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Publication - Model Code

Code of Conduct and Practice

20 Nov 2023

The Code of Conduct and Practice is intended to promote high ethical standards and good market practices by setting out the minimum standards which institutions should follow in their treasury market activities. The Code, being endorsed by the Hong Kong Monetary Authority, also seeks to facilitate market efficiency and professionalism. Institutional and Individual Members of the TMA and all money brokers are required to observe and comply with the Code.


The first version of the TMA Code of Conduct and Practice (TMA Code) was released in 2011.  The  update in June 2017 incorporated the Foreign Exchange (FX) Global Code into the TMA Code.  Published on 25 May 2017, the FX Global Code provides a single set of global principles of good practice for the wholesale FX market.  FX committees from different jurisdictions, including the TMA, approved the FX Global Code at the Global FX Committee meeting held in London on 24 May 2017.  Please click here for the Joint Statement on the Publication of the FX Global Code in May 2017.


The latest minor update in November 2023 incorporated the latest convention template for different HONIA swaps and LIBOR transition.

For the updated version of the TMA Code, please click here to download.


Copyright for The Code of Conduct and Practice is held by the Treasury Markets Association. No part of the publication may be reproduced or transmitted in any form without its prior permission.





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