tca data template on its website that market participants may use. not surprisingly, one other area where feedback pointed to a need for greater disclosure and transparency was anonymous trading. electronic platforms used in the fx market can vary in the degree of anonymity offered to their participants. but the more anonymous participants are allowed to be, the harder it is for users to communicate expected standards of behaviour or monitor the actual behaviour of their counterparties. the code has been amended to encourage greater disclosure by those operating anonymous platforms. this includes operators being transparent about their data policies, such as which users they are making data available to and with what latency. additionally, these platforms are now encouraged to clarify whether or not their users have signed up to the code. disclosure cover sheets the importance being placed on disclosures is consistent with the code being principles - based. instead of narrowly prescribing specific behaviours, the code emphasises the need for participants to make informed choices about their interactions in the market. clear and accessible disclosures can help participants make those decisions. since the publication of the code in 2017, the content of fx disclosures has generally improved. indeed, we have been receiving more detailed disclosures from our counterparties in recent years. managing the increasing amount of information, however, can be a challenge. in particular, disclosures can vary considerably, both in terms of the topics that are addressed as well as the level of detail provided. the feedback the gfxc received was that many market participants faced similar challenges in accessing and evaluating information in disclosures. to address this, the committee has developed standardised disclosure cover sheets for liquidity providers and electronic trading platforms. the templates for these were published earlier this week on the gfxc ’ s website. 2 / 4 bis central bankers'speeches the new cover sheets will assist liquidity providers and operators of trading platforms to meet the disclosure and transparency principles within the code. to be clear, they do not ask for any additional disclosure beyond what is already encouraged by the code. the cover sheets will simply allow market participants to see a summary of information on key topics, with links provided to the relevant underlying disclosures. the aim is to make it easier for participants to quickly access and navigate those disclosures. market participants will be able to post their cover sheets alongside their statements of commitment on a public register, further supporting accessibility of disclosure. guidance on pre - hedging and last look two practices where disclosures are particularly

gfxc ’ s working groups, which were instrumental in developing the new material. the recommendations of the working groups were reviewed by the gfxc ’ s member committees and published for public feedback. after careful consideration of the feedback, the gfxc released the updated code last month. some key changes to the code in total, 11 of the code ’ s 55 principles have been amended. i won ’ t go through all of the changes today. there is a summary on the gfxc ’ s website that steps through these. 2 what i would emphasise is that the driver for many of the changes is the need for greater disclosure and transparency in an increasingly complex market. 1 / 4 bis central bankers'speeches one area where the market has grown more complex is the methods of execution. use of execution algorithms by fx market participants has increased significantly. the gfxc ’ s view is that the market would benefit from more detailed disclosures about these algos, as well as greater uniformity in the disclosures. this echoes recent findings by the bank of international settlements ( bis ) markets committee that high - level and non - standard disclosures were making it difficult for algo users to compare different providers and make informed decisions. 3 some sophisticated clients may be able to overcome this problem, but it has not been conducive to market efficiency. consequently, the code has been updated to provide more guidance on the minimum set of information that algo providers should be disclosing. in addition, the gfxc is encouraging providers to make their disclosures in a standardised format. accordingly, the gfxc has developed an algo due diligence template that market participants may use, as appropriate. this is available on the gfxc ’ s website. as the use of algos increases, it is important that market participants are able to evaluate their performance. but the barriers to conducting meaningful analysis on algos can be high. for this reason, the gfxc believes that transaction cost analysis ( tca ) would benefit from greater harmonisation of data reporting. at the session on tca later this morning, i ’ m sure there will be some discussion of those challenges and how they might be overcome. the gfxc ’ s view is that standardised information could be particularly helpful for less sophisticated clients or those with limited resources. recognising this, the gfxc has also published a