The Foreign Exchange Working Group (FXWG), announced by BIS Governors in May to strengthen code of conduct standards and principles in foreign exchange markets, has been established. The main objectives of the FXWG's work are to facilitate the establishment of a single global code of conduct standards and principles and to promote greater adherence to these standards and principles. The target date for finalisation of the Code, as well as of the proposals to ensure greater adherence, is May 2017.