Adherence to the Code Alongside drafting the Code, we have also been devoting considerable time and effort to thinking about how to ensure widespread adoption of the Code by market participants. Clearly, that has been an issue with the various existing codes that have been in place in a number of markets over many years.
It is evident that they were ignored on occasion, wilfully or otherwise. One of our central aims in drafting the Code is for it to be principles-based rather than rulesbased. There are a number of reasons why this is so but, for me, an important reason is that the more prescriptive the Code is, the easier it is to get around.