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. The Code is intended to apply to all aspects of the wholesale foreign exchange market. In the Code itself, we spell out what we actually mean by the wholesale FX market.
The one noteworthy part of the FX industry to which the Code generally doesn't apply is the retail market, as that is generally governed by retail-specific regulation in the relevant jurisdiction.