as the global code. it is, however, ultimately incumbent upon the industry to support and promote adoption of the code across the marketplace. i ’ d like to highlight a variety of initiatives underway to support this adoption. first, outreach and education regarding the code is critical and has been underway via events like this and ongoing engagement with industry associations. central bank colleagues and industry market participants here and abroad have been active in reaching out locally to raise awareness of the code. new and updated education tools are already in development to help further promote the code. as awareness permeates the market, these efforts will support better understanding and adoption of the code. second, industry market participants have expressed a desire for a mechanism, such as a public register, to make public their statements of commitment. discussions with industry suggest that multiple public registers may likely be established over time. i look forward to seeing how this work evolves. it will be important to understand how the code is being adopted across the industry. to this end, the gfxc is also developing a survey to help assess how the code is being applied following its publication. this survey can provide a baseline that we can measure against over time, and can help to assess how the code is filtering into the market, going forward. gfxc, evolution of the code and last look over the past two years, the industry has been very heavily engaged in global code efforts through the mpg and the regional foreign exchange committees ( fxcs ). the past two years have shown that the work of central banks and industry in partnership, at a global level, is productive in developing and supporting best practices. as such, while both the fxwg and mpg have fulfilled their mandate to develop the code, this spirit of central bank - industry partnership will be maintained, as will the code itself, in the future by the newly formalized gfxc. the gfxc reflects a significant expansion of cross - border and public - private sector efforts. it is a forum that brings together central banks and market participants via the fxcs — currently representing sixteen regions — to encourage collaboration and communication on fx - related issues, to exchange views on trends and developments in the fx market, and to promote and maintain the fx global code. in addition, the work to develop the code has led to the development of central bank - sponsored fxcs in new regions, some of which have already launched and others that are forthcoming. fxcs, including the one sponsored

it may signal to other market participants the client ’ s trading intent, skewing market prices against the client, which ( 1 ) is not likely to benefit the client, and ( 2 ) in the event that the market participant rejects the client ’ s request to trade, constitutes use of confidential information in a manner not specified by the client. ” in light of the breadth of opinions expressed during the development of this principle, the gfxc has decided to reach out to the broader market for further input on this narrow topic of trading during the last look window. the gfxc poses two questions. first, it asks whether respondents agree with the characterization of trading activity during the last look window and whether there are examples where such activity can benefit the client within the context of how last look is described in the code. second, it asks whether respondents believe the language related to trading during the last look window should be modified. many of you are very knowledgeable about these topics and we hope you will take the opportunity to share your insights on these questions. the gfxc is not only seeking views at the tails, but also those more in the middle of the spectrum as well. importantly, all perspectives are welcome. conclusion the request for feedback is an opportunity to engage at an industry level in supporting the resilience of this critical and fundamental market — one that represents far more than the sum of its parts and players. as i said in 2015, 3 “ the transactions that take place [ in the fx market ] are the lifeblood of a global economy that comprises many different national currencies. ” at that time, i called upon the industry to take action and i am impressed by what i have seen through the work in developing the code and in the spirit in which it has been received so far. but that work isn ’ t over — it never is. best practices do not work without the ongoing commitment of those in the industry, those making the choices each day. no code, and in fact no law or regulation, can force all 5 / 6 bis central bankers'speeches participants in a market as broad and diverse as fx to maintain a marketplace that values openness, resilience, high ethical standards, and competition. but, that fact is no reason to forego striving for such a marketplace. developing the code has been one way of working toward that goal. i hope that you all continue your focus on these issues and do your part to support