we were ably and vigorously supported by a group of market participants, chaired by david puth, ceo of cls. david ’ s group contained people from all around the world on the buy side, including corporates and asset managers, and the sell side, along with trading platforms, ecns and non - bank participants, drawing from the various foreign exchange committees ( fxcs ) and beyond. all parts of the market were involved in the drafting of the code to make sure all perspectives were heard and appropriately reflected. there are two important points worth highlighting : first, it ’ s a single code for the whole industry and second, it ’ s a global code. on the first point, the code supplants the existing codes that have been present in the fx market. so there is now one single code. importantly, the code covers all of the wholesale fx industry. this is not a code for just the sell side. it is there for the sell side, the buy side, non - bank participants and the platforms ; it reaches around the globe and across the whole industry. the way it is relevant will depend on the nature of the engagement with the fx market. what this 1 / 4 bis central bankers'speeches means in practice is that the steps different market participants take to align their activities with the principles of the code will differ, reflecting the size, complexity, type and extent of their engagement with the fx market. on the second point, it ’ s a global code : our group contained representatives from the central bank and private sector from all the 16 largest fx centres, including both developed and emerging markets. the first phase of the code was released in may 2016. it covered areas such as ethics, information sharing, aspects of execution and confirmation and settlement. the second phase covered further aspects of execution including e - trading and platforms, prime brokerage, as well as governance, and risk management and compliance. the complete code comprises 55 principles spanning these issues. the principles are written in plain language and should be easily read and understood by market participants. the principles are supplemented by a suite of examples to illustrate their practical application. market participants had a number of opportunities to comment on the code, in addition to the direct input of the market participants group. before its release, drafts of the full text of the code were distributed to market participants for their review, principally through the various fxcs, but also through other industry associations to ensure all perspectives were appropriately reflected in the code. through

that our counterparties sign the statement of commitment, just as we will ourselves. given that we provided the full text of the code to the market only last month, there will be a period of time for market participants to adjust their practices where necessary to be in line with the principles in the code. i would not expect much time should be required to do this. this period of time might potentially be as short as six months, but no more than twelve months for the vast majority of market participants. how much effort this might require will in part depend on the nature and extent of engagement with the fx market. in drafting the code, we have always kept the principle of proportionality at front of mind. finally, it is vital that the code remains up to date and evolves as the market evolves. the code will be collectively owned, maintained and updated by the global foreign exchange committee ( gfxc ), which met for the first time in london in may. this will continue the public sector – private sector partnership which has supported the development of the code. the gfxc will regularly assess whether new information or market developments warrant updates or additions being made to the code. as the first example of this, given diversity of views on the use of last look in the market, the gfxc is currently requesting feedback on trading in the 3 / 4 bis central bankers'speeches last look window. 7 on a less frequent basis, the gfxc will oversee a more comprehensive review of the code. conclusion the global code is the culmination of two years of work by a group of people from both the private and public sectors. the work reflected a very constructive and cooperative effort between the central banks and market participants. we all undertook this work in addition to our regular responsibilities, at all hours of the day and night. this contribution of time and effort reflected the fact that all of us recognise the need to restore the public ’ s faith in the foreign exchange market. we share the view that the global code plays an important role in assisting that process and also in helping improve market functioning and confidence in the market. 1 an app version has also been made available by an external party : app. policystore. ch / c / fxcode /. 2 see < www. bis. org / press / p150511. htm >. 3 www. globalfxc. org / adopting _ the _ global _ code. htm 4