Global Foreign Exchange Committee

  • Objectives GFXC:
  • It will now also include representatives from existing, or soon to be established FXCs or similar structures in China, India, Brazil, Korea, Mexico, South Africa, Sweden and Switzerland.
  • The newly expanded and formalised GFXC, replaces a similar but more informal organisation of eight FXCs from Australia, Euro area, Canada, Hong Kong, Japan, Singapore, UK and US.
  • It was established in London in May 2017
  • The committee has been set up under guidance of the Bank for International Settlements (BIS), an international financial organisation.
  • It is a newly-constituted forum of central bankers and experts working towards promotion of a robust and transparent foreign exchange (Forex) market.
    • Promote collaboration and communication among the local FXCs and non-GFXC jurisdictions with significant FX markets
    • Exchange views on trends and developments in global FX markets, including on the structure and functioning of those markets, drawing on information gathered at the various FXCs;
    • Promote, maintain and update on a regular basis the FX Global Code (the Code) and consider good practices regarding effective mechanisms to support adherence.
  • Why in news? India to join GFEC

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