york city, 14 july 2015. available at < https : / / www. newyorkfed. org / newsevents / speeches / 2015 / pot150714 >. bis central bankers ’ speeches conclusion as market participants, regardless of which side of the market you are on, it is important that you are aware of the changes that have occurred, and are still underway, in the foreign exchange market. if you are on the sell side, i am sure that you are well aware of these changes and hopefully, i have provided you with some of the background and motivation for them. in terms of benchmarks, there is a fuller articulation of this in the fsb benchmark report. if you are in the asset management business, you may not have paid so much attention to the details of the fx aspect of your business. but it is important that you also understand the context for the changes that are occurring. some practices and services that you were accustomed to in the past, or maybe were unaware of, may no longer be available, and you cannot expect your counterparty to provide them. the motivation for the changes to the foreign exchange benchmarks is to reduce the incentive and opportunity for improper behaviour by market participants around benchmark fixes. the implementation of the recommendations in the fsb benchmark report, together with the enhanced scrutiny externally and within organisations on fixing transactions, appears to have moved the market in a favourable direction. as we develop the single code of conduct for the fx market, the intention is that the market will move further to a more favourable and desirable location and allow participants to have much greater confidence that the market is functioning appropriately. we need this to occur, as it very much in all our interests to have a well - functioning foreign exchange market. as roberto said earlier, we central banks care as much about this as anyone. as it is in all our interests for trust to be restored to the fx market, i very much trust that you, as market participants, will work with us constructively in this important endeavour. bis central bankers ’ speeches

emmanuel tumusiime - mutebile : plans for a common platform integrating east african financial markets speech by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the opening of the stakeholders ’ workshop on developing the 5 - year financial markets development plan, kampala, 15 august 2007. * * * ladies and gentlemen, i would like to thank you for finding time in your busy schedules to participate in this one day ’ s stakeholders workshop. earlier this year the 10th eac meeting of the monetary affairs committee ( mac ) approved a financial markets development framework which includes involving stakeholders in the development of a 5 - year financial markets development plan in all the entire member states of the east african community. the harmonized regional plans are intended to form a common platform for integration of the east african financial markets. the bank of uganda was requested to take the lead and co - ordinate these efforts and the executive director operations chairs the financial markets development committee for the region. the original three east african countries have completed situational analysis for their financial markets in line with agreed parameters and have identified issues to be addressed in the various fields such as banking and capital markets reforms, the pension sector reforms, strategies for financial markets development in the areas of rural finance, leasing and additional financial products which should facilitate improved access to finance. this financial sector development plan represents a new approach to trying to address the current limitations in the ugandan financial markets. the small size of the ugandan financial sector is an obstacle to the development of financial systems, resulting in systems that are in place tending to be limited in scope, more expensive and of poor quality. the ugandan financial market has scope to become larger because the economy is fully liberalized and open to the flow of capital to and from foreign markets, participation of foreign financial intermediaries and now the integration efforts with the east african sister countries. you, as stakeholders, must join hands with the bank of uganda not only to help in the integration process of the east african financial markets but also to do your part in developing deepening and widening the financial markets as a way of accelerating economic development in uganda and the east african region as a whole. there are several challenges that have to be confronted : • as capital flows freely in and out of the country, the challenge that arises is the maintenance of financial markets stability. • increased diversity of financial services and products requires a financially literate consumers who can make informed choices. the consumers ought to