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Singapore Foreign Exchange Market Committee (SFEMC)

Overview

The SFEMC works to grow Singapore's financial markets and uphold industry standards. Find out about its objectives, key responsibilities, and the codes and guidelines it oversees.

Last updated on 10 September 2026

The Singapore Foreign Exchange Market Committee (“SFEMC”) aims to foster the growth and development of Singapore as a leading global financial centre in Asia, with specific focus on foreign exchange, money markets, fixed income and derivatives markets.

Its specific objectives are to:

  • Foster the broadening and deepening of capital markets;

  • Discuss technical and structural issues relating to capital markets, and to play a coordinating role amongst market participants during times of market instability;

  • Develop and recommend appropriate industry standards and codes;

  • Promote high standards of professional conduct and competencies in market participants; and

  • Serve as a channel of communication amongst market participants and the Monetary Authority of Singapore (“MAS”).

The SFEMC is responsible for the Singapore Guide to Conduct and Market Practices for the Wholesale Financial Markets (“Blue Book”).

The SFEMC is also a member of the Global Foreign Exchange Committee (“GFXC”) (opens in new tab), and oversees the promotion and maintenance of the FX Global Code (“Code”) and associated adherence mechanisms in Singapore.

The SFEMC also works closely with the Association of Banks in Singapore, the Singapore Money Brokers Association (SMBA), the Financial Markets Association of Singapore, the Investment Management Association of Singapore, the Association of Corporate Treasurers (Singapore), as well as other similar committees involved in financial markets.