: first, it ’ s a single code for the whole industry and second, it ’ s a global code. it ’ s intended to cover all of the wholesale fx industry. this is not a code of conduct for just the sell side. it is there for the sell side, the buy side, non - bank participants and the platforms ; its breadth is both across the globe and across the whole structure of the industry. the code is intended to apply to all aspects of the wholesale foreign exchange market. i am chairing this work, with simon potter of the federal reserve bank of new york leading the work on developing the code and chris salmon of the bank of england leading the adherence work. our working group comprises representatives of the central banks of all the major fx centres in both advanced and emerging economies, drawing on the http : / / www. bis. org / press / p150511. htm. bis central bankers ’ speeches membership of the markets committee which is comprised of heads of the market operations areas of the 15 major currency areas. given our roles, we are all very much interested in the effective functioning of the fx market. again, it is very much a global effort reflecting the global nature of the foreign exchange market. this work is also very much a public sector - private sector partnership. in that regard, we are being ably and vigorously supported in this work by a group of market participants, chaired by david puth, ceo of cls. the group contains people from all around the world, on both the buy side, including corporates and asset managers, and the sell side, along with trading platforms, ecns and non - bank participants, drawing from the various foreign exchange committees ( fxcs ) and beyond. hence all parts of the market are being involved in the drafting of the code to make sure all perspectives and insights are heard and appropriately reflected. at the global meeting of the foreign exchange committees yesterday, the eight regional fxcs unanimously endorsed the first phase of the code. at the outset we decided to split the topics we intend to cover in the code into two parts. this first phase covers areas such as ethics, information sharing, aspects of execution and confirmation and settlement. the second phase will cover further aspects of execution including e - trading and platforms, prime brokerage, as well as governance, and risk management and compliance. we intend that the second phase will be completed in twelve months, such that the full code can be published in may 2017

guy debelle : global code of conduct for the foreign exchange market – phase 1 opening remarks by mr guy debelle, assistant governor ( financial markets ) of the reserve bank of australia, at the launch of phase 1 of the global code of conduct for the foreign exchange market, new york city, 26 may 2016. * * * i am very pleased to launch phase 1 of the global code of conduct for the foreign exchange market. it has taken a concerted effort by a dedicated group of people, working on top of their normal responsibilities, to get us to this point today. before talking about the material we have put out today, let me remind you why this work is occurring. as i have stated on previous occasions, the foreign exchange ( fx ) industry has suffered from a lack of trust in its functioning. this lack of trust has been evident both between participants in the market, but at least as importantly, between the public and the market. the market needs to rebuild that trust, so that participants and the public 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 promote greater adherence to the code. 1 there are two important points worth highlighting