It is evident that they were ignored on occasion, wilfully or otherwise. As I said earlier, we are working with the industry to produce a principles-based code of conduct 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. We laid out our overall approach to adherence to the Code in New York in May. 6 Chris Salmon will speak further on adherence in the coming weeks.