The world's central banks have committed to the new Global Code of Conduct for the Foreign Exchange Market. Reserve bank of Australia assistant governor for financial markets, Guy Debelle, said "they expect that their counterparties will do so too." Speaking at a launch event in New York last night Debelle said: "As I have stated on previous occasions, the foreign exchange industry has suffered from a lack of trust in its functioning. The market needs to rebuild that trust, so that participants and the public have much greater confidence that the market is functioning appropriately." The Global Code sets out principles of good practice.