We are being supported in this work by a group of market participants, chaired by David Puth of CLS, that contains people from all around the world on both the buy-side, including corporates, and the sell-side, along with trading platforms and non-bank participants.
The intention is to have this work of developing a single code to replace the various regional industry codes completed by May 2017. However, we intend to put out some parts of the global code, including some material on order handling and execution, by May 2016. I will talk more about this next week at the FX Week conference in London.