Chris Salmon, executive director, markets, at the Bank of England and chair of the Global Foreign Exchange Committee (GFXC) is stepping down to pursue an opportunity in the private sector.
Although there has been no formal announcement from the Bank of England, the GFXC says in a release that Simon Potter, executive vice president of the Federal Reserve Bank of New York, will act as interim chair of the committee with immediate effect.
A new chair will be elected at the next GFXC meeting, to be held on 27 June 2018 in Johannesburg.
Salmon has held his position at the Bank of England since June 2014 and has spent more than 20 years at the bank, including spells as chief cashier and private secretary to then Governor Mervyn King.
Since its formalisation in May 2017 following the release of the full FX Global Code of Conduct, Salmon has served as chair of the GFXC, overseeing the development of the Code and initiatives to help strengthen and embed it across the global market. In addition, he has helped to establish a set of important workstreams for the GFXC as it continues its work to promote the integrity and function of the global foreign exchange market.
“I have greatly enjoyed chairing the GFXC since its establishment and wish my former colleagues the best of fortune as they take its work forward,” says Salmon. “The Committee plays a vital role in maintaining the FX Code of Conduct and in promoting its widespread adoption.”
David Puth, vice-chair of the GFXC and CEO of CLS, add, “The successful launch of the Code is based in part on the unique public/private partnership that has evolved under Chris’s leadership. Numerous market participant firms have already registered their public statements of commitment to the Code, and we look forward to that number growing significantly as we approach the one year anniversary of the Code’s launch.”