The work to develop the Global Code commenced in May last year, when the Bank for International Settlements (BIS) Governors commissioned a working group of the Markets Committee of the BIS 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.
To be clear, it is not for supervisors to tell banks how green their lending policies must be. Supervisors are not pickers of winners and losers in the green transition.