28 May 2021

The FX Global Code (the Code) is a set of principles of good practice in the FX market, aimed at providing guidance to promote its integrity and effective functioning. As part of a regular review cycle, the Global Foreign Exchange Committee (GFXC) is seeking input from market participants on several proposed amendments to the Code. You can read our response to the GFXC’s request for feedback here. 

We at CLS are supportive of the proposed amendments to the settlement risk principles of the FX Global Code, which rightly place greater emphasis on the use of PvP settlement mechanisms, where available. We also welcome the proposed amendments promoting the netting of settlement obligations, should PvP settlement mechanisms not be available.

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