Hong Kong launches code for treasury markets
The code lays down minimum standards which institutions should follow in their treasury market activities.
Code of Conduct & Practice and a new Professional Qualification Framework for treasury market practitioners was launched on Thursday.
Chairman of the Treasury Markets Association’s Executive Board Eddie Yue said the code and the framework will enhance the ethical conduct and professional competence of the field and reinforce Hong Kong's status as an international financial centre, accoding to a government report.
“In a world of rapid financial innovation, it is key that institutions, including banks, ensure that their staff have the requisite knowledge and expertise to equip them for their duties. This is fundamental to effective risk management and, ultimately to financial stability. We see the code and the framework as contributing substantially to this process," he said.
The code, endorsed by the Monetary Authority, sets out minimum standards which institutions should follow in their treasury market activities, and seeks to facilitate market efficiency and minimise disputes.
All institutional and individual members of the association are required to observe and comply with the code which takes effect immediately.
As at end of last year, the association has 76 institutional members and 1,588 individual members.