When we launched the Code, it was agreed that the Code would be reviewed by the GFXC every three years to ensure it remained appropriate and to also ensure it stayed current with the ongoing evolution of the FX market.
In particular, there have been numerous experiences of how difficult it is to reach a global agreement; not even in the course of Italy’s G20 Presidency, during which a great deal of progress was made nonetheless,24 was it possible to reach agreement on a series of specific and detailed measures.