Press release 

GFXC Publishes Reports on Disclosures and Cover and Deal, Shares Survey Results, Announces Next Meeting

14 February 2019

The Global Foreign Exchange Committee (GFXC) today published reports produced by its Disclosures and Cover and Deal working groups and released results from the second annual survey on the FX Global Code (the Global Code).

One report, "The Role of Disclosure and Transparency in the Global FX Market," describes eight characteristics to help market participants develop and review FX disclosures and lays out the work ahead on understanding the challenges related to disclosures in the context of anonymous platform trading. The other, "The Role of 'Cover and Deal' Arrangements in the Global FX Market," describes various aspects of "cover and deal" arrangements and highlights specific, relevant principles within the Global Code that relate to such trading practices.

The 2018 GFXC survey aims to measure the awareness, adoption, implementation, and effects of the Global Code for market participants. The information collected through the 2018 survey is an important input for the GFXC as it continues to promote, maintain, and update the Global Code and embed it in the fabric of foreign exchange markets. The survey identified many aspects of how the Global Code is being implemented worldwide, which will inform the GFXC's future work. Among the key findings:

• 95% of respondents had read part or all of the Global Code, and over two-thirds were aware of the updates made to the Global Code since its launch in 2017.
• Among respondents, adoption of the Global Code had significantly increased from 2017 (11%) to 2018 (55%).
• 80-90% of respondents thought the Global Code had had a positive effect on their firm and the wider foreign exchange markets.

"We are pleased to see widespread adoption and awareness of the FX Global Code," said Simon Potter, Chair of the GFXC. "The reports issued today are the latest examples of the valuable work the GFXC is doing. We look forward to further discussion in the months ahead."

The GFXC also released minutes from its 29-30 November meeting and acknowledged that Adrian Boehler, formerly of BNP Paribas, has stepped down as Co-Vice Chair. "The GFXC is grateful to Adrian Boehler for his service, including his leadership around the Disclosures working group and his commitment to promoting the work of the GFXC across the global FX market. We will continue this important work," Potter said.

The Buy Side Outreach working group also announced a forthcoming webinar that will serve as an opportunity to discuss how the Global Code applies to buy side firms. This event will be scheduled for the weeks ahead, with further details announced shortly.

The GFXC's next meeting will take place on 22-23 May 2019 in Tokyo.

For additional details on the GFXC and the FX Global Code, visit the GFXC website: www.globalfxc.org.

Press inquiries:
Suzanne Elio
Federal Reserve Bank of New York
(212) 720-6449
suzanne.elio@ny.frb.org