Transcript of Question & Answer Session Speech on the FX Global Code of conduct

Thank you so much for your insights, we certainly appreciate you joining us today and we do have about one minute left and we have a couple of questions here. From the regulator's point of view, what does a successful industry implementation of the Global Code look like? What would be the indicia of success? Guy?

Okay, so first of all as I said earlier, I'm not a regulator but I'll still answer the question. I think success in the Code is improved market functioning, it's increased trust in the market. It isn't necessarily the absence of bad behaviour. What it is, is that that bad behaviour gets called out and addressed by the firm itself rather than having to wait for five years down the track and a bunch of court cases get launched. So I think the biggest sign of success would be confidence of market participants that in their interactions in the market they know or have a great confidence they're going to be treated fairly.