The FX Global Code witnessed another small milestone this when BayernLB became the first Landesbank in Germany to commit by signing a Statement of Commitment, which it has posted to the register hosted by CLS Group.
The Code was launched in its entirety in May 2017 and since then a steady stream of market participants have singed up to adhere to its principles, attesting that they will operate in a fair and transparent manner and have internal workflows that are in line with the guidelines.
“Thanks to our expertise, we are able to create clear structures and establish clear recommendations for action when we are in the foreign exchange market,” says Marc Burgheim, head of the derivatives trading department at BayernLB.
“It has always been our top priority to be transparent and fair to our clients,” adds Dr Klaus Voit, who heads the treasury product sales department. “We welcome the Code of Conduct for the foreign exchange market.”