In an open letter to Global FX Committee (GFXC) chair Guy Debelle, the head of the Bank for International Settlements’ (BIS) Markets Committee, Jacqueline Loh, has called for greater adoption of the FX Global Code, especially amongst asset managers. Ahead of the first three-year review of the Code, the letter also urges the GFXC to […]
Tag: BIS Markets Committee
BIS Markets Committee
The Bank for International Settlements’ (BIS) Markets Committee has released its analysis of the 7 October 2016 “flash event”, arguing that a range of factors rather than a single driver catalysed the event.
During the flash event, sterling depreciated by around 9% versus the dollar in early Asian trading, before quickly retracing much of the move.
The new report concludes that “a confluence of factors” cause this flash event, noting that “the time of day played a significant role in increasing the sterling foreign exchange market’s vulnerability to imbalances in order flow”.
Jacqueline Loh, deputy managing director at the Monetary Authority of Singapore (MAS), has been appointed as chair of the Bank for International Settlements’ Markets Committee.
The committee is a forum where senior central bank officials jointly monitor developments in financial markets and assess their implications for market functioning and central bank operations. It has also been a staging post for work on the FX Global Code of Conduct as well as other markets-based initiatives.
Loh’s appointment is for a term of three years starting in mid-January 2017. She succeeds Guy Debelle, recently appointed deputy governor of the Reserve Bank of Australia, who has chaired the committee since June 2013.