In addition to the Code, central bank governors under the
auspices of the Bank for International Settlements have formally announced the
formation of a Global FX Committee (GFXC), with the Bank of England’s head of
markets, Chris Salmon, at the helm.
One of the core objectives of the GFXC will be to promote
and maintain the FX Global Code by ensuring that the guidance set out remains
relevant and taking into account good practices for supporting adherence.
The GFXC says it welcomes the publication of the complete FX
Global Code and supports its adoption by market participants. More broadly, the
GFXC will seek to promote collaboration and communication among local foreign
exchange committees and other jurisdictions with significant FX markets. It
will also provide a forum for the exchange of views on market trends and
The expanded and formalised GFXC will also now include
representatives from existing, or soon to be established, foreign exchange
committees or similar structures in Brazil, China, India, South Korea, Mexico,
South Africa, Sweden (representing the Scandinavian market), and Switzerland.