*  *  *  I am very pleased to launch Phase 1 of the Global Code of Conduct for the Foreign Exchange Market. It has taken a concerted effort by a dedicated group of people, working on top of their normal responsibilities, to get us to this point today.
Before talking about the material we have put out today, let me remind you why this work is occurring. As I have stated on previous occasions, the foreign exchange (FX) industry has suffered from a lack of trust in its functioning.