A second dimension of adherence is that the BIS central banks have signalled their commitment by announcing that they themselves will follow the Code, and that they expect that their counterparties will do so too.5 To that end, the RBA will no longer transact in the FX market with those that don't commit to adhere to the Code after its release in May.
A third dimension of adherence is that we are talking to regulators in our various jurisdictions as to how they might use the Code in monitoring market conduct. In Australia, ASIC is very supportive of the development of the Code and is considering how it might utilise the Code in its market surveillance.