The Global Foreign Exchange Committee (GFXC) is developing a global index of registers to help make it clearer which institutions have signed up to the global code via any one of the eight registers.
GFXC hopes to launch the index by June 27, the date of the forthcoming GFXC meeting in Johannesburg, according to Christopher Matsko, head of FX trading services at Portware, a technology vendor owned by FactSet.
David Puth, CEO of CLS, confirmed an index of registers is in the making, promising it would be easily navigable.
Central banks have been eager that the process be private-sector driven, ensuring no need for regulatory oversight, but the global scale of the FX market, the number of participants and the multitude of registers has made it a challenge.
|
Christopher Matsko, |
Matsko says: “It’s not as easy today as it ought to be, especially since not all registries contain all ‘code-committed’ entities globally. The GFXC’s efforts towards a global index of registers is definitely a move in the right direction.”
The fragmentation of the registers is apt, considering the fragmentation of liquidity in the FX market itself, he adds.