Gross separations from employment, two-fifths of which have been involuntary, are about what would be expected from past cyclical experience, given the current pace of output growth. New hires and recalls from layoffs, however, are far below what historical experience indicates.
But it has been pleasing to see that over time more and more entities on the buy-side have been confirming their adoption of the Code’s principles. In setting out standards for good practice, the Code is relevant to all participants in the wholesale market, not just liquidity providers.