We, however, took the extraordinary step to comment publicly on the developments surrounding KPMG last week as they are the auditors to three of the big four banks, as well as to other banks and insurance companies. Our interest stems solely from a public policy perspective that arises from our financial stability mandate.
Ultimately the success of the Code in promoting integrity and restoring confidence in the wholesale FX market lies in the hands of its participants. Another aspect of market-based adherence comes through the FXCs.2 FXCs have today issued a joint statement of support for the Code. In due course, adherence to the Code is likely to become a requirement of FXC membership.