The Global Foreign Exchange Committee (GFXC) has released further detail from its 22-23 May meeting in Tokyo, during which the committee discussed its mandate to consider the case for a comprehensive review of the FX Global Code at least every three years.
“The FX Global Code has been in place for a few years now and remains fit for purpose. But it is appropriate to review it to reflect the continuously evolving market structure and dynamics,” says Guy Debelle, chair of the GFXC. “Feedback from all market participants who use and adhere to the Code will be important to determining the proper scope for this first review, which we’d expect to be focused on a few key areas. Ongoing engagement around the Code and its role in the foreign exchange market is critical to its success.”
To determine the framework for the review, the GFXC says it will seek feedback through multiple channels, including the forthcoming GFXC Survey, local FX Committees, the BIS Triennial Survey of Foreign Exchange and OTC Derivatives Turnover, and a targeted outreach program. Members agreed that the review would likely focus on areas most impacted by the evolution of e-trading to maintain the relevance of the Code’s existing principles.
The GFXC also announced that Neill Penney, managing director and co-head of trading at Refinitiv, has been selected as co-vice chair for a two-year term. He will serve alongside Akira Hoshino for the next year – Hoshino recently left MUFG in Tokyo to take up the role of head of FX and local markets at Citi in Tokyo.
“It is an honour to join the GFXC’s leadership team, and I’d like to thank the members of the committee for their support,” says Penney. “There are a number of important efforts underway globally and I am pleased to co-lead the private sector’s contribution to the ongoing work of the Committee.”