Most regulatory changes are incremental, which is entirely appropriate given the inherent uncertainties about how best to respond to market developments and the desire to avoid unintended consequences. Examples of incremental regulatory change are common. For example, the U.S. banking agencies have made more than twenty-five amendments to the Basel I framework in response to ongoing changes in banking and financial markets.
2 GFXC (2021) ‘Outcomes of the 3-year Review of the FX Global Code’, July. Available at . 3 Bank of International Settlements (2020) ‘FX Execution Algorithms and Market Functioning’, Markets Committee  Study Group Report, October. Available at . 4/4  BIS central bankers' speeches