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Singapore Foreign Exchange Market Committee (SFEMC)

Terms of Reference

The SFEMC works to grow Singapore's capital markets and uphold high standards in foreign exchange, money markets, and derivatives. Learn about its objectives, membership criteria, and how it supports the FX Global Code.

Last updated on 10 September 2026

Objectives

  • 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 (FMAS), the Investment Management Association of Singapore, the Association of Corporate Treasurers (Singapore), as well as other similar committees involved in financial markets.

Chairperson and Secretariat

  • The SFEMC is co-chaired by a senior industry representative and an MAS representative. The Deputy Chairperson is also a senior industry representative.

  • The SFEMC is staffed by a secretariat from the MAS. The secretariat is responsible for the arrangement of meetings, preparation of agendas, and circulation of meeting materials.

  • The SFEMC meets about 6 times a year.

Membership Criteria

  • The SFEMC should comprise a diverse group of capital market participants, including from banks, brokers and asset managers. Members are selected based on their ability to contribute to the objectives of the SFEMC, experience in the industry and seniority in their respective firms.

  • The Chairman of SMBA and the President of FMAS will also be members of the SFEMC.

  • The co-Chairpersons are responsible for reviewing membership composition to ensure that the membership remains representative as the industry evolves.

  • The SFEMC is a member of the Global Foreign Exchange Committee (GFXC), and supports its objectives which includes promoting and maintaining the FX Global Code. Hence, SFEMC members are required to confirm their institutions’ commitment to the FX Global Code by endorsing the Statement of Commitment.

Sub-Committees and Working Groups

  • The SFEMC may set up standing sub-committees and ad-hoc working groups, to study specific issues of interest to SFEMC members.