On the other hand, it would not be desirable for the converse to occur, namely for market participants practices to fall short of the principles described in the Code. That said, I think it is a good outcome of the process that we were able to distil the points of contention down to a small number of (not insignificant) issues.
Outside of a small number of contentious areas, the feedback was reflective of a widely held consensus. Market participants have recognised the Code’s aim of helping move the FX market to a better place. I will illustrate that with a couple of the areas that were addressed in the first phase of the Code, which is already in the public domain.