The Code set out global principles of good practice in the FX market to provide acommon set of guidance to the market. The 55 principles in the Code cover ethics, information sharing, aspects of execution including e-trading and platforms, prime brokerage, governance, risk management and compliance, and confirmation and settlement. The Code is principles-based rather than rules-based.
A number of euro area countries have, for instance, enhanced the effectiveness of their insolvency regimes. In corporate debt restructuring, experience to date shows that an effective insolvency regime is critical to facilitate the early rescue of viable firms and the speedy exit of non-viable ones.