I respectfully defer to others who have more closely studied the mix of possible reasons for why 1/3  BIS central bankers' speeches  progress has not been greater, but I will defer to no one in expressing my view that the status quo is not good enough.
The Code is intended to apply to all aspects of the wholesale foreign exchange market. I am chairing this work, with Simon Potter of the Federal Reserve Bank of New York leading the work on developing the Code and Chris Salmon of the Bank of England leading the adherence work.