Press release 

GFXC Meets in Tokyo to Select New Chair, Progress Key Objectives and Plan for Future Work

22 May 2019

The Global Foreign Exchange Committee (GFXC) met on 22 May, as part of a two-day meeting in Tokyo, Japan, which was hosted by the Bank of Japan. At its meeting, the GFXC selected a new Chair, discussed the progress of designated working groups, provided updates on its organization and governance, and considered future areas of work.

The GFXC nominated and elected Guy Debelle, Deputy Governor of the Reserve Bank of Australia, as Chair for a two-year term, effective in early July 2019. Mr. Debelle will succeed outgoing GFXC Chair, Simon Potter, Executive Vice President of the Federal Reserve Bank of New York.

"I am very honoured to be nominated to chair the GFXC. I am looking forward to leading the GFXC in continuing the work to promote the integrity and effective functioning of the Foreign Exchange market," said Mr. Debelle. "There are a number of challenges facing the GFXC over the next two years that I will seek to actively engage the broader membership of the GFXC in addressing."

"Guy has played a pivotal role in the global foreign exchange market for many years and was central to the creation of the FX Global Code and of the GFXC," said Mr. Potter. "It has been an honor to serve as Chair, and I look forward to continuing my engagement with the GFXC."

The GFXC also welcomed the Moscow FX Joint Standing Committee as a full member, with participation at the meeting from Sergey Romanchuk of Metallinvestbank.

During the meeting, the GFXC discussed the progress of its four working groups to focus on specific areas: "cover and deal" trading activity, disclosures, buy-side outreach, and embedding the Code.

The GFXC also agreed to begin planning for a three-year review of the FX Global Code, in accordance with the GFXC's Terms of Reference. The GFXC will solicit feedback from a wide range of market participants in preparation for the review.

During a second day of the meeting, the GFXC expects to hear from each of its members about FX industry developments within their jurisdiction. The GFXC will also receive a topical presentation on "flash crash events" in FX markets, during which it will discuss the potential causes of these events, impacts across the marketplace, and potential responses by the GFXC.

Finally, as part of its governance, the GFXC also agreed to adopt revisions to the Terms of Reference that include an update on member responsibilities and representation to the GFXC, additional detail on the leadership structure and responsibilities of the Secretariat, and new sections on working groups and competition guidelines.

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