29 May 2018
The Global Foreign Exchange Committee (GFXC) has today launched the Global Index of Public Registers (Global Index) to serve as a central reference point for demonstrated commitment to the FX Global Code (Code).
Following the initial publication of the Code in May 2017, Market Participants expressed interest in developing public registers as repositories of individual Statements of Commitment to the Code. The GFXC published recommended characteristics for public registers in July 2017, and several public registers have since been established.
The Global Index will aggregate information from participating public registers and make it available in a single, convenient location. The Global Index also provides a search function, allowing the public to quickly identify whether a Market Participant has published a Statement of Commitment on a participating public register, thus demonstrating their recognition of and commitment to adopting the good practices set out in the Code in this manner.
Simon Potter, Interim Chair of the GFXC and Executive Vice President of the Federal Reserve Bank of New York said: “The Global Index shows the GFXC’s commitment to promoting and encouraging widespread adherence to the Code through voluntary adoption of a Statement of Commitment. We hope that this new tool provides greater awareness of the industry’s overall commitment to promoting a robust, fair, liquid, open, and appropriately transparent FX market.”
David Puth, Vice-Chair of the GFXC and CEO of CLS, added: “Market Participants place great value on the integrity and effective functioning of the FX market and I am confident that the Global Index and Public Registers will contribute to these important goals. The Global Index has been established in response to industry demand, and we are very pleased to launch the Global Index today.”
Public registers that host Market Participants’ Statements of Commitment to the Code and that fulfil the criteria published by the GFXC today, can be included in the Global Index. Eligible public registers interested in joining the Global Index can contact the GFXC Secretariat at email@globalfxc.org to obtain more information.
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Sanjay Odedra
Bank of England Press Office
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sanjay.odedra@bankofengland.co.uk