However, FIMMDA has established a code of conduct and undertaken related responsibilities appropriate to an industrial body. According self-regulatory status to PDAI is a non-issue since all PDAI members are also members of FIMMDA”. There are several concepts which are addressed in the Reports cited, in particular, `industry body’; `Self Regulatory Organisation’ and `legal status as SRO’.
*  *  *  A few days before the last meeting of the Federal Open Market Committee (FOMC), I noticed a wire service story about the upcoming meeting with the following headline: “It’s Not What They Do, It’s What They Say.” The story alluded to the fact that, with a 25-basis-point increase in the federal funds rate target at the FOMC meeting being widely anticipated, financial-market participants planned to focus their attention instead on the statement that would accompany the announcement of the rate decision.