groups of the gfxc, drawing on a diverse group of market participants and central banks, have been working on the review. the proposed updates to the code have been through a number of rounds of feedback with market participants through the fxcs round the world, as well as a public feedback process. i would like to thank the broad range of market participants who provided us with feedback. i would particularly like to thank the working groups for their hard work, especially given the challenging environment of the pandemic. the review of the code following this process of review and consultation with industry, the gfxc has published the updated version of the code. the july 2021 version of the code replaces the earlier, august 2018 version. in total, 11 of the code ’ s 55 principles have been amended. the gfxc has also developed disclosure cover sheets and templates for algo due diligence and transaction cost analysis ( tca ) to assist market participants in meeting the code ’ s principles for disclosure and transparency. additionally, the gfxc has published guidance papers on the practices of pre - hedging and last look to support market participants in applying the code ’ s principles in these areas. one area that reflects the development of the market is the role played by anonymous trading. the code has been amended to encourage greater disclosure by those operating anonymous platforms, including of their policies for managing the unique identifiers ( ‘ tags ’ ) of their users. anonymous trading platforms are also encouraged to make available the code signatory status of their users. recognising the value that data related to trading activity holds for market participants, the code now states that fx e - trading platforms ( including anonymous platforms ) should be transparent about their market data policies, including which user types such data is made available to and at what frequency and latency. platforms are also encouraged to disclose the mechanisms and controls by which they are managing or monitoring the credit limits of their users. the risks associated with fx settlement are potentially very significant and have come back into view again following the publication of the previous triennial survey of fx turnover by the bis. 4 consequently, the gfxc identified a need to strengthen the code ’ s guidance on 2 / 4 bis central bankers'speeches settlement risk. amendments have been made to place greater emphasis on the usage of payment versus payment ( pvp ) settlement mechanisms where they are available and to provide more detailed guidance on the management of settlement risk where pv

philip lowe : an eaud? address by mr philip lowe, governor of the reserve bank of australia, to the 2017 australian payment summit, sydney, 13 december 2017. * * * i would like to thank david emery, tony richards and other staff in the rba's payments policy department for assistance in the preparation of these remarks. thank you for the invitation to speak at this important summit. it is an honour for me to be able to join you. over recent times, the payments system has evolved tremendously and auspaynet has been at the centre of this evolution. 1 in particular, it has played an important role in coordinating the industry ’ s response to the strategic review of innovation conducted by the payments system board. as a result of this work, same - day settlement for direct entry transactions was introduced, the australian payments council was formed and, most importantly, the new payments platform ( npp ) was developed. i would like to thank both past and current members of the auspaynet team for your contribution to this effort. if we look back over a slightly longer period, a clear lesson from history is that as people ’ s needs change and technology improves, so too does the form that money takes. once upon a time, people used clam shells and stones as money. and for a while, right here in the colony of new south wales, rum was notoriously used. for many hundreds of years, though, metal coins were the main form of money. then, as printing technology developed, paper banknotes became the norm. the next advance in technology – developed right here in australia – was the printing of banknotes on polymer. no doubt, this evolution will continue. though predicting its exact nature is difficult. but as australia ’ s central bank, the rba has been giving considerable thought as to what the future might look like. we are the issuer of australia ’ s banknotes, the provider of exchange settlement accounts for the financial sector, and we have a broad responsibility for the efficiency of the payments system, so this is an important issue for us. today i want to share with you some of our thinking about this future and to address a question that i am being asked increasingly frequently : does the rba intend to issue a digital form of the australian dollar? let ’ s call it an eaud. the short answer to this question is that we have no immediate plans to issue an electronic form of australian dollar banknotes, but we