No.28/86/DKom
"Amid rising global uncertainty driven by geopolitical tensions and the dynamics of global economic policy, the implementation of a market code of conduct by financial market participants is essential to preserving market credibility, pricing efficiency, and investor confidence. The implementation of such a code of conduct is expected to mitigate various risks in the financial markets arising from ethical violations and/or deviations from professional standards," stated Deputy Governor of Bank Indonesia Mr. Thomas A.M. Djiwandono, during the launch of the Market Code of Conduct (MCoC) Edition V, also known as the Brown Book Edition V, held in Jakarta on April 15, in collaboration with the Indonesian Money Market and Foreign Exchange Market Association (APUVINDO) and the Association Cambiste Internationale - Financial Markets Association (ACI FMA) Indonesia.
This fifth edition of the MCoC is particularly significant, as Indonesia is the first country to incorporate the 2026 edition of the ACI FMA Handbook into its domestic standards, alongside the 2024 edition of the FX Global Code. As a reference for market participants, the 2026 edition of the ACI FMA Handbook sets out key principles relating to market practices, personal conduct, operational readiness, and the use of technology and security to promote ethical, transparent, and secure transactions. The publication of MCoC Edition V is expected to serve as the primary reference for Indonesia's financial market participants in establishing and upholding standards of market ethics.
"Sustainable economic growth is highly dependent on efforts to deepen the financial market. In line with this, as the market continues to deepen and develop, strong support for the implementation of a robust code of ethics is needed to maintain integrity and trust in market activities," emphasized Thomas.
Bank Indonesia also urges all market participants to implement this code of ethics consistently and with strong commitment. The synergy between the authorities and market participants is expected to foster an active and competent PUVA industry, in line with the objectives of the 2030 Blueprint for the Deepening of the Money Market and Foreign Exchange Markets (BPPU 2030).
Jakarta, 23th April 2026
Communication Department
Anton Pitono
Director
