26 May 2016

CLS strongly supports the publication of the first phase of the global code of conduct (Global Code) for the wholesale foreign exchange market (FX market).

We welcome this initiative to strengthen the FX market and have been actively engaged in the development of the Global Code. David Puth, CEO of CLS, has been integral to its development in his role as Chair of the Market Participants Group, and CLS representatives have actively participated in various regional Foreign Exchange Committees.

As a critical infrastructure in the FX market, we intend to adhere to the completed Global Code by incorporating the relevant portions within our processes. We are also committed to promoting the Global Code amongst our members, and we encourage industry adherence in the interests of the integrity and effectiveness of the FX market.

Further information about the code can be found on the BIS website.

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