gathered over the next week or so. we will then take account of them and produce a revised draft early in april. there will be one final round for ‘ fatal flaw ’ comments after that before seeking endorsement by the various fxcs of a document we can take to the global foreign exchange committee meeting in new york on 25 may. for example, in australia, we will be looking for the afxc endorsement of the code at our next meeting in early may. following the meeting of the global foreign exchange committee, the first phase of the global code will be publically released. we have already started on the work of drafting the material in phase two of the code. we will continue with that over the next year, again having a number of rounds of comment from market participants through the fxc process. our intention is that the complete code will be released following the global foreign exchange committee meeting in london in may 2017. at the end of that process, for the code to be effective and for it to achieve what we want it to achieve, it will need to be accepted and endorsed by the fxcs and market participants more generally. that said, the process does not really end, because as the foreign exchange market continues to evolve, the code will need to evolve with it. i will have more to say about how this ongoing evolution of the code might occur in due course. adherence to the code at the same time as we have been drafting the code, we have also been devoting considerable time and effort to develop adherence mechanisms which promote and incentivise widespread adoption of the global code by market participants. clearly, that has been an issue with the bis central bankers ’ speeches various existing industry codes that have been in place in a number of markets over many years. it is very evident that they were often ignored, wilfully or otherwise. for an industry code to have value in affirming appropriate norms of behaviour, it has to become effectively adopted in the marketplace. while adherence to a single, consistent code of good practice is widely regarded to be in the interests of the market, the global code will be voluntary. as i said earlier, we are working with the industry to produce a voluntary, principles - based code of conduct rather than a set of prescriptive regulatory standards. it will not impose legal or regulatory obligations on market participants, nor will it supplant existing regulatory standards or expectations. there is already a substantial body of law and regulation that applies to the fx activities

department of education to include in the curriculum of grade school students basic topics on savings and money management. concluding remarks to conclude, governance is a reflection of the values of individuals within an institution. the initiatives we have started to promote good governance are only as good as the people observing them. this is similar to the art of making ceramics. different potters shaping the clay will come out with different interpretations of the same pattern, although each one of them followed the same process and used the same tools. the challenge for us, in this case, is to ensure that the potters have the skills, the right values and perspective in shaping the delicate piece of art. thank you and good day.