In the meantime, the BIS has provided an update on the second phase of work on the FX code of conduct. While the first phase covers areas such as ethics, information sharing, aspects of execution, and confirmation and settlement, the second phase will cover further aspects of execution (including e-trading and platforms), prime brokerage, governance, risk management and compliance. The FX Working Group intends to circulate it for comment through the various FX committees in early October 2016, with the aim of the full code being published in May 2017.