such data can be accessed. so it ’ s not hard to imagine that post - trade transparency as one of the areas where further guidance may eventually be needed. securing success so far i have focussed on activities : encouraging firms to commit to the code, investing to ensure it continues to provide up - to - date guidance. ultimately though, the success of the code will be judged on outcomes. the aim is to improve market practice and rebuild trust in the fx market – that is what the bis governors will be looking at when they come to review progress in three years ’ time. those outcomes are difficult to measure. one positive indicator would be if firms identify and rectify individual misconduct cases quickly. another would the absence of widespread conduct issues across firms. but we will want also to understand how the code is affecting market functioning in a deeper sense. to this end, the gfxc plans to survey regularly market participants. this will enable us to track some of the less tangible indications of success, such how the code is impacting and improving behaviours – transparency around pre - hedging for example – and how the code is being embedded in the market through firms ’ adherence expectations of their counterparties. an initial survey will be launched later this month, to give a benchmark against which subsequent survey results can be compared. i have no doubt of the commitment of many in the market to ensure success. what is needed now is to embed that attitude across the market as a whole and to ensure that our efforts so far translate into real improvements. improved culture and attitudes regarding market conduct ; improved confidence for end users that they are transacting at competitive prices ; and ultimately, a market that more effectively serves its economic purpose. so in closing i would ask again for your help in achieving that change. the success of the code will depend above all else on the continued efforts of all involved in the market. central bankers will remain deeply engaged, but to secure success we will be relying on the partnership with market participants that we have fostered. it has proved powerful in the past, and it is crucial that it continues to do so. all speeches are available online at www. bankofengland. co. uk / speeches

wholesale market directly, others indirectly through the sponsorship of their prime broker. and the market itself is constantly evolving, as service providers respond to the ever - changing requirements of market participants and the external environment in which they operate. that pace of change shows little sign of slowing ; indeed one of the strengths of the fx market is its innate dynamism. 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. 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. http : / / www. bis. org / press / p150511. htm www. globalfxc. org all speeches are available online at www. bankofengland. co. uk / speeches 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. as a global body, an early task will be to respond to the desire of other regional fx markets to associate themselves formally to the code, and i hope to agree an effective mechanism at our next meeting in november. the voluntary nature of the code means that transparency of adherence and peer expectation will play a key role in furthering its broad adoption. the short statement of commitment appended to the code provides a means for firms to publicly demonstrate their support, and the gfxc has issued