BI launches market code of conduct

Jakarta, May 26 (Antara) - Bank Indonesia (BI) Governor Agus Martowardojo on Monday launched the Market Code of Conduct (CoC) published by the Indonesia Foreign Exchange Market Committee (Indonesia FEMC) as a reference for transactions in the money market.

"Thank God, the market code of conduct could be realized in a short time. This is the work of the committee formed last August. The market code of conduct will serve as a reference for transactions in the money market, increase the credibility of the Indonesian money market at regional and global levels and help deepen the money market in the country," he said during the launch of CoC at the BI building here.

The CoC is a manifestation of agreement among market players to build a credible, resilient, stable and growing Indonesian money market to support the national economic development and enable the country to compete in the international market.

The reference is a guide for every market player to behave and act while making transactions in the domestic money market. The CoC is also aimed at controlling market players behavior, improving their discipline and integrity in the Indonesian money market covering senior management, management and dealers directly involved in daily financial transactions.

"This reference serves as the foundation on how the market players behave, particularly related to over-the-counter (OTC) behavior according to the principles and norms prevailing in the international money market. The Indonesia FEMC issued this reference following intense discussions with the market teams of the authorities," chief of Indonesia FEMC Panji Irawan said. (*)