In this week’s podcast P&L’s managing editor Colin Lambert is joined by Guy Debelle, chair of the Global Foreign Exchange Committee, to discuss the recently released survey of attitudes towards the FX Global Code. From the latest on the debate around last look, pre-hedging and mark ups, to the effectiveness of the Code, the survey’s […]
Tag: cover and deal
cover and deal
As he assumes the reins of the Global FX Committee, Reserve Bank of Australia deputy governor Guy Debelle talks to Colin Lambert about the impact of the FX Global Code and the importance of maintaining momentum as the GFXC seeks to broaden its reach. Colin Lambert: We are now more than two years on from […]
The Global Foreign Exchange Committee (GFXC) has released materials from its last meeting in Tokyo, including progress reports from its various working groups, a new illustrative example on “cover and deal” trading activity and a presentation on flash crash events in foreign exchange markets. The new cover and deal example, to be included in the […]
Outgoing Global FX Committee chair Simon Potter remains optimistic about the impact of the FX Global Code and has signalled a busy work schedule for the Committee and its working groups over the coming year. In an interview withProfit & Loss Potter outlines the continuing work of the separate streams established by the GFXC, but makes […]
Guy Debelle, deputy governor of the Reserve Bank of Australia (RBA), has been named as the next chair of the Global Foreign Exchange Committee (GFXC). His two-year term will begin in early July, 2019, after he was nominated and elected to the position at the latest two-day GFXC meeting hosted by the Bank of Japan […]
A second working group set up by the Global Foreign Exchange Committee (GFXC) in 2018 to look at how market participants operating the “cover and deal” model utilise last look has published a paper highlighting areas in which it believes practice can be improved. Primarily, the report stresses the importance of those operating cover and deal models ensuring that there is adequate disclosure of the practice, the way in which it is being used, and the clarification of the role and capacity in which the participant acts.
The Global Foreign Exchange Committee (GFXC) has added a negative example for Principle 11 of the FX Global Code – which deals with pre-hedging – to the document’s Annex. The update has been released alongside the minutes from the GFXC’s recent meeting in South Africa as well as a paper – The FX Global Code at One Year: A look Back and a Look Ahead – that summarises the achievements around the Global Code over the past year, but that also looks ahead to the work to be done.
The Global Foreign Exchange Committee has named Simon Potter executive vice president of the Federal Reserve Bank of New York, as chair for a one-year term. At its meeting this week in Johannesburg, it also nominated and elected Adrian Boehler, global co-head of FXLM and commodity derivatives at BNP Paribas, and Akira Hoshino, senior fellow and managing director, head of global markets trading at MUFG Bank, to serve together as co-vice chairs for a two-year term.
Speaking to Profit & Loss after what Potter says was a very productive meeting, he is keen to stress the diversity and engagement represented by the GFXC.