guy debelle : the global code of conduct for the foreign exchange market ( update ) speech by mr guy debelle, assistant governor ( financial markets ) of the reserve bank of australia, at the asifma / gfma liquidity conference ( appearance via video link ), hong kong, 14 june 2016. * * * thank you for having me here today to talk about the global code of conduct for the foreign exchange market. as you may know, phase 1 of the code was launched in new york in late may. 1 today i will reiterate the motivation for the work we are doing on the global code, then update you on where we are at with the process and outline the way forward. why is the work going on? as i have stated on previous occasions, the foreign exchange ( fx ) industry is suffering from a lack of trust in its functioning. this lack of trust is evident both between participants in the market, but at least as importantly, between the public and the market. the market needs to move toward a more favourable and desirable location, and allow participants to have much greater confidence that the market is functioning appropriately. a well - functioning foreign exchange market is very much in the interest of all market participants. this clearly includes central banks, both in their own role as market participants but also as the exchange rate is an important channel of monetary policy transmission. in a globalised world, the foreign exchange market is one of the most vital parts of the financial plumbing. the global code sets out global principles of good practice in the foreign exchange market to provide a common set of guidance to the market, including in areas where there is a degree of uncertainty about what sort of practices are acceptable, and what are not. this should help to restore confidence and promote the effective functioning of the wholesale fx market. to that end, one of the guiding principles underpinning our work is that the code should promote a robust, fair, liquid, open, and transparent market. a diverse set of buyers and sellers, supported by resilient infrastructure, should be able to confidently and effectively transact at competitive prices that reflect available market information and in a manner that conforms to acceptable standards of behaviour. the work to develop the global code commenced in may last year, when the bank for international settlements ( bis ) governors commissioned a working group of the markets committee of the bis to facilitate the establishment of a single global code of conduct for the wholesale fx market and to come up with mechanisms to

##ing climate were significant but manageable, while delayed action was dangerous and much more costly. importantly, the report concluded that there was still time to avoid the worst impacts of climate change, if we took strong action. source : world meteorological organization, 3 december 2019, january to october. https : / / public. wmo. int / en / media / press - release / 2019 - concludes - decade - of - exceptional - global - heat - and - high - impactweather intergovernmental panel on climate change ( 2018 ). european parliament, press release 29 - 11 - 2019. https : / / www. europarl. europa. eu / news / en / pressroom / 20191121ipr67110 / the - european - parliament - declares - climate - emergency http : / / www. lse. ac. uk / granthaminstitute / publication / the - economics - of - climate - change - the - stern - review / https : / / webarchive. nationalarchives. gov. uk / 20100407163608 / http : / / www. hmtreasury. gov. uk / d / summary _ of _ conclusions. pdf 2 / 5 of course, it is worth repeating that these conclusions were flagged already in 2006, more than thirteen years ago. unfortunately, it would seem that it hasn´t been till recently that this call for action has been taken seriously. in his keynote presentation lord stern will shed some light on whether we are still in time to avoid the worst impact. thank you very much for accompanying us today. still, we shouldn´t forget that the fight against climate change also has a human and social dimension. the transition to a low - carbon economy must also be “ fair ” or “ just ” for the economic sectors most affected. this is one of the objectives of the 2030 agenda for sustainable development, which commits to eradicate poverty and achieve sustainable development worldwide by 2030, ensuring that no one is left behind. the agenda integrates in a balanced manner the three dimensions ( economic, social and environmental ) of sustainable development through seventeen sustainable development goals. ms. cristina gallach, high commissioner for the 2030 agenda, will moderate the panel that will follow lord stern´s presentation, and will share with us the progress that is being made in this respect. thank you very much, cristina, for being here today. i am sure we are all looking