We have developed a blueprint for adherence that has been published alongside the Code today and sets out the key elements we think will be required for the Code to be successful – and the steps that have been taken, and will be taken, to ensure this is the case. 2/4  BIS central bankers' speeches  One critical dimension is market-based adherence mechanisms.
An important element of discipline should come from the market itself. The adherence to a voluntary code will only come about if firms judge it to be in their interest and take the practical steps to ensure the Code is embedded in their practices. Such practical steps would include training their staff and putting in appropriate policies and procedures.