Over the past few months, drafts of the full text of the Code have been distributed to market participants for their review, principally through the various FXCs, but also through other industry associations to ensure all perspectives are appropriately reflected in the Code. Through this process, quite a few thousand comments were received.
This presents itself with several exciting opportunities with applications across the spectrum of banking functions as well as facilitating better business strategies, fine tuning risk management and offer banking services with enhanced customer experience. Collaborating and sharing data, subject to privacy considerations, magnifies the benefits exponentially. Indeed, the possibilities are endless. Apart from commercial considerations, there are positive implications for development too.