08.16.2017

CLS Commits To FX Global Code

CLS Group, a leading provider of risk mitigation and operational services for the global foreign exchange market, has signed a Statement of Commitment to the FX Global Code. The declaration states that CLS has adopted and implemented the principles of the Code.

CLS Statement of Commitment:

“CLS Bank International (“Institution”) has reviewed the content of the FX Global Code (“Code”) and acknowledges that the Code represents a set of principles generally recognized as good practice in the wholesale foreign exchange market (“FX Market”). The Institution confirms that it acts as a Market Participant as defined by the Code, and is committed to conducting its FX Market activities (“Activities”) in a manner consistent with the principles of the Code. To this end, the Institution has taken steps, based on the size and complexity of its Activities, and the nature of its engagement in the FX market, to align its Activities with the principles of the Code.”

CLS has also established a public register for FX Global Code Statements of Commitment. The register, available on the CLS website, is exclusive to settlement members and will include signed copies of their Statements of Commitment.

David Puth, CEO of CLS, comments: “The FX Global Code is a common set of principles for good practice in the foreign exchange market. As one of the largest risk mitigation providers in the FX market, serving over 60 banks and 23,000 third-party entities globally, CLS is committed to implementing the principles of the Code and leading by example on ethical behavior and best practice.”

David Puth played a significant role in the creation of the Code as Chairman of the Market Participants Group. Following the launch of the Code, David has been appointed Vice Chairman of the Global Foreign Exchange Committee (GFXC), which seeks to promote a robust, liquid, open and appropriately transparent FX market.

Source: CLS

 

(Visited 41 times, 1 visits today)

Related articles

  1. FX Forwards Move Toward Clearing Mandate

    EU looks to align margin to physically-settled FX forwards with other jurisdictions.

  2. Non-compliance expected to have a noticeable impact on the FX markets.

  3. Electronic Trading Grows in FX

    NEX creates new public register to raise Code awareness.

  4. First Half of FX Code of Conduct Arrives

    The fund has identified last look amongst the market practices that need change.

  5. FX Traders Assess U.S. Regs
    Contributed Content

    FX Trading, Post-MiFID

    Voice trading needs to be integrated with e-trading functionality.