It is, however, ultimately incumbent upon the industry to support and promote adoption of the Code across the marketplace. I’d like to highlight a variety of initiatives underway to support this adoption. First, outreach and education regarding the Code is critical and has been underway via events like this and ongoing engagement with industry associations. Central bank colleagues and industry market participants here and abroad have been active in reaching out locally to raise awareness of the Code. New and updated education tools are already in development to help further promote the Code. As awareness permeates the market, these efforts will support better understanding and adoption of the Code. Second, industry market participants have expressed a desire for a mechanism, such as a public register, to make public their Statements of Commitment. Discussions with industry suggest that multiple public registers may likely be established over time. I look forward to seeing how this work evolves. It will be important to understand how the Code is being adopted across the industry. To this end, the GFXC is also developing a survey to help assess how the Code is being applied following its publication. This survey can provide a baseline that we can measure against over time, and can help to assess how the Code is filtering into the market, going forward. GFXC, evolution of the Code and last look Over the past two years, the industry has been very heavily engaged in Global Code efforts through the MPG and the regional foreign exchange committees (FXCs).
We shall continue to take all of the necessary action to fulfil our mandate and contribute, within this framework, to the success of this tricky but necessary period of transition towards a more coherent, stable and dynamic economic and monetary union. Thank you for your attention. I shall be pleased to answer your questions. 4  BIS central bankers’ speeches