Reform of the institutional and regulatory framework of the international financial system is therefore in full swing; and it has doubtless already been improved significantly in key areas. Besides creating greater transparency, a central aspect of the ongoing reform is to increase the quality and quantity of financial institutions’ equity capital.
It’s intended to cover all of the wholesale FX industry. This is not a code of conduct for just the sell side. It is there for the sell side, the buy side, non-bank participants and the platforms; its breadth is both across the globe and across the whole structure of the industry.