Press release 

GFXC Meets in Paris to Discuss Ongoing Efforts on Priority Areas

Updates on Cover and Deal, Disclosures, Embedding the Code and Buy Side Outreach Working Groups

29 November 2018

The Global Foreign Exchange Committee (GFXC) met 29 November, as part of a two-day meeting in Paris, France, which was hosted by the Banque de France.

On the first day of its meeting, the GFXC discussed the work of its key initiatives and working groups as it works to support the implementation of the Foreign Exchange Global Code (Global Code), and took steps to continue moving that work forward.

Finally, the GFXC Secretariat discussed the growing adoption of the FX Global Code, as exhibited through additional Statements of Commitment - a tool that was developed for Market Participants to voluntarily demonstrate their recognition of, and commitment to, adopting the good practices set forth in the Code. The GFXC recently updated the Global Index of Public Registers (Global Index) to include the Central Bank Register from the Bank for International Settlements (BIS) launched on 2 November. This new register further demonstrates central banks' strong intention to support and promote adherence to the FX Global Code (Code) and further adoption across the global market and already includes Statements of Commitment from nearly 40 central banks. With this addition, the Global Index now includes just over 600 entries, representing Market Participants and how they do business across jurisdictions, from 12 participating public registers.

The second day of the GFXC meeting will feature updates from local foreign exchange committees, and a presentation on reference rate reform and its applicability to FX markets.

The GFXC meeting is being led by its Chair, Simon Potter of the Federal Reserve Bank of New York, and its Co-Vice Chairs, Adrian Boehler of BNP Paribas and Akira Hoshino of MUFG Bank.

Additional materials from the work discussed above, along with the minutes from the meeting, will be published in the new year.

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

Press inquiries:
Suzanne Elio
Federal Reserve Bank of New York
(212) 720-6449