CLS FX Global Code of Conduct – media coverage

26 May 2016

A summary of media coverage highlighting the release of Phase 1 of the FX Global Code of Conduct, issued on 26 May 2016.  This coverage focuses primarily on David Puth, CEO of CLS and his involvement in leading the development of this code as chair of the Market Participants Group.  


Bloomberg TV

Is There a Crisis of Trust in the Currency Market?

David Puth, CLS Group chief executive officer, discusses the state of the currency market with Bloomberg's David Gura on "Bloomberg Markets."


Financial Times*

Q&A: How to act like an ethical FX trader

The Bank for International Settlements, under Guy Debelle, of the Reserve Bank of Australia, and David Puth, a former banker who runs industry utility CLS. (The plumbing behind the market that ensures each side of trades gets paid.)


Financial Times* 

Currency conduct code wants raucous traders to clean up their language

“We are really hoping to allow the protection of market colour. Market participants should communicate appropriately but without compromising confidential information. All market participants feel as if market colour is essential for a smooth market,” said David Puth, chief executive CLS Bank International, the world’s main currencies settlement house.


Financial News*

Five key takeaways from the FX code of conduct

David Puth, chair of the market participants group and chief executive of CLS Group, said: “Rather than impose legal or regulatory obligations on market participants, the code will supplement local laws, rules and regulation by identifying good practices and processes.


Reuters

Global FX code may help volumes rise again: CLS chief

The $5 trillion a day market in foreign exchange may be free to grow again after a static three years hampered by doubts over regulation and what traders can and cannot say to each other, the head of global settlement bank CLS said on Thursday.


Reuters

FX code proposes limits to sharing trade information

CLS, owned by dozens of the world's largest commercial banks and a crucial piece of infrastructure since its launch in 2002, deals with instructions that account for around 90 percent of the world's single biggest financial market.


Reuters

Don't lie, don't cheat, don't start rumors, says new FX code

David Puth, head of global settlement bank CLS and chair of the panel of 35 banks and other participants who contributed to the work, told Reuters he hoped the code would allow the $5 trillion a day market to grow again after a static three years hampered by doubts over what is allowed and what isn't.


FastFT*

MARKETS BIS releases FX code of conduct

We are really hoping to allow the protection of market colour. Market participants should communicate appropriately but without compromising confidential information. All market participants feel as if market colour is essential for a smooth market,” said David Puth, chief executive CLS Bank International, the world’s main currencies settlement house.


FastFT*

FX code of conduct: key points

The Bank for International Settlements, under the RBA’s Guy Debelle and David Puth, a former banker who runs industry utility CLS. The plumbing behind the market that ensures each side of trades gets paid.


The Wall Street Journal* 

BIS Unveils Global Code of Conduct for Foreign-Exchange Trading

Supporting these overseers was a group of industry participants chaired by David Puth, chief executive of foreign exchange settlements firm CLS Group. He said the code would have “far-reaching implications and ensure the long-term integrity and effective functioning of the wholesale foreign exchange market.


Bloomberg

Ripping Off Your Clients Is Naughty in New Currency Market Code

Central bankers chose David Puth, chief executive officer of CLS Group Holdings AG in New York, to lead dozens of senior market participants in an effort to hammer out the standards. Starting last year, four successive working versions of the document received more than 3,000 comments from industry professionals. A second phase will deal with electronic trading and be added to the document for final publication in May 2017.


Finance Magnates

Bank of International Settlements Publishes Global Code of Conduct

There has a been a universal welcoming of the document by the whole foreign exchange market community with a number of industry insiders commenting on the announcement. The head of the Market Participants Group and Chief Executive Officer of CLS, David Puth, said: ”This has been a unique opportunity for key participants in the FX industry to work together to develop a code of conduct that will have far-reaching implications across the market.”


FTSE Global Markets

BIS issues first phase of FX market code of conduct

"This has been a unique opportunity for key participants in the FX industry to work together to develop a code of conduct that will have far-reaching implications across the market," said David Puth, head of the Market Participants Group and Chief Executive Officer of CLS.


Automated Trader

FX Working Group releases global code of conduct

The FXWG has numerous financial institutions as members. David Puth, head of the Market Participants Group and Chief Executive Officer of CLS said: "This has been a unique opportunity for key participants in the FX industry to work together to develop a code of conduct that will have far-reaching implications across the market."


Profit & Loss

Can the Code of Conduct Help Improve FX Liquidity?

The new Global Code of Conduct could help improve FX market liquidity, according to Guy Debelle, FX Working Group (FXWG) chairman and assistant governor of the Reserve Bank of Australia, and David Puth, head of the Market Participants Group and CEO of CLS.


Profit & Loss

Global Code: It’s Good to Talk

According to David Puth, the CEO of CLS and who also chaired the Markets Participant Group that helped draw up the Code, this has had an unfortunate impact on the market.


Profit & Loss

Global Code: It Will Have Teeth

According to Debelle, the development of the Code has been a public sector-private sector partnership. It has been supported by a group of market participants, chaired by FX veteran David Puth, the current chief executive of CLS.


The Sydney Morning Herald 

New currency market code tells participants to act honestly, fairly

Central bankers chose David Puth, chief executive of CLS Group Holdings in New York, to lead dozens of senior market participants in an effort to hammer out the standards. 


USA Today

FX market misconduct spurs good-conduct principles

The conduct code, expected to be completed in May 2017, is designed to supplement but not supersede local laws, rules and regulations around the globe, said David Puth, the CEO of foreign exchange settlements company CLS Group and chair of the BIS' market participants group.


E-FX News

FXWG FX Code Of Conduct: Q&A on Info Sharing, Accountability

When asked by MNI whether the Code of Conduct would allow better flow of information, more recently at a standstill between FX bank traders as well as between FX participants and the media, David Puth, head of the Market Participants Group and Chief Executive Officer of CLS, pointed to the information sharing leading principal in the document.

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