All parts of the market have been 1/5  BIS central bankers' speeches  involved in the drafting of the Code to make sure all perspectives are 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.
By spreading expertise and expanding the division of labor and specialization to ever broader markets, those forces led to enhanced trade in the past half-century, which in turn has dramatically elevated the standards of living of nations that have chosen that path forward. But an ever burgeoning global financial system also inevitably raises the potential of increasing systemic risk.