Transcript of Question & Answer Session The FX Global Code

The first question I've got is ‘is there a specific timeline for review like every three years or is it ad hoc?’

Thanks for the question. The answer to your question is yes, there is a specific timeline and what we've agreed at the outset actually, is that we would do it every three years. We don't want to do it too frequently because if the Code is continually changing then people have no chance of keeping up to date with what the current version of the Code is. But at the same time, we are mindful of the fact that the FX market is a market which is continuously changing. And so the Code does need to stay current with the current state of the market and so we thought the appropriate balance in terms of frequency review is every three years. Having made these changes now, then this version of the Code will remain current for the next three years, when we then look to review it again. Thanks for that question. I'm happy to take any others that people might have.

Okay. We've got a question on a central bank digital currency. Have we given much thought about the arrival of such currencies and how might they impact the Code?

That is a topic which has started, actually at our most recent GFXC meeting. We did actually have a discussion on that topic and actually we're putting the minutes of that meeting out shortly. And so if you're interested, you can have a look at a summary of that discussion there. It is something which is on the horizon, it's plausible that at the next three-year review, this will be a bigger issue and we may need to take account of it. To my mind, it's not obvious to me that it makes a huge difference. The FX market is already a digital market. The currencies we're trading are already pretty much digital anyway. So I'm not 100% sure it's going to make a material difference, but obviously, it is something that we are paying attention to.

What I'm not going to talk about, particularly given it's 11 o'clock in the evening my time, is any update on the Australian economy. I have a policy meeting next week. I'm afraid I'm not going to take or answer any questions on that as I'm in a blackout ahead of that meeting, but happy to take questions on the Code on the FX market, but not more generally.

Given, I don't think there are any more questions. Let me just in finishing just strongly encourage you to have a look at the updated version of the Code on the website address I've got there on the screen at the moment. The organisations that you work for should be familiar with the Code. I would certainly hope that. If I could ask you to familiarise yourself with the update, we do have information there on what specifically has been updated and a bit of background on that to help people understand the nature of the updates to the Code. Go to the website, have a look at the updated version of the Code and more, and particularly, strongly encourage you to familiarise yourself and make good use particularly of the disclosure templates, which I think have scope to move the market further forward in terms of better practice.

With that, thanks very much and, I hope everyone keeps well in whatever part of the world they happen to be in. Thanks, and good night.