GFXC plans global index of registers for FX code
The deadline for registering statements of commitment for the global code is only a day away, and market participants are reporting difficulties finding who has signed up, with statements spread out across eight registers – but GFXC has a plan to alleviate the problem.
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.
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.”