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Ms Eva Szalay, Editor, FX Week,
1 Ladies and gentlemen, good morning. How time flies. It did not seem too long ago when I was invited to speak at last year’s conference and I am very happy to be here again at the 14th FX Week Asia Conference.
2 Last year, I shared the launch of the FX Global Code (or the Code), its unique features and the elements that have been put in place to promote industry adherence. One year has passed, and it is timely to review developments since the launch of the Code and its impact on the global FX industry. More importantly, I would like to share with you, the priorities ahead to further embed the Code within the global FX market.
3 I am sure that by now, most of you would have heard of the Code. But for the benefit of those who may not have, let me provide a quick overview.
4 The Code was launched in May last year by the Bank for International Settlements (or BIS) as a single, global code of conduct for the wholesale FX market.
5 Since the launch of the Code, we have been fully committed to promoting adherence in our respective markets by market participants, from both sell- and buy-sides, to the Code. One year on, the GFXC has done a “stock-take” of our achievements, and I will share some of these with you today.
6 First, on awareness and commitment to the Code. On this front, the GFXC, together with the FXCs in each jurisdiction, has made good progress.
7 Second, on embedding the Code and integrating it into the FX market. If done well, we should see market behaviours reflect the good practices set out in the Code.
8 Third, on evolution of the Code. When the Code was launched, the GFXC has stated that the Code will need to evolve over time to promote a robust, liquid and transparent FX market.
9 Having looked back on our achievements over the past year, the GFXC is committed to build on the momentum to further promote the Code.
10 I will share briefly on the GFXC’s key priorities in the year ahead.
11 First, to step up outreach efforts to the buy side. To those in the audience from the buy-side, you are important participants in the global FX market whom we will engage further.
12 Second, to continue the existing work on cover and deal which arose in response to the feedback received from the consultation on “last look” practices, and to strengthen FX disclosures.
13 Third, to continue to embed and integrate the Code into the FX market.
14 These efforts need the support of you as market participants, and we hope that you can do your part in promoting the good practices set out in the Code, from your respective vantage points and positions within the FX market.
15 Last year, I shared that the Singapore Foreign Exchange Market Committee (or SFEMC) has taken on the responsibility to promote and encourage adherence to the Code in Singapore.
16 Given Singapore’s position as the preeminent FX centre within the Asian time zone, it is important for us to continue to take a leading role in adopting the Code.
17 One year on, I am proud to share that all SFEMC members, across sell-side and buy-side, have issued Statements to the Code. A significant number of banks operating in Singapore have also already issued the Statements, with many of them publishing these Statements on their websites and public registers. Notwithstanding this commendable outcome thus far, SFEMC will continue to work with the key industry associations in Singapore to further promote and embed the Code. For example, we have recently collaborated with the Association of Banks in Singapore to encourage all banks with FX operations in Singapore to issue Statements by the end of this year.
18 SFEMC will also be establishing a public register in the second half of this year, for market participants in Singapore to post their Statements. This is in response to demand from market participants.
19 SFEMC believes that having such a public register in Singapore would help in our promotion efforts in getting more market participants, particularly buy-side entities, to issue Statements to the Code.
20 Where your firm has issued a Statement, we welcome you to publish your Statement on the SFEMC public register when this is ready.
21 I am confident that the Code will further strengthen the integrity and vibrancy of our FX market. This will complement our co-creation efforts with industry players, like yourselves, to grow the FX market further. These initiatives are set out in the Financial Services Industry Transformation Map (or ITM), a roadmap that paints Singapore’s vision as a leading global financial centre in Asia in
22 In the ITM, our action plan includes the following:
23 I will briefly share two areas of relevance to this audience. The first area is on the strategy to grow our FX market into the e-trading centre in this time zone.
24 Next, skills. Complementing the business strategies and innovation agenda will be an active SkillsFuture programme to help the financial sector workforce build world-class skills.
25 If we can do well in these two key areas, it will position our FX market and participants to capture growth opportunities and serve the needs of the Asian markets.
26 Promoting and embedding the Code within the global FX market and in Singapore, is a journey that we have committed to. We hope that you can support these efforts, from your firms and in your individual capacity as market participants.
27 We have also co-created our medium term business strategies with market participants like yourselves, and we are committed to making them work, and bringing more innovation into the market place.
28 With this, I hope that you will have a productive and rewarding conference ahead.
(Updated at p.m. EDT/ GMT)
By Chuck Mikolajczak
NEW YORK, Sept 13 (Reuters) -
The dollar index was higher on Wednesday, after U.S. economic data showed inflation increased for August but did little to alter market expectations for the path of rate hikes from the Federal Reserve.
The consumer price index increased by % last month, the largest gain since June , as gasoline prices jumped, Labor Department data showed. Excluding the volatile food and energy components, the CPI increased %, moderated by a decline in prices for used cars and trucks.
The data failed to disrupt views the U.S. central bank will hold rates steady at its policy announcement next week at the conclusion of its Sept. meeting. The market is pricing in a 97% chance the Fed will keep rates at their current level, up from 92% on Tuesday, according to CME's FedWatch Tool.
Expectations for a 25 basis point hike at the November meeting, which had been creeping up this week, slipped to % from % a day ago.
"For me, CPI didn't really change the story that much," said Marvin Loh, senior global macro strategist at State Street in Boston.
"If you think that they need to go another hike, you still think they need to go another hike. If you think they're done, there's probably enough in here where it's done. Probably more important is how you look at next year's cuts and most importantly is that there was nothing in today's number that really changed next year's cut that much."
The dollar index, which tracks the currency against a basket of rival currencies, was up % to
Goldman Sachs chief economist Jan Hatzius said in a note on Wednesday the firm does not expect the CPI report to affect the outcome of next week's meeting in which he sees policy unchanged, and continues to believe the Fed will see a final hike at the November meeting as unnecessary.
Barclays also maintained their call for a pause by the Fed next week, but continue to expect one more hike of 25 basis points by year-end.
Another inflation reading will be released tomorrow in the form of the producer price index (PPI), while retail sales data will also be released.
The euro lost % to $ against the greenback ahead of the policy announcement from the European Central Bank (ECB) on Thursday.
A source with direct knowledge of rate setters' discussions told Reuters on Tuesday the central bank expects euro zone inflation to remain above 3% next year, supporting the case for a tenth straight interest rate increase this week.
Sterling edged down % at $, after data showed the UK economy contracted in July at an unexpectedly sharp rate, as gross domestic product shrank % from June, below expectations for a % contraction.
The dollar strengthened % against the yen to as the Japanese currency continued to give back a sharp gain on Monday the resulted in the biggest one-day climb for the yen in two months.
Weekend comments from Bank of Japan (BOJ) Governor Kazuo Ueda heightened expectations the central bank could shift away from its negative interest rate policy, sending the yen surging to start the week, but these were subsequently dampened after influential ruling party lawmaker Hiroshige Seko indicated his preference for an ultra-loose monetary policy on Tuesday.
The yen has come under pressure against the dollar as the BOJ remains a dovish outlier among global central banks, especially since the Federal Reserve began its aggressive rate-hike cycle in March
Traders have been closely watching for any signs of intervention from Japan to shore up the yen since it weakened past the per dollar threshold last month. A year ago, that level led to the first yen-buying intervention by the authorities since
(Reporting by Chuck Mikolajczak; Editing by Andrea Ricci and Diane Craft)
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