Sources familiar with the matter say that David Woolcock is
joining the Market Practitioners Group (MPG) sub-committee of the BIS Working
The MPG, under the stewardship of CLS’s David Puth, is
helping to develop the Global Code of Conduct for FX markets. The
work started in mid-2015 in response to the series of scandals that rocked
FX markets and the completed Code is due for delivery in six months’ time.
Woolcock is chair of ACI – The Financial Markets
Association’s Committee for Professionalism (CFP), the committee that
originally created and manages ACI’s Model Code.
Profit & Loss
understands that Woolcock was proposed to the FX Working Group’s chair, Guy
Debelle, by ACI following the resignation of the association’s president
Marshall Bailey, who stepped down earlier this year. The sources add that ACI’s
Council felt it needed direct representation on the committee rather than
continue to be represented by Bailey, especially when it was decided not to
bestow an honorary presidency on him as has happened with previous incumbents.
Bailey will, however, Profit
& Loss understands, continue to sit on the MPG as an independent given
his work on helping develop the Code thus far.