Press release 

GFXC Meets in Sydney to Agree Priorities for Updating the FX Global Code 

4 December 2019

Today the Global Foreign Exchange Committee (GFXC) has established its areas of focus for updating the FX Global Code. It has also reiterated the need for greater adoption of the Code amongst buy-side market participants.

On the first day of its two-day meeting held in Sydney on 4-5 December, the GFXC discussed the feedback on the Code that it had received from market participants and agreed to focus its work on the following areas:

The main output of the five working groups will comprise explanatory material to market participants on the Code's guidance in these areas. In some instances, the GFXC would also consider small modifications to the wording of the principles.

Commenting on the feedback, GFXC Chair Guy Debelle said "the strong consensus from the feedback is the Code remains fit-for-purpose. There are, however, a few key areas which warrant close review to ensure the Code is providing appropriate guidance and contributing to an effectively functioning market. The Code also needs to remain in step with the evolution of the FX market."

The GFXC also discussed the broader findings from its Annual Survey of market participants conducted in September and October. Results presented by the GFXC's Working Group on Embedding the Code show that:

The GFXC agreed to publish a summary of the Survey results in the New Year.

The GFXC discussed the approaches taken by market participants to training and educating their staff on the Code. The ACI Financial Markets Association briefed the GFXC about their education programs relating to the Code.

The second day of the GFXC meeting will feature updates from the local foreign exchange committees and a discussion on practices relating to FX benchmarks.

The GFXC meeting is being led by its Chair, Guy Debelle of the Reserve Bank of Australia, and its co-Vice Chairs, Akira Hoshino of Citi and Neill Penney of Refinitiv. The next meeting of the GFXC will be held in Zurich in June 2020 and be hosted by the Swiss National 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:
C├ęcile Lefort
Reserve Bank of Australia