stabilize development finance, not only price stability but also effective utilization of financing from advanced countries ’ banks is indispensable. facing the double trilemmas, an adequate combination of monetary policy and macroprudential policy is needed to achieve price stability and stabilize capital flows including those banks ’ loans, which will contribute to higher potential growth among emerging economies. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

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