Press release 

GFXC Issues Statement on FX Market Conditions

26 March 2020

Given the intense volatility seen in global financial markets this month, it is possible that FX market participants may execute larger than usual FX volumes during end-of-month benchmark fixings. In addition, FX market participants may face more operational constraints reflecting lockdown in some financial centres.  In light of these possible developments, significant volatility and price movements may be observed during FX fixings in the coming days.

To reduce the potential impact of this volatility on market functioning, and market participants' execution outcomes, the Global Foreign Exchange Committee (GFXC) encourages market participants to:

In these unprecedented times, we encourage market participants to be aware of how their actions can ensure the FX market remains robust, open, fair and appropriately transparent such that market participants are able to confidently and effectively transact at prices that reflect available market information and in a manner that conforms to acceptable standards of behaviour.

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C├ęcile Lefort
Reserve Bank of Australia