David Puth, CEO of CLS, has been named chair of the Market Participants Group which has been established to support the Bank for International Settlements (BIS) Foreign Exchange Working Group (FXWG) in enhancing the code of conduct standards and principles in foreign exchange markets.
The Market Participants Group (MPG) includes private sector participants from the sell-side and buy-side of the market as well as Forex infrastructure providers. Its main purpose is to provide insight, expertise and effort to back the work of the FXWG.
The Foreign Exchange Working Group (FXWG) is headed by Guy Debelle (Reserve Bank of Australia).
The main objectives of the FXWG’s work are to facilitate the establishment of a single global code of conduct standards and principles. The Code is intended to cover all parts of the global wholesale FX market, with appropriate consideration to local circumstances.
Guy Debelle commented:
“A single, global common code of conduct is a necessary goal for the FX industry. The Code will be principles-based ‒ rather than rules-based ‒ and will provide guidance on what is, as well as what is not, appropriate behaviour for practitioners in the FX market.”
The target date for finalisation of the Code, as well as of the proposals to ensure greater adherence, is May 2017.
To view the official announcement by CLS Group, click here.