Triple A Rated - Adoption, Adherence, Advantages – assessing the practical implications of the FX Global Code

With David Puth, Chief Executive Officer, CLS and Tod Van Name, Global Head of Foreign Exchange (FXGO) and Commodities (CMET) electronic trading at Bloomberg LP.

First Published: e-Forex Magazine 73 / Viewpoint / September, 2016

CLS was established in 2002 as a private sector initiative to mitigate settlement risk in the FX market and this remains its core mission today. Created as a result of unprecedented cooperation among the global FX community, the impetus behind the launch of CLS came from regulatory concern regarding the potential for FX settlement risk to be a major source of systemic risk.  This was underlined by the failure of Bankhaus Herstatt in 1974, which challenged the strength of the international banking community and threatened confidence in the global payment system. Bloomberg’s FX business is the world’s leading electronic trading platform and is available commission-free on the Bloomberg Professional service, which has approximately 325,000 subscribers globally. FXGO clients include corporations, commercial and central banks, government agencies, and investment firms. Its technology allows currency professionals to seamlessly access robust pre- and post-trade features, powerful...continued

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