12 In this regard, our surveillance has been closely monitoring for any signs of liquidity strains associated with the recent increases in spreads for high-yield corporate bonds, as well as for idiosyncratic events  8  See Adrian, Fleming, Shachar, and Vogt (2015); and Adrian, Fleming, Vogt, and Wojtowicz (2016b). 9  See Adrian, Fleming, Vogt, and Wojtowicz (2016a); and Fleming (2016).
The FX Global Code has been in place for a few years now and remains fit for purpose. From the outset, and to ensure that the Code remains fit for purpose, the GFXC committed to undertaking a review of the Code at least once every three years. It is appropriate to review it periodically to reflect the continuously evolving market structure and dynamics.