Faced with these features, those of us involved in developing the Code quickly decided that it had to be based on a set of high-level principles. This enabled us to cut through much of the complexity within the market and should result in the Code providing greater constancy in advice than a detailed set of rules could achieve in such a fast-moving market. 1  See Settlement Risk in Foreign Exchange Transactions (1996), known as the Allsopp Report, prepared by the BIS Committee on Payment and Settlement Systems (CPSS); www.bis.org/cpmi/publ/d17.pdf. 2 http://www.bis.org/press/p150511.htm 3 www.globalfxc.org 2  All speeches are available online at www.bankofengland.co.uk/speeches  2  The diversity of the market also led us to deploy a uniquely collaborative approach when developing the Code, with officials from central banks across the globe working with senior representatives from sell side, buy side, non-bank participants and infrastructure providers. Feedback was also sought from members of the various regional foreign exchange committees. The aim – which I firmly believe we met – was to publish a Code that was well informed by the full diversity of market participants and had the legitimacy to be adopted voluntarily. It will be important to maintain that collaborative spirit as we move forward. The Global Foreign Exchange Committee, or GFXC, was formed to facilitate exactly that. The Committee, which I currently chair, comprises public and private sector representatives from 16 of the largest FX trading centres, and has a mandate to promote and maintain and the Code.

Over the years, delegates from central banks of 30 different countries have attended the Conference. This growing international attendance makes particular strength of the Conference showcasing diverse experiences from very different areas of the world driven by the common interest in payments and market infrastructures. Equally appreciated is our domestic audience that continues to valuably contribute to the Conference each year. Focusing on current issues in the payment systems, the Conference agenda is each year carefully designed to cover the latest trends and feature the main challenges in the area. Variety of interesting topics has been on the menu so far including the European payment landscape and legislation with a special focus on PSD and PSD2; topics related to payment systems and payments oversight; the EU payment integration initiative known as Single European Payment Area (SEPA); then, innovations; security and efficiency of retail payments. We have elaborated 1/3  BIS central bankers' speeches  on instant payments, financial inclusion and accessibility of payment services, financial structures resilience and many more. This year’s agenda covers themes related to digital banking, cryptocurrencies and their regulation, the new technologies such as DLT and blockchain – all of them being topics of considerable relevance at the moment, and will only become more important over time. Bracketing this jubilee edition we had the pleasure of hosting many distinguished speakers from various affiliations starting from central banks, through relevant international institutions, commercial banks, clearing houses and custodians etc.