11 July 2025
The Global Foreign Exchange Committee (GFXC or Committee) held a two-day hybrid meeting on 3–4 July, which was hosted by the Monetary Authority of Singapore (MAS), DBS Bank, and UBS. Gerardo García (GFXC Chair) provided an update on the continued growth of the Statement of Commitment entries in the GFXC Global Index of Public Registers. The Global Index currently stands at over 1,369 entries. The Chair shared: “Market participants are reminded to renew their Statements of Commitment to reflect alignment with the latest version of the Code”.
The GFXC agenda included updates from both GFXC working groups as well as a set of topical panels.
The FX Settlement Risk Working Group explained that its current objective is to analyse the impact of accelerated securities settlement on the FX market and produce a discussion paper on the subject. The Working Group explained how the April 2025 GFXC survey – focused on FX settlement – would interact with the Bank for International Settlements (BIS) Triennial Central Bank Survey, to help assess what risks may exist in this area.
The Motivation for Adherence Working Group, elaborated on ongoing initiatives to promote the adoption of the FX Global Code (the Code). The Working Group explained their focus on buy-side participants including corporates, asset managers, and hedge funds.
The FX Data Working Group held a panel on ‘FX Derivatives Benchmarks.’ It demonstrated the availability of benchmark rates for forward and swap transactions from multiple providers, and underscored the importance of robust reference rate methodology.
The GFXC hosted several panel sessions examining topics relevant to FX markets. In a panel focused on stablecoins, the speakers highlighted the potential impact of stablecoin development on payments and settlement systems and the evolving landscape.
In a panel discussing FX liquidity, participants expressed a sanguine view on the liquidity and resilience of FX markets. Some shared the view that market fragmentation has impacted FX liquidity in varying ways. They noted new challenges to fully assess FX market liquidity, which can potentially be offset by the introduction of new liquidity sources made available through greater diversification among FX liquidity providers.
The panel discussions concluded with a session dedicated to creating awareness of the Code, in which FX industry associations stressed the importance of targeted Code outreach, highlighting the need to engage individuals across functional areas within institutions. They also advocated for the integration of the Code into professional educational programmes.
The Committee welcomed updates on market conditions in both advanced and emerging economies from a number of Local FX Committees (LFXCs). The updates highlighted the potential implications of shifts in trade policy on the FX market. A common theme was that, the FX market demonstrated resilience and maintained orderly trading conditions, despite experiencing increases in market volatility. Furthermore, LFXCs presented a summary of outreach initiatives designed to foster adherence to the Code within their respective jurisdictions.
Representatives of the International Organization of Securities Commissions (IOSCO) provided an update on the organisation’s Consultation Report on Pre-hedging. The report assesses potential conduct and market integrity issues associated with the practice of pre-hedging and suggests recommendations on the use of pre-hedging practices in financial markets.
On behalf of all participants, the Chair expressed its gratitude to MAS, DBS Bank, and UBS for their role in hosting the meeting.
The next GFXC meeting will be held virtually in December 2025.
The minutes of this meeting will be published in August 2025.
For additional details on the GFXC and the FX Global Code, please visit the GFXC website.
Press inquiries:
GFXC Chair Office
Banco de México
media@globalfxc.org