The Global Foreign Exchange Committee (GFXC) held a teleconference meeting on June 22 to discuss conditions in FX markets, part of which saw the committee focus in on activity around the London WM/R 4pm Fix and issues highlighted by last year’s Bank for International Settlements (BIS) Triennial Survey which revealed an increase in the proportion […]
Tag: Global FX Committee
Global FX Committee
Colin Lambert is on the defensive from the start of this week’s podcast thanks to another disastrous prediction in the previous edition of In the FICC of It, so listen in to enjoy his discomfort as he and Galen Stops discuss the return of volatility to bitcoin and while doing so decide for yourself – […]
Simon Potter, head of the Markets Group at the Federal Reserve Bank of New York and outgoing chair of the Global FX Committee, is to leave the NY Fed at the end of this week, it has been announced. As well as Potter, Richard Dzina, head of the NY Fed’s Financial Services Group is also […]
Chris Salmon, executive director, markets, at the Bank of England and chair of the Global Foreign Exchange Committee 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.
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. It will seek to promote collaboration and communication among local foreign exchange committees and other jurisdictions with significant FX markets.