12 Morningstar, 2021, Global Sustainable Fund Flows: Q4 2020 in Review. 13 The Business Times, 2021, ESG magnates pour money into China and its Asian peers. 7/7  BIS central bankers' speeches
For example, it is fairly easy to assess adherence to the best practice recommendation to implement a fails charge when a seller fails to deliver a Treasury security, or to use a payment-versus-payment settlement mechanism for FX transactions. In contrast, best practices that propose broad principles can be implemented differently across institutions and have outcomes that do not lend themselves to easy measurement. For instance, it is difficult to gauge the extent to which an individual market participant behaves in a manner that supports market liquidity or whether market participants as a group apply this recommendation consistently. Nonetheless, such principle-based best practices can be quite powerful in motivating market participants to think carefully about their internal policies and procedures and consider whether they are consistent with broader principles. Both types of best practices are important. Successful best practices are almost always developed using a collaborative and inclusive approach. Ideally, with respect to financial markets, the process should include a wide range of market participants, including dealers, banks, buy-side firms, and market infrastructures, representing different areas of expertise, including the core business lines, legal, compliance, operations, technology, and custody. A public consultation process may be helpful in further enhancing the development process.