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Introduction of Financial Markets and Regulatory Practice (FMRP) Certification

(Singapore, 28th June 2012) The Singapore Foreign Exchange Market Committee (SFEMC) announces today the introduction of a professional certification program for all dealers and brokers engaged in wholesale dealing of OTC foreign exchange, money market instruments and derivative products in Singapore.

The Financial Markets Regulatory & Practice (FMRP) certification program is an industry initiative aimed at upholding a high standard of professional competency and ethical conduct in Singapore’s OTC financial markets.  The program is supported by the Monetary Authority of Singapore and endorsed by the Association of Banks in Singapore (ABS), the Singapore Money Brokers Association and ACI Singapore – The Financial Markets Association.

Mr. Lenny Feder, Co-Chairman of the SFEMC, explained, “In the past three years, global financial markets have experienced unprecedented challenges. For Singapore’s financial markets to continue thriving amid these changes it is critical to keep enhancing the competency of our market professionals and benchmarking our practices to global standards. The FMRP sets the minimum competency standard and provides a common yardstick to assess our dealers and brokers.”

The introduction of the FMRP comes on the back of a review and revision of The Singapore Guide to Conduct & Market Practices for Treasury Activities (commonly referred to as The Blue Book) last December by the SFEMC. Currently, all new entrants to the OTC financial markets are encouraged to pass an examination on The Blue Book conducted by the Institute of Banking & Finance (IBF).

The FMRP will focus on assessing the candidates' understanding of wholesale dealing practices and market conduct based on The Blue Book as well as relevant Singapore laws and regulations. This is to ensure that all market participants would act in a way that best safeguards the soundness of the financial market.

 

To obtain a FMRP Certificate candidates are required to pass an examination administered independently by the IBF. Dealers and brokers with a minimum of 10 years dealing experience, at least three of which must be based in Singapore, may opt to attend a non-examinable course based on the FMRP curriculum instead of sitting for the examination.

 

MAS Deputy Managing Director Mr. Ong Chong Tee said, “The revision of the Blue Book and the introduction of the FMRP are key initiatives that will assure that the competencies and business best practices of financial market professionals remain relevant and in keeping with global standards.  MAS fully support this timely initiative by the industry.

 

Agreeing with Mr. Ong, ABS Chairman Mr. Piyush Gupta said, ''The OTC markets are and will remain a very important pillar in our financial industry. It is imperative that we set high standards of professionalism for our dealers and brokers. The ABS therefore stands fully behind the FMRP.''

Dealers and brokers will be able to sit for the FMRP examinations or attend a non-examinable course from this September.  All new entrants to the Singapore financial markets are expected to obtain the FMRP Certificate within six months after joining a financial institution or money broker. 


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