The work to develop the Code commenced in May last year, when the BIS Governors commissioned a working group of the Markets Committee of the BIS (which I Chair) to facilitate the establishment of a single global code of conduct for the wholesale FX market and to come up with mechanisms to promote greater adherence to the code.2 Our Working Group comprises representatives of the central banks of all the major FX centres.
The regulatory sandbox framework released by the Reserve Bank in August 2019 was intended for the purpose of fostering innovation. The response to the regulatory sandbox has been encouraging to say the least. An Interoperable Regulatory Sandbox (IoRS), to facilitate testing of hybrid products/ services falling within the regulatory ambit of more than one financial regulator is in place.