At the end of the process, for the code to be effective and for it to achieve what we want it to achieve, it will need to be accepted and endorsed by the FXCs and market participants more generally. That said, the process does not really end, because as the foreign exchange market continues to evolve, the code will need to evolve with it.
Dear Colleagues,  2/3  BIS - Central bankers' speeches  Central banks must embrace the revolution underway in digital money to ensure that they remain at the heart of the global payments system. While the private sector excels at customer-facing activity, central banks provide the basis for trust, ensure liquidity, and set standards.