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Foreign Exchange

FX global code registers to be live within months

The newly formed global FX committee will issue guidelines and maintain an index of registers, but they will be run by the private sector.

Public registers to identify those institutions adhering to the newly launched FX global code could become operational as soon as July, as pressure mounts on market participants to demonstrate their commitment to the 55 principles that were unveiled today.

Speaking at a press conference at the Bank of England in London, David Puth, chief executive of industry utility CLS, suggested his firm would look to set up a public register, which is one of the initiatives designed to promote adherence to the code. The 81-page document concludes with a short statement of commitment that all institutions active in FX are now being encouraged to sign, and registers would publicly name those that have done so.

“We will probably file to be a public register and be ready to do so at the beginning of July, or sometime early in the third quarter, but you should expect to see a broad set of market participants ready to sign the statement of commitment at that time,” said Puth, who chaired a broad-based panel of industry practitioners that has supported the development of the code over the last two years.

Operations

The Global Foreign Exchange Committee (GFXC), which met for the first time on Wednesday and will now take the lead in monitoring and maintaining the code, is expected to publish guidelines on what would constitute an effective register and will also maintain an index of registers, but it will be left to private-sector institutions such as CLS to operate them.

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