The work to develop the Code began two years ago, in May 2015, when the BIS Governors commissioned a working group of the Markets Committee of the BIS (which I chaired until early January this year) to do two things: first, establish a single global code of conduct for the wholesale FX market and second, to come up with mechanisms to promote greater adherence to the Code.2 This work was very much a public sector–private sector partnership.
Speaking as a European Central Banker in front of an audience with first-hand experience of how the crisis in the euro area has challenged Central and Eastern Europe, I expect a lot of questions.