The available data seems to suggest that this is being put into practice. But as I mentioned, further work will be done in this area, and we should soon have better data with which to monitor industry trends. In the meantime, I would encourage everyone to assess their settlement practices against the new text in the Code.
It is important not to forget some of the key benefits from cross-border financial integration, since capital inflows complement local savings, provide a larger availability of financial resources for the economy and foster economic growth. Additional benefits from financial integration may be obtained, conditional on the institutional arrangement of each emerging market.