Let me finish with three things to take away with you: Read the FX Global Code when it is released on May 25th. Adapt your business where appropriate to conform with the principles of the Global Code. Ask your FX counterparties whether they are committed to the principles of the Global Code. 1 See <www.bis.org/mktc/fxwg/gc_may16.pdf>. 2 See <www.bis.org/press/p150511.htm>. 3 See <www.rba.gov.au/afxc/about-us/pdf/global-preamble.pdf>. 4 See <www.bis.org/mktc/fxwg/am_may16.pdf>.
Given this platform, permit me to enumerate some of the reforms that have been implemented to safeguard the stability of the financial sector. These reforms are aimed at ensuring the safety and soundness of individual banks, aligning macro-and micro-prudential risks to bank capital and addressing cross-sectoral and cross-border risks to the industry.