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The GFXC will regularly assess whether new information
or market developments warrant updates or additions
being made to the Code. As the first example of this,
given diversity of views on the use of last look in the
market, the GFXC is currently requesting feedback on
trading in the last look window.
7
On a less frequent basis,
the GFXC will oversee a more comprehensive review of
the Code.
7 See
www.globalfxc.org/consultative_process.htmConclusion
The Global Code is the culmination of two years of work
by a group of people from both the private and public
sectors. The work reflected a very constructive and
cooperative effort between the central banks and market
participants. We all undertook this work in addition to
our regular responsibilities, at all hours of the day and
night. This contribution of time and effort reflected
the fact that all of us recognise the need to restore the
public’s faith in the foreign exchange market. We share
the view that the Global Code plays an important role in
assisting that process and also in helping improve market
functioning and confidence in the market.
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