This Code extends to all wholesale market participants – sell-side, buy-side, non-bank market makers, trading platforms and market infrastructure. A question that we have been asked frequently comes from buy-side participants – Why does the Code matter to me? The application of the Code to all wholesale market participants, including the buy-side, stems from the belief that good practices should apply to all market participants and not only a subset. 2/6  BIS central bankers' speeches  With widespread adoption, the power of market discipline and peer pressure can be immense. This is important for a voluntary Code. The Code incorporates the principle of proportionality, given the diverse nature of market participants. What this means is that not every principle will apply directly to every market participant. In the case of a buy-side participant, you will find that only a portion of the principles have direct applicability. For example, most of the principles relating to execution are directly applicable only to sellside participants. Hence, the implementation burden may not be as significant as one would expect. Nevertheless, while the rest of the principles may not have direct applicability, they provide clarity to your counterparty relationship with the sell-side. By understanding the practices that your counterparties are abiding by, it informs what you should expect from the counterparty relationship. For example, in the hotly debated issues of mark-ups and last look, the good practices help you make more informed choices in selecting and interacting with your counterparties.
Christine Lagarde: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament Speech by Ms Christine Lagarde, President of the European Central Bank, at the Hearing at the Committee on Economic and Monetary Affairs of the European Parliament, Brussels, 20 March 2023. ***  Accompanying charts of the speech I am happy to be back in this Parliament to discuss the ECB's monetary policy shortly after last week's Governing Council meeting. More than one year has now passed since that February morning when we all woke up to the horrifying news of war in Europe. The Russian invasion of Ukraine – which you have selected as a topic for this hearing – is first and foremost a human tragedy for the people of Ukraine. And in the face of this senseless atrocity, they have shown remarkable resilience and determination. In the words of the former President of this Parliament, José María GilRobles, who sadly passed away last month, "The future belongs to those who are prepared to make the effort to hear the voice of hope".1 As Europeans, we need to continue hearing the voice of hope coming out of Ukraine and support the Ukrainian people in their struggle for freedom, democracy, and peace – the fundamental values of our Union. It is clear that solidarity, especially during this crisis, makes us stronger and more resilient.