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

. bankofengland. co. uk / pra / pages / authorisations / designatedfirmslist. aspx. all speeches are available online at www. bankofengland. co. uk / speeches embargo : not for release before 19 : 30 on wednesday 4 october 2017 the impact of this first phase of contingency planning on jobs will be relatively modest. contingency planning is a sliding scale of increased commitment, investment and momentum through time. it is much more prudent and prosaic than hovering over the relocate button or rushing to the exit door. but re - structuring by firms will in general increase their complexity. i struggle to see an outcome in which banks and insurers do not get harder to supervise and harder to resolve for all involved. while the outbounds are a little further advanced in their planning than the ‘ inbounds ’ based in the eea, i expect that – depending on any developments in the brexit negotiations – we will see a large number of the latter apply to us for authorisation on the assumption that access akin to their current passporting rights to operate in the uk will fall away. time and negotiations will tell whether that assumption will prove correct. if it is, authorisations are going to be a significant operational challenge for the pra. brexit poses some material risks to our objectives but we are well on the case in dealing with them. in april i wrote to the ceo of every affected firm about their brexit contingency plans and received over 400 responses. supervisors have carefully scrutinised each one and provided feedback where plans needed more work. we particularly want assurance that firms have considered ‘ cliff - edge ’ scenarios where there is no negotiated agreement for financial services in place when we exit, and the two sides do not reach agreement on issues such as transition, mutual recognition of standards, and co - operation in financial regulation or supervision. such scenarios are where contingency planning and evidence - led preparation will be most valuable. it ’ s not our job to assess point estimates of their likelihood – it ’ s to assess the risks to safety and soundness, and consider how to mitigate them. this is second nature for forward - looking supervisors who are in the business of precautions. the treasury committee is also quite rightly taking a close interest in these issues. we are also engaging with financial institutions, trade bodies, the fca and the government