10 June 2026
The Global Foreign Exchange Committee (GFXC or Committee) held a two-day hybrid meeting on 4–5 June, which was hosted by the Bank of Canada and the Canadian Imperial Bank of Commerce (CIBC) in Toronto. The 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 includes 1,549 entries.1
The GFXC meeting comprised updates from the GFXC working groups as well as a series of topical panels.
The FX Settlement Risk Working Group provided an update on the ongoing work to collect FX settlement risk data and preparations for the October 2027 transition to T+1 securities settlement in the United Kingdom, the European Union, Switzerland and Liechtenstein, Norway, and Iceland. The FX Data Working Group reported on its initiatives to enhance the availability and transparency of FX market data and to promote the usage of Disclosure Cover Sheets for liquidity providers and platforms. The recently established Technology and Innovation Working Group presented its structure and workplan, with a particular focus on assessing how the adoption of new technologies in the FX market could impact market dynamics. The Motivation for Adherence Working Group provided an update on its initiatives to foster the adoption of the FX Global Code (the Code) highlighting the continued importance of increasing awareness and engagement across all market segments.
The GFXC hosted a series of panel sessions that explored topics pertinent to the FX market. In a panel on governance in a fast-paced FX market, speakers discussed how governance frameworks could keep pace with rapid technological changes. Another panel examined how the principle of proportionality works in practice; specifically, how market participants can tailor their applications of the Code to match the size, complexity, and nature of their individual FX businesses.
The Committee received updates on market conditions in both advanced and EMEs from a number of Local FX Committees (LFXCs). Selected LFXCs also presented a summary of outreach initiatives to foster adherence to the Code within their respective jurisdictions.
On the second day, a panel discussed how the potential impact of geopolitical dynamics, U.S. trade policy, and developments in emerging markets economies (EMEs) might affect FX market structure, liquidity and fragmentation. A panel on EMEs and global FX markets discussed recent developments in EMEs currencies and their integration into global FX markets. The panellists emphasised the continued progress and relative resilience observed to date.
GFXC members were updated on the Partner Network, a strategic initiative aimed at fostering engagement with relevant organisations and strengthening the market-wide adoption of the Code. Representatives from the Global Financial Market Association (GFMA) share takeaways from its recent research. Representatives from the Financial Markets Standards Board (FMSB), and the ACI Financial Markets Association (ACI FMA) also joined the panel sessions.
The Committee discussed the GFXC´s next steps, including the forthcoming 2027 Code Review. Furthermore, the GFXC announced that it will launch the FX Global Code Survey in August 2026 to measure the effectiveness of the Code and the GFXC supporting materials as revised in December 2024. The information collected through the survey will be used by the GFXC to determine the scope of the next Code Review.
The meeting marked a transition in the Committee´s leadership, as Gerardo García (Bank of Mexico), General Director of Central Bank Operations, completed his term as GFXC Chair. Mr Garcia highlighted that the Code “reflects the collective wisdom of central banks and markets participants across the globe” and that “going forward, [it] will matter more than ever.” The GFXC elected Bernard Wee (Monetary Authority of Singapore, MAS), Assistant Managing Director and Group Head of Markets and Investment, as its new Chair, with immediate effect. Mr Wee brings over twenty years of experience at the MAS to the Chair role.
Mr Garcia and Mr Wee thanked the Bank of Canada and CIBC, on behalf of all participants, for their roles in hosting the meeting.
The minutes of this meeting will be published in July 2026.
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
- It should be noted that this statistic may entail some double counting as some firms’ Statement of Commitment might appear on multiple registers. ↩︎