The Bank of England has published a speech on the global code of conduct for the FX markets. Key points include: (i) firms should be able to demonstrate publicly that their behaviour and practices in the FX market are in line with the code's principles; (ii) the Bank is committed to developing an appropriate review mechanism so that the code stays up-to-date and intends to announce further details on this in 2017; (iii) the code needs to be embedded in firms' practices, so training and education are particularly important, as well as having the right policies and procedures in place for monitoring purposes; and  (iv) firms are advised to start considering the steps they will take to support the code. The global code is due to be launched in May 2017.