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.
Algorithms have become more prevalent in the spot FX market.
Global Foreign Exchange Committee has made recommendations on Last Look.
There is a growing demand for transparency in FX trading by regulators.
CLS has also enhanced its existing suite of alternative FX data products.
FX Global Code sets out good practice for last look and provides illustrative examples.