Global foreign exchange committee expands post G20
(10 July 2017 – Global) Eight countries have been added to the Global Foreign Exchange Committee (GFXC) of various central bankers and experts, recently brought together to develop a transparent global foreign exchange (FX) market.
According to a report on reducing misconduct risks in the financial sector presented by the Financial Stability Board (FSB) at the G20 Summit of leaders, actions to enhance conduct standards and adherence in markets include a Global Code of Conduct for the Foreign Exchange Markets.
The GFXC has been set up by the Bank for International Settlements (BIS), and is composed of public and private sector representatives from the foreign exchange committees of 16 international FX trading centres.
Previously, the GFXC consisted of eight foreign exchange committees from Australia, Canada, Euro area, Hong Kong, Japan, Singapore, UK and the US. It has expanded to include representatives from foreign exchange committees in Brazil, China, India, Korea, Mexico, South Africa, Sweden and Switzerland.
The committee will seek to promote collaboration and communication among local foreign exchange committees and other jurisdictions with significant forex markets.
In the Hamburg Action Plan adopted at the end of the G20 summit, participating countries including India agreed to keep the markets open and fight protectionism, including all unfair trade practices and hinted at advancing the implementation of international standards on transparency to fight corruption, tax evasion, money laundering and terrorist financing.
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