India to join Global Foreign Exchange Committee
India will soon join Global Foreign Exchange Committee (GFXC), a newly-constituted forum of central bankers and experts working towards promotion of a robust and transparent foreign exchange (Forex) market.
The committee has been set up under guidance of the Bank for International Settlements (BIS), an international financial organisation.
About Global Foreign Exchange Committee (GFXC)
The GFXC was established in London during a meeting in May 2017 of public and private sector representatives from the foreign exchange committees (FXCs) of 16 international forex trading centres.
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 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 objectives GFXC: (i) Promote collaboration and communication among the local FXCs and non-GFXC jurisdictions with significant FX markets (ii) 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; (iii) Promote, maintain and update on a regular basis the FX Global Code (the Code) and consider good practices regarding effective mechanisms to support adherence.
It will also maintain and update ‘Global Code of Conduct for the Foreign Exchange Markets’ issued by Bank for International Settlements (BIS).
Bank for International Settlements (BIS)
BIS is an international financial organisation owned by 60 member central banks, representing countries from around the world including India. It fosters international monetary and financial cooperation and serves as a bank for central banks. It carries out its work through its meetings, programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. Its headquarter is in Basel, Switzerland.