If it’s principles-based and less prescriptive then, as I just said, market participants will have to think about whether their actions are consistent with the principles of the Code. So, we are working with the industry to produce a principles-based code rather than a set of prescriptive regulatory standards.
It will not impose legal or regulatory obligations on market participants, nor will it supplant existing regulatory standards or expectations. But we do expect the principles in the Code to be understood and adopted across the entire FX market. Our approach to adherence has a number of dimensions.