David Puth, Vice Chair of the Global FX Committee (GFXC), will be completing his term in this role with the group he helped form next month.
Puth, who is the CEO of CLS Group, has been heavily involved in the creation of the Global Code, the first iteration of which was released in May 2016, and then published in its final form in May 2017. Firms were anticipated to commit adherence by around the one-year anniversary in May.
When work on the Global Code first began, it was in the form of a public/private sector partnership, with Puth leading the private sector side through the Market Participants Group (MPG), which worked together, but separately, with the public sector side, led by the Reserve Bank of Australia’s Deputy Governor Guy Debelle.
When the Global Code was released on May 25, 2017, the public and private sides merged into the GFXC. At that point, Debelle stepped down and the Bank of England’s Head of Markets, Chris Salmon, was appointed as Chair of the newly formed group from the public sector side, and Puth became Vice Chair from the private sector side.
Puth says interviews are taking place now, and the new vice chair will be announced at the group’s meeting in South Africa on June 27th.
Salmon, who became the first chair of the GFXC, left the BoE in March for a move into the private sector, and the New York Fed’s Head of the Markets Group, Simon Potter, was named as Interim Chair.
Both a chair and vice chair will therefore be appointed in June. The two officer terms were to be staggered, but the early departure of Salmon leaves both roles needing to be filled at the June meeting.
Puth will likely remain engaged in the work of the GFXC, as he is a member of a number of the local FX Committees that are represented on the GFXC.