But that’s precisely 3/4  BIS central bankers' speeches  what we’re trying to change, for example by including civil society in the ECB’s strategy review. What has been your experience so far of discussions at the ECB – is it more harmonious or more argumentative than the Council of Economic Experts? (Laughs) I haven’t had much opportunity so far to get into arguments.
The Code’s guidance on the information that providers of Algorithmic Trading or aggregation services should be disclosing has been expanded to include the disclosure of any conflicts of interest that could impact the handling of client orders (such as those arising from interaction with their own principal market-making desk).5 More broadly, the GFXC believes the market would benefit from greater uniformity of disclosures in this area.