(29 May 2019 – Global) Deputy Reserve Bank Australia Governor Guy Debelle has been appointed as the new chair of the Global Foreign Exchange Committee (GFXC) following a two-day meeting in Tokyo hosted by the Bank of Japan (BOJ).
Effective from July 2019, Mr. Debelle will serve a two-year term fronting the foreign exchange (FX) body responsible for promoting, maintaining and updating the Global FX Code of Conduct.
Mr. Debelle will succeed outgoing GFXC Chair, Simon Potter, Executive Vice President of the Federal Reserve Bank of New York. Mr. Debelle served as chair of the Bank for International Settlements’ FX Working Group between 2015 and 2017. The GXFC was established in May 2017 as a forum bringing together central banks and private sector participants with the aim to promote a robust, fair, liquid, open, and transparent FX market in which a diverse set of participants, supported by resilient infrastructure, are able to confidently and effectively transact at competitive prices that reflect available information and in a manner that conforms to acceptable standards of behaviour.
“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. 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” stated Mr. Debelle.
“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. It has been an honor to serve as Chair, and I look forward to continuing my engagement with the GFXC” said Mr. Potter.