Singapore Foreign Exchange Market Committee (SFEMC) Singapore Foreign Exchange Market Committee (SFEMC)

The SFEMC was established in 1986 to foster growth and development of Singapore, with specific focus on foreign exchange, money markets, fixed income and derivatives markets.

Industry Good Practice

The SFEMC has developed this set of principles of good practice, “The Singapore Guide to Conduct and Market Practices for the Wholesale Financial Markets”, also commonly referred to as “The Blue Book”. This Guide applies in parallel with the FX Global Code. The Guide, together with the Global Code, is intended to foster a high standard of conduct and good market practices, ensure equitable and healthy relationships between participants and facilitate market efficiency.

Public Register

A standardised "Statement of Commitment" is available by which market participants can demonstrate their recognition of, and commitment to adopting the good practices set forth in the FX Global Code.


The SFEMC publishes the results of the semi-annual survey of foreign exchange volume in Singapore. The aim of the survey is to provide greater market transparency and better monitoring of foreign exchange activity.