andrea m. maechler news conference new code of conduct for global foreign exchange market transactions that brings me to the new global code of conduct for foreign exchange market transactions known as the fx global code. published at the end of may, this new code aims to define clear rules of conduct for all those transacting business on the foreign exchange markets, with a view to enhancing efficiency. a well - functioning foreign exchange market is in the interests of all market players, not least the central banks. various central banks, including the snb, have therefore been working alongside private sector partners to draft the fx global code. the code of conduct affects all foreign exchange market activities – from communications with market participants to risk management and the execution of transactions. as a global set of rules, the new code replaces all existing codes of conduct for foreign exchange markets and, as such, establishes clear and uniform guidelines. it should be noted that the fx global code applies not just to market participants, but to market infrastructure providers as well ; it thus encompasses all relevant foreign exchange market actors. while the fx global code is classified as self - regulation, the snb expects its regular counterparties to implement the new code and to abide by the agreed rules. page 3 / 5 berne, 15 june 2017 andrea m. maechler news conference page 4 / 5 berne, 15 june 2017 andrea m. maechler news conference page 5 / 5

g. interest, fees, taxes ) and / or benefits to be received by the consumer ( interest and other unconditional benefits ) and costs relating to ancillary services which are prerequisite for the use of financial service or for its use in a specific manner ( e. g. costs of life assurance, property and personal insurance ). thus, financial education can serve to augment and strengthen consumer protection but also to enable more effective allocation of money and capital on macroeconomic level. financially educated consumers are in a better position to protect themselves on their own and to report possible misconducts by financial institutions to the authorities. consumer protection and financial education share many of the same goals but each takes a somewhat different approach. both financial education and consumer protection have as aims to ensure the well - being of consumers and to shield them from misconduct. bis central bankers ’ speeches the national bank of serbia has been addressing the need to expand activities in the field of financial education and financial consumer protection since 2005. at the beginning of 2011 the nbs introduced the law on financial consumers protection. this law is prescribed not only in line with eu directive 48 / 2008 relating to consumer credit, but includes a wider range of financial products, because our intention was to cover all kind of banking services : loans including mortgages, deposits, accounts, debit and credit cards etc. the purpose was to ensure maximum protection of financial consumers in serbia. the nbs has been actively promoting consumer education and financial literacy training and programmes over the years. we are now in the process of introducing a financial education strategy of the nbs ( 2011 – 2015 ) not only in order to improve our activities in this field, but also to provide a more adequate way for our citizens, entrepreneurs, farmers, schoolchildren, and students to obtain information that are of significance for them both currently and in the future. bearing in mind that consumer protection has a reactive function – the actual problem has already taken place when the consumer is asking for help – we are aiming to place the main emphasis on financial education, especially of schoolchildren, with the aim of having a financially literate population in 5, 10 or 15 years. our overall aim however remains the need for all the participants in the financial market to be financially literate. we intend to initiate the creation of a national strategy for financial education as a necessary complement to a sound financial regulatory and supervisory framework. in doing so, we should favour and promote the establishment of coordinated public - private