Jakarta, IDN Times – Bank Indonesia (BI) officially launched the 5th edition of the Market Code of Conduct (MCoC), also known as the Brown Book, on April 15, 2026. The launch was witnessed by representatives from the Indonesian Money Market and Foreign Exchange Association (APUVINDO) and the ACI Financial Markets Association (ACI FMA).
Bank Indonesia Deputy Governor Thomas A.M. Djiwandono emphasized that the adoption of a professional code of ethics by financial market participants has become a critical factor in navigating global uncertainty, driven by intensifying geopolitical tensions and shifting economic policy dynamics.
According to Thomas, implementing this code of ethics is expected to mitigate financial market risks stemming from unethical behavior or professional misconduct. “Adopting a market code of conduct is essential for maintaining market credibility, ensuring efficient price discovery, and bolstering investor confidence,” he stated in a written release on Saturday, April 25, 2026.
Indonesia Pioneers Global Standard Adoption
Thomas highlighted the unique significance of the 5th edition of the MCoC, noting that Indonesia is the first nation to integrate the updated 2026 ACI FMA Handbook into its domestic standards. This policy also incorporates the 2024 edition of the FX Global Code.
The 2026 ACI FMA Handbook serves as a vital reference for market players, covering key principles such as market functionality, personal conduct, operational readiness, and technology security. These standards are designed to ensure that every transaction is executed ethically, transparently, and securely.
Integrity as a Catalyst for Economic Growth
The former Deputy Minister of Finance further asserted that the sustainability of national economic growth is deeply tied to the deepening of the financial markets. As these markets evolve and expand, robust adherence to ethical standards becomes necessary to uphold integrity and trust across all financial activities.
“The sustainability of our economic growth is heavily dependent on our efforts to deepen the financial market,” Thomas reiterated.
Synergy to Achieve the 2030 BPPU Targets
Bank Indonesia is encouraging all market participants to implement this code of conduct consistently and with a firm commitment. This synergy between regulatory authorities and market players is intended to foster a more active and competent Money Market and Foreign Exchange (PUVA) industry.
This initiative is a cornerstone of the broader efforts to achieve the strategic targets outlined in the 2030 Blueprint for Money Market and Foreign Exchange Deepening (BPPU).
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Summary
Bank Indonesia officially launched the 5th edition of the Market Code of Conduct (MCoC), also known as the Brown Book, on April 15, 2026. This initiative aims to strengthen financial market ethics, mitigate risks associated with professional misconduct, and enhance market credibility during periods of global economic uncertainty. By adopting these standards, Bank Indonesia seeks to ensure efficient price discovery and foster greater investor confidence.
Notably, Indonesia is the first country to integrate the 2026 ACI FMA Handbook and the 2024 FX Global Code into its domestic regulatory framework. These updated guidelines focus on market functionality, personal conduct, and technological security to support the integrity of the financial sector. This implementation is a critical step toward achieving the strategic objectives outlined in the 2030 Blueprint for Money Market and Foreign Exchange Deepening (BPPU).