Code of Conduct and Practice and new Professional Qualification Framework

Press Releases

21 Jul 2011

Code of Conduct and Practice and new Professional Qualification Framework

The Treasury Markets Association (TMA) announced today (21 July) the launch of the Code of Conduct and Practice (the Code) and a new Professional Qualification Framework (PQF).

"The issue of the Code of Conduct and Practice and the introduction of a new Professional Qualification Framework will further enhance the ethical conduct and professional competence of treasury market practitioners thereby reinforcing Hong Kong’s status as an international financial centre. 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 PQF as contributing substantially to this process," said Mr Eddie Yue, Chairman of the TMA’s Executive Board.

Code of Conduct and Practice
The Code aims to set out minimum standards which institutions should follow in their treasury market activities, and seeks to facilitate market efficiency and minimise disputes.

In close consultation with the industry, the Code has been developed by a TMA Working Group since March 2010 having regard to international standards and practices as well as specific market conditions within Hong Kong. The Code covers a wide range of ethics and practices required on treasury market practitioners, from dealing and risk management principles, to controls as well as dealing and back-office practices, etc.

All institutional and individual members of the TMA are required to observe and comply with the Code which takes effect immediately. In addition, the Code has been endorsed by the HKMA. The full text of the Code is available at the TMA website.

New Professional Qualification Framework
The TMA recognises the importance of upholding the professional standard of treasury market practitioners as an essential element to maintain Hong Kong’s status as an international financial centre. Against this backdrop, the TMA took the initiative to develop a new PQF with a view to further promoting the professional standard in the treasury industry. The PQF specifies the common and specific body of knowledge required on different levels of treasury market practitioners. In this regard, the HKMA’s Supervisory Policy Manual on Competence and Ethical Behaviour notes that in assessing the technical competence of staff engaged in treasury market activities, AIs should take into account any relevant qualifications obtained under the PQF or comparable qualifications of other professional bodies having regard to the specific duties and responsibilities assigned to the staff concerned.

The new PQF consists of three levels of training programmes for membership admission and professional training for treasury market practitioners. There are four membership classes under the new Membership Regime: Associate Member, Full Member, Fellow Member and Honorary Member. For the admission programmes of Full Membership and Associate Membership, the TMA has worked in collaboration with the School of Professional and Continuing Education of the University of Hong Kong (HKU SPACE) and the Li Ka Shing Institute of Professional and Continuing Education of the Open University of Hong Kong (OUHK LiPACE) respectively in providing the relevant training programmes. Detailed information about the PQF is available at the TMA website.

Treasury Markets Association
21 July 2011

About the TMA

The TMA was formed in 2005 to further promote the professionalism and competitiveness of the treasury markets in Hong Kong through the following functions:

  • developing appropriate codes and standards for the treasury markets
  • promoting market and product development
  • enhancing the professionalism of market practitioners
  • promoting the profile of Hong Kong as the preferred hub for treasury market businesses in the Asia Pacific region.

As at the end of 2010, the TMA has 76 Institutional Members and 1,588 Individual Members.

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Last revision date : 19 August 2011