The "vast majority" of banks and other participants in the foreign exchange market are expected to agree and adhere to a Statement of Commitment regarding the FX Global Code within 12 months.Its sponsors, including the BIS Governors, released the final form of the Code last night. Guy Debelle, deputy governor of the Reserve Bank of Australia, had the job, or honour, of launching the code in London overnight. Debelle had the task of leading the working group of the Markets Committee of the BIS until early January this year, which required "work in addition to our regular responsibilities, at all hours of the day and night," he noted. As Debelle has said many, many times in speeches over the last two years, the purpose of the code is to "help to restore confidence and promote the effective functioning of the wholesale FX market."Five Australian banks - the biggest - are among culprits all sanctioned one way or another for malfeasance in FX market in recent years.Top of the list are ANZ and Macquarie, both of whom admitted to cartel conduct late last year in connection with trading in the Malaysian ringgit exchange rate in Singapore in 2011.After they were pinged by the ACCC, the Federal Court of Australia went on to find that the attempts by ANZ and Macquarie to influence the ringgit exchange rate were "serious, deliberate and systematic."As recently as Friday, ASIC accepted an enforceable undertaking from Macquarie Bank "in relation to the bank's wholesale foreign exchange businesses."ASIC said then it was "concerned that the bank failed to ensure that its systems and controls were adequate to address risks relating to instances of inappropriate conduct identified by ASIC."Between January 2008 and June 2013 Macquarie employees "disclosed to external third parties confidential details of pending client orders including identification of a client" and "inappropriately disclosed to external third parties confidential and potentially material information about Macquarie's trading activity associated with large pending orders," ASIC said.Debelle said central banks allowed banks time to "adjust their practices where necessary to be in line with the principles in the Code."I would not expect much time should be required to do this. This period of time might potentially be as short as six months, but no more than twelve months for the vast majority of market participants. "How much effort this might require will in part depend on the nature and extent of engagement with the FX market. In drafting the Code, we have always kept the principle of proportionality at front of mind."Tracey Lyons, head of policy at the Australian Financial Markets Association said: "it is likely that the majority of banks who conduct FX business will give a statement of commitment in relation to the global code, as central banks have flagged that they are unlikely to deal with entities who have not given a statement of commitment."Lyons' last point is the key stick that will rope banks into line."Alongside drafting the Code, we have devoted considerable time and effort to