are widely shared if the market is to work effectively. i ’ ve set out three ways for the buyside, working together, to play its part in that project : demanding better disclosures ; seeking robust and independent analytical and execution tools ; and signing up to the global code. do that successfully, and we can turn the ‘ bad ’ to ‘ good ’ – and do away with the ‘ ugly ’ altogether. and lola ’ s run can finally come to an end. all speeches are available online at www. bankofengland. co. uk / news / speeches table 2 : statements of commitment to the fx global code by 30 largest asset managers firm assets under management ( $ billions ) soc on public register, or have otherwise informed the bank of england blackrock 6, 060 vanguard asset management 4, 663 state street global advisors 2, 641 fidelity investments 2, 284 bny mellon investment management 1, 808 capital group 1, 715 j. p. morgan asset management 1, 677 pimco 1, 667 amundi 1, 626 prudential financial 1, 323 legal & general investment management 1, 263 goldman sachs asset management 1, 224 wellington management international 1, 026 natixis investment managers t. rowe price nuveen northern trust asset management invesco axa investment managers dws ( deutsche asset management ) affiliated managers group ubs asset management insight investment sumitomo mitsui trust bank aberdeen standard investments legg mason franklin templeton investments bnp paribas asset management france mitsubishi ufj trust and banking allianz global investors source : firm aum rankings from ipe ’ s ‘ top 400 asset managers 2018 ’, https : / / www. ipe. com / uploads / k / x / x / top - 400 - ranking. pdf. gfxc signup data from the gfxc global index of public registers, https : / / www. globalfxc. org / global _ index. htm. all speeches are available online at www. bankofengland. co. uk / news / speeches

/ / media / boe / files / speech / 2017 / keeping - up - with - fast - markets ; or the recent ecb paper https : / / www. ecb. europa. eu / pub / pdf / scpwps / ecb. wp2300 ~ 68bda93b78. en. pdf. https : / / www. bankofengland. co. uk / - / media / boe / files / speech / 2019 / why - diverse - markets - need - diverse - talent - speech - by - andrew - hauser all speeches are available online at www. bankofengland. co. uk / news / speeches advantage of the changes in the market brought about by the code : accessing so - called ‘ global code pools ’, and increasingly firm, or near - firm, pricing. 8 many of you here today will recognise aspects of this experience. but many won ’ t – and the reason for that is clear. navigating complexity requires understanding, data, connectivity and computing power – and that can be a challenging combination. to give an extreme example : one of the large non - bank liquidity providers is said to have access to 42 petabytes of data storage. 9 that ’ s more than 4, 000 times what ’ s needed to hold the entire library of congress and would cost around $ 10m a year from amazon web services, at their most basic standard rate. if you need that sort of kit to scale the mountain, many will struggle to get to base camp. of course that ’ s an extreme comparison. so let ’ s sketch a second storyline : that of a large to mid - tier buyside firm, for whom fx is an important, but by no means dominant part of its overall business. the firm has access to a pool of liquidity providers, and will compare pre - trade price quotes, perhaps making use of proprietary tca tools from those providing liquidity. it might execute some trades electronically. but it has bigger costs to worry about than fx trade execution alone – including the broader bundle of services it needs across asset classes. and it is conscious that larger fx trades involve material risk, including as a result of market dynamics it doesn ’ t necessarily understand. so it will also work to maintain broader relationships with liquidity providers – and will tend to revert to voice trading with a trusted counterparty for larger orders, or at times of heightened volatility. it