It is also vital for sustaining public support for open and global financial markets. The FMSB is not self-regulation. The laws and regulations governing conduct apply and will continue to be enforced. But the official sector has an important role to play in supporting such market-led initiatives, helping to solve coordination problems and enabling the private sector to come together to raise standards and share best practice. An excellent example of this approach is the development of a single global foreign exchange code being written through a partnership between 16 central banks and market participants in both advanced and 13  Further information on the FMSB, its membership and draft guidance can be found at: http://www.fmsb.com/ 6  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  6  emerging economies. 14  This will be the first time that the approximately $ trillion per day foreign exchange  market will be governed by a single code of conduct. Sections of the global foreign exchange code covering ethics, information sharing, execution, confirmation and settlement, including an update on how adherence to the code will be promoted, was released in May 2016. The full text of the code, including additional sections on governance, risk management and compliance, is on track for publication in May 2017. The nature of conduct risks will of course evolve over time and the official sector needs to stay on the front foot.
http://ssrn.com/abstract=2783067 European Central Bank (May 2016), ‘Financial Stability Review’, https://www.ecb.europa.eu/pub/pdf/other/financialstabilityreview201605.en.pdf?e1a2bef79ed901d8ceaee004 f2fcecdd Financial Stability Board (2015), ‘Implementing the FSB Principles for Sound Compensation Practices and their Implementation Standards: Fourth Progress Report’, http://www.fsb.org/wp-content/uploads/FSB-Fourth-progress-report-on-compensation-practices.pdf Rouch, David (2016). Written Standards and the Social Licence for Financial Markets. http://ssrn.com/abstract=2850885 Seagrave, Sterling (1995), ‘Lords of the Rim: The Invisible Empire of the Overseas Chinese’, New York, Putnam's Sons. 8  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  8