FX Global Code - CLS media coverage

26 May 2017

A summary of the media coverage highlighting the publication of the FX Global Code on 26 May 2017. 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.

Further information about the Code can be found on the Global Foreign Exchange Committee website.


Financial Times

BIS issues new code of conduct for foreign-exchange trading*

"The code sharpens the mind," said David Puth, the former banker also involved in drawing up the code. "We have got the right kind of controls in place and the right kind of culture. 


Wall Street Journal

BIS Releases New Set of Standards for Currency Trading*

"Public trust was shaken as a result of the global financial crisis, and there were specific situations in the global FX market that caused public trust to be further undermined," said David Puth, chief executive of foreign exchange settlements firm CLS Group.    


The Telegraph

Central bankers unveil code to crack down on currency market rigging

But David Puth, another of the code's authors who is chief executive of currency settlement firm CLS Group, also acknowledged that no set of principles, let alone laws, will be able to "prevent someone who chooses to do something dishonourable or illegal".


Bloomberg

Fixing FX: The Currency Trader's New Guide to Ethical Behavior    

David Puth, chief executive officer of CLS Group Holdings AG, will serve as vice chair for a year. He led the group of industry participants that crafted the code.


Reuters

Central banks launch forex market code of conduct 

"I would be surprised if a major wholesale market participant did not get behind the Code," said David Puth, the head of settlement bank CLS and chair of the committee of market participants who have funneled banks and other financial firms' input to the code.


FX Week

BIS releases final version of GCC*

"It is now up to each of us to follow through with our commitment to adopt the principles that we have established," said Puth. "I am extremely confident that those who wish to compete in this market will be more successful if they follow the principles that we have established together."


Euromoney

FX Survey 2017: Fragile forex enters a new era*

David Puth "No code, no regulation, no law or threat of penalty is strong enough to deter those who might choose to take advantage of others through dishonourable or illegal practices," explains David Puth, chief executive of CLS and chairman of the private-sector Market Participants Group that has supported the development of the code. 


Euromoney

FX global code registers to be live within months

"We will probably file to be a public register and be ready to do so at the beginning of July, or sometime early in the third quarter, but you should expect to see a broad set of market participants ready to sign the statement of commitment at that time," said Puth, who chaired a broad-based panel of industry practitioners that has supported the development of the code over the last two years.


Profit and Loss

FX Global Code Formally Launched*

"It is now up to each of us to follow through with our commitment to adopt the principles that we have established," says CLS CEO David Puth, who chaired the Market Participants Group. 


Reuters

Banks and funds will never quite be forex friends

It's a story Puth, head of U.S. settlement bank CLS, has been telling privately as he and other leading lights in the global currency trade seek backing for a code of conduct aimed at reviving faith in the world's biggest financial market.


Bloomberg

Vanguard Says Currency Markets Fall Short in Curbing 'Last Look'

"Trading during the last look window has elicited much debate and was a lightning rod for public speculation on our mission," said David Puth, chief executive officer of CLS Group Holdings AG, who led a two-year effort by market participants to hammer out the new industry standards.


Financial News

Central bank body publishes code of conduct for FX traders

David Puth, chief executive of FX settlement system CLS and chair of the private-sector working group on the code, said it was important to ensure the principles were followed. "No regulation, no law, no penalty is strong enough to deter those who might choose to take advantage of others through dishonorable or illegal practices," he said.


FX Week

Central banks establish GFXC to monitor Global Code's progress

David Puth, former chair of the Market Participants Group (MPG), representing the private sector on the BIS's FX Working Group (FXWG), will be vice-chair of the GFXC.


City A.M.

Long-awaited FX global code of conduct is released, but does not ban controversial "last look" practice

A private sector market participants group, chaired by David Puth of CLS Bank International, was also heavily consulted during the development process.


Law 360

Global Regulators Set FX Market Conduct Code After Scandals

"It is now up to each of us to follow through with our commitment to adopt the principles that we have established," David Puth, chief executive officer of settlement services company CLS and chairman for the Market Participants Group, said in a statement. "I am extremely confident that those who wish to compete in this market will be more successful if they follow the principles that we have established together."


Finance Magnates

FX Global Code of Conduct Launch Finds Support Across the Industry    

Commenting on the launch, the Chairman of the MPG and CEO of CLS, David Puth, said: "The public perception of financial markets, deeply shaken by the financial crisis of 2008, was made worse by certain behaviors in the foreign exchange (FX) market. 


Automated Trader

Global code of conduct sets out good FX market practice

"It is now up to each of us to follow through with our commitment to adopt the principles that we have established," said CLS Chief Executive Officer David Puth, who chaired the Market Participants Group.


Finextra

FXPA endorses Global Code for FX market

Work on the Global Code began in May 2015 by the FX Working Group (FXWG) within the Markets Committee of the BIS. The effort was led by Guy Debelle, FXWG Chairman and Assistant Governor of the Reserve Bank of Australia, and David Puth, Head of the Market Participants Group (MPG) and CEO of CLS.


Banking Business Review

BIS releases global code of conduct for foreign exchange market

CLS CEO and Market Participants Group chair David Puth said: "It is now up to each of us to follow through with our commitment to adopt the principles that we have established.


Markets Media

Buyside urged to help fix FX

David Puth, chief executive of CLS and chairman of the Bank for International Settlements' market participants group, said in an email that the public perception of financial markets was deeply shaken by the financial crisis and made worse by certain behaviors in the foreign exchange market.


Xinhua

New forex global code in London aims to restore confidence

David Puth, a fellow member of the working group representing market participants and head of settlement bank CLS, told journalists at a press briefing to launch the Code: "Over the course of the next 12 months, we will look for all wholesale market participants to adopt the principles."


Finance Magnates

FX Global Code of Conduct Launch Finds Support Across the Industry

Commenting on the launch, the Chairman of the MPG and CEO of CLS, David Puth, said: “To help restore trust in the FX market, the industry has come together around a set of common principles and best practices – the FX Global Code.”

*Please note the full story appears behind a paywall.

 

Media contacts

For media inquiries and interview requests, please contact:

Greentarget
+44 020 7250 7007