This can be partly achieved through leading by example, but can also be supported by having similar expectations of counterparties and other market participants and helping to raise awareness of the Code in their market interactions. In that regard, we have reached out to more than 120 industry associations and key market infrastructure providers globally.
Ultimately the success of the Code in promoting integrity and restoring confidence in the wholesale FX market lies in the hands of its participants. Another aspect of market-based adherence comes through the FXCs.2 FXCs have today issued a joint statement of support for the Code. In due course, adherence to the Code is likely to become a requirement of FXC membership.