The past two years have shown that the work of central banks and industry in partnership, at a global level, is productive in developing and supporting best practices. As such, while both the FXWG and MPG have fulfilled their mandate to develop the Code, this spirit of central bank-industry partnership will be maintained, as will the Code itself, in the future by the newly formalized GFXC. The GFXC reflects a significant expansion of cross-border and public-private sector efforts. It is a forum that brings together central banks and market participants via the FXCs—currently representing sixteen regions—to encourage collaboration and communication on FX-related issues, to exchange views on trends and developments in the FX market, and to promote and maintain the FX Global Code. In addition, the work to develop the Code has led to the development of central bank-sponsored FXCs in new regions, some of which have already launched and others that are forthcoming. FXCs, including the one sponsored by the New York Fed, will play important roles both within their own region and in their global engagement via the GFXC. One of the key objectives of the GFXC is to keep abreast of the evolution of the market, and work to ensure that the Code’s principles remain relevant. One area of evolution is electronic trading. Before concluding, I want to spend some time discussing the GFXC’s request for feedback on 4/6  BIS central bankers' speeches  particular aspects related to the use of last look in electronic FX trading.
It is a critical market that is relied upon by households, corporations, financial institutions, asset managers, sovereigns and many others. In 2015, I called on the industry to help strengthen the foundation of the market and to uphold its integrity. Today, I am pleased to say that the industry answered that call and there has since been significant industry engagement on work to promote the integrity and effective functioning of the FX market. After more than two years of work, the FX Global Code1 (the Code or Global Code) has been published to serve as a single, global set of principles for the FX market. The Code is accompanied by a set of adherence principles to promote its widespread adoption, and includes a set of illustrative examples to further describe various practices. In addition, a new, formalized Global Foreign Exchange Committee (GFXC) was launched to engage an even broader set of regions than past efforts and to continue a more defined work program across jurisdictions for upholding the Global Code. In my remarks today, I will share reflections on the Global Code, including some lessons learned in its development and the various steps underway to help promote and support its adoption. I will then discuss the Global Foreign Exchange Committee’s (GFXC) objectives, which include the ongoing evolution and maintenance of the Code.