As you may know, Phase 1 of the Code was launched in New York in late May. 1 Today I will reiterate the motivation for the work we are doing on the Global Code, then update you on where we are at with the process and outline the way forward. Why is the work going on?
As I have stated on previous occasions, the foreign exchange (FX) industry is suffering from a lack of trust in its functioning. This lack of trust is evident both between participants in the market, but at least as importantly, between the public and the market.