” 5 Source: 2016 BIS Triennial FX Survey. 6/6  BIS central bankers' speeches