Press Release: GFXC meets to select new Chair and new Co-Vice Chair, updates Registers to incorporate Disclosure Cover Sheets and plans for future work

17 December 2021

In a video conference with its members on 9 December, the Global Foreign Exchange Committee (GFXC) endorsed Andréa M. Maechler, Member of the Governing Board of the Swiss National Bank with particular responsibility for financial markets, as Chair for a two-year term. For the same term, Stefanie Holtze-Jen, CIO Asia Pacific for Deutsche Bank – Private Bank, was selected as Co-Vice Chair. She will serve together with the other Co-Vice Chair, Richard de Roos, Group Head of Foreign Exchange for Standard Bank Group, who was elected in 2020.

Andréa M. Maechler is a member of the BIS Markets Committee and most recently led the work on FX execution algorithms and market functioning. This report provided valuable input in one area where the FX Global Code was recently updated. “Structural changes in the foreign exchange market make the establishment of common standards and greater transparency ever more relevant. The revised Code and the tools made available duly reflect this. I thank my predecessor, Guy Debelle (Reserve Bank of Australia), outgoing Co-Vice Chair Neill Penney (London Stock Exchange Group) and all GFXC members for successfully completing the review earlier this year. I am grateful for the trust placed in me to further embed the Code in the market and pave the way for the GFXC’s future work,” said Andréa M. Maechler. Stefanie Holtze-Jen added, “I look forward to contributing to the GFXC’s mission, in particular sharing my insights from a buy-side market participant perspective in the GFXC leadership team.”

Today, the functionality of the Public Registers and the Global Index of Public Registers was updated to incorporate information on the availability of the completed Disclosure Cover Sheets. It allows liquidity providers and FX platforms to share a link to their Cover Sheets onto registers alongside their Statements of Commitment. A ‘first wave’ of Market Participants, including some of the largest liquidity providers and FX platforms, have already completed their Disclosure Cover Sheets that are viewable on the Global Index. The GFXC will continue to encourage and support liquidity providers and FX platforms in producing their Cover Sheets as the rollout continues in the coming months. A key focus for the Committee going forward will be to monitor the adoption and effectiveness of the Disclosure Cover Sheets, and thereby evaluate whether they are achieving their objectives.

At its meeting, the GFXC also reviewed conditions in the foreign exchange market and began discussing its work programme, which will cover the interim period before the next Code review. To this end, the GFXC intends to solicit further input from Local Foreign Exchange Committees (LFXCs). To continue its work on expanding the Code’s reach to the buy-side, the GFXC established a working group, led by Co-Vice Chair Richard de Roos.

Documentation from the meeting, along with the minutes, will be published in January 2022.

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

Press inquiries:

Claudia Aebersold Szalay
Swiss National Bank