CLS Group has thrown its hat in the ring to host a public
register listing those firms that have signed the Statement of Commitment to
the FX Global Code.
Profit & Loss understands
other regional or national initiatives are also underway, however CLS is
believed to be leading the push for a global register, in spite of it
apparently limiting the initiative to CLS members.
CLS’ CEO David Puth chaired the Market Participants Group
(MPG), which played a role in developing the Code alongside a group of central
banks working under the auspices of the Bank for International Settlements. The
45 members of the MPG signed a Statement of Intent soon after the Code was
launched in its full version in May, demonstrating their willingness to build
the principles into their own internal practices and procedures.
The next stage will be the signing of the Statement of Commitment that
was included in the final version of the Code and although initial
expectations were that the commitment process could take six-to-12 months,
firms are already signing up.
CLS says in order to assist interested parties in
identifying market participants that have signed a Statement of Commitment, it
will, at the request of a relevant CLS member, publish a copy of the relevant
member’s Statement of Commitment. It adds that Statements of Commitment will be
removed from the CLS public register at the request of the relevant member.