So, we have worked with the industry to produce a principles-based code rather than a set of prescriptive regulatory standards. It will not impose legal or regulatory obligations on market participants, nor will it supplant existing regulatory standards or expectations. But we do expect the principles in the Code to be understood and adopted across the entire FX market.
Our approach to adherence has a number of dimensions. We laid out our overall approach to adherence to the Code in New York in May last year. 6 We will provide a more comprehensive description of the suite of mechanisms to support adherence alongside the release of the Code in May. One critical dimension is market-based adherence mechanisms.