Press Release: GFXC Provides Further Detail on the Three-Year Review, Announces New Co-Vice Chair, and Releases New Work Products

10 July 2019

The GFXC today released further detail from its 22-23 May meeting in Tokyo, Japan, during which the committee discussed its mandate to consider the case for a comprehensive review of the FX Global Code at least every three years.

“The FX Global Code has been in place for a few years now and remains fit for purpose. But it is appropriate to review it to reflect the continuously evolving market structure and dynamics,” said Guy Debelle, Chair of the GFXC. “Feedback from all market participants who use and adhere to the Code will be important to determining the proper scope for this first review, which we’d expect to be focused on a few key areas. Ongoing engagement around the Code and its role in the foreign exchange market is critical to its success.”

To determine the framework for the review, the GFXC said it would seek feedback through multiple channels, including the forthcoming GFXC Survey, Local Foreign Exchange Committees (LFXCs), the BIS Triennial Survey of foreign exchange and OTC derivatives trading, and a targeted outreach program. Members agreed that the review would likely focus on areas most impacted by the evolution of e-trading to maintain the relevance of the Code’s existing principles.

The GFXC also announced that Neill Penney, managing director and co-head of trading at Refinitiv, has been selected as Co-Vice Chair for a two-year term.

“It is an honour to join the GFXC’s leadership team, and I’d like to thank the members of the committee for their support,” Mr. Penney said. “There are a number of important efforts underway globally and I am pleased to co-lead the private sector’s contribution to the ongoing work of the Committee.”

Finally, the GFXC released materials from its last meeting, including a new illustrative example on “cover and deal” trading activity and a presentation on “flash crash events” in foreign exchange markets.

“The Tokyo meeting showed the integral role the GFXC plays in promoting a robust, liquid, open and transparent FX market,” said Akira Hoshino, Co-Vice Chair of the GFXC and managing director and head of FX and local markets at Citi, Tokyo. “Our discussion around flash events provided a clear example of how the GFXC serves as a forum to consider timely issues and whether they might have implications in the foreign exchange market among a broad range of official and private sector market participants.”

Also included in the materials released from the May meeting is a set of tools to help facilitate buy side adoption of the FX Global Code, which included a gap analysis template, a presentation to help promote greater understanding of the Code among buy side firms, and a standalone road map to adherence for buy side firms.

The GFXC’s next meeting will take place in December 2019 in Sydney, Australia.

For additional details on the GFXC and the FX Global Code, visit the GFXC website:

Judy Hitchen
Reserve Bank of Australia
+61 2 9551 9822