After the launch of the completed FX Global Code in May 2017, the Global Foreign Exchange Committee (GFXC) was formed to help promote and maintain the Code. The GFXC is a forum that brings together all types of FX Market participants (such as those in the private sector and central banks) with the aim to promote an appropriately transparent FX Market: one that is robust, fair, liquid and open – and where the market’s diverse range of participants can confidently and effectively transact at competitive prices in a manner which conforms to standards of acceptable behaviour, supported by a resilient infrastructure.
There are three main objectives of the GFXC, these being:
to ensure the guidance and good practices set out in the FX Global Code remain relevant and are promoted, maintained and updated on a regular basis, as well as to consider good practices regarding effective mechanisms to support adherence to the Code;
to communicate and promote collaboration with local foreign exchange committees as well as those non-GFXC jurisdictions that have significant FX markets; and
to exchange views on developments and trend within global foreign exchange markets, including on the structure and functioning of FX markets and drawing on information at various Foreign Exchange Committees.
The above objectives of the GFXC are to be carried out whilst also recognising that the FX market is incredibly diverse. Therefore the GFXC is also committed to ensuring a diverse range of perspectives and views are represented in its discussions and working groups, and doing so in a manner that does go against any relevant laws.