The minutes of the Global Foreign Exchange Committee meeting in December

February 3, 2026

GFXC meets to take stock of progress on the adoption of the FX Global Code, analyse recent developments in FX markets, evaluate its priorities going forward, endorse new Co-Vice Chair and encourage preparation for the T+1 settlement transition

The December meeting minutes of the Global Foreign Exchange Committee (GFXC) are out.

Explore the takeaways from recent discussions and agreed actions: here

6 November 2025

The Final Report on Pre-Hedging considers IOSCO members’ existing regulatory approaches to the practice of pre-hedging and identifies potential issues and gaps in current industry practices and codes. This final report sets out IOSCO’s definition of pre-hedging with the intention of promoting a consistent interpretation of the practice and presents a set of recommendations as guidance for regulators. The final report seeks to facilitate greater consistency and clarity around pre-hedging, and to promote a level playing field for all participants across jurisdictions, asset classes and execution types.

You may find the report at IOSCO’s website here

5 November 2025

On October 9th the European System of Central Banks reaffirmed commitment to updated FX Global Code.

Initially published in 2017, the FX Global Code outlines global principles of good practice in the foreign exchange market, promoting integrity, effective functioning and high ethical standards. The Global Foreign Exchange Committee has updated the Code twice, in July 2021 and December 2024, to keep it relevant and aligned with the evolving foreign exchange market, and will continue to set the standard for good market practice.

The European System of Central Banks (ESCB) welcomes the latest update of the FX Global Code since well-functioning financial markets benefit all market participants and are important to central banks as they enable the smooth transmission of monetary policy to the real economy, ultimately benefiting the public at large.

30 April 2025

Kirstine Kundby-Nielsen (Danske Bank), Signe Krogh Nielsen (Nykredit) and Erik Buch (Nordea) participated in a panel discussion with Martina Doherty from MD  Consulting at the latest Full FX event in Copenhagen.

The topics included their view of the world, what is important to them, advice to others and how they manage stress and wellbeing and what they think makes a good leader.

You may find a link for the event here.

24 January 2025

The Global Foreign Exchange Committee (GFXC or Committee) has completed its review of the FX Global Code (the Code). The December 2024 version of the Code, which will supersede the July 2021 version, updates its principles of good practice in the foreign exchange market in two key areas. Alongside the revised Code, the Committee will also publish enhanced Disclosure Cover Sheets (DCS) for Liquidity Providers and Platforms.

The GFXC has updated the Code following an extensive consultation process with local FX committees (LFXCs) worldwide and a broad range of Market Participants through a public Request for Feedback in October 2024. Updates have been made to five of the Code’s fifty-five principles to strengthen the Code’s guidance on FX Settlement Risk, as well as to increase transparency around certain types of FX transactions and the use of client-generated data on electronic trading platforms.

In addition, the DCS for Liquidity Providers and Platforms were also extended with the objective to enhance transparency and comparability across providers on the use of FX data. The GFXC encourages the uptake of the DCS, which are available on the GFXC website.

31st Ocotober 2024

Over the last couple of years several ACI FMA National Associations have increased their focus toward supporting the younger ACI members, often referred to as the “Next Generation.”

ACI Danmark focus on all members, especially the Next Generation, as they are the future of both the Financial Markets and for ACI Danmark.

The National Associations in Switzerland, Denmark and the UK are all running programs for the Next Generation. There is a cross-border co-operation and sharing of knowledge among these three ACI countries for mutual benefits.

Together with Switzerland and UK we wish to share the current status, work conducted so far, and the experience gained on a global scale.

Please see our findings in short briefing for the national associations ACI – Next Generation.

We share ACI’s values; the importance of networking, and the exchange of knowledge on a wide range of topics.

28th April 2024

ACI FMA has released a short video dedicated to exploring the intricacies of T+1 Settlements.

Ileana Pietraru, President of ACI France, interviews Stephane Malrait, ACI FMA Chairman, on this insightful presentation that explores the significance of transitioning to a T+1 Settlement cycle.

The video produced by ACI FMA in cooperation with LFMA “Spot & Forward”, not only highlights the benefits and challenges of this transition but also explores its impact across various regions worldwide and within different segments of the financial organizations. It explores crucial aspects such as efficiency, risk, and market liquidity, offering valuable insights into the evolving landscape of financial markets.

You can access the ACI FMA video by following this YouTube link: https://youtu.be/55QTZSmOAkw?si=twGdrR8AnlSGZ0CP

17th January 2024

The ACI FMA Foreign Exchange Committee (FXC) has put together a detailed Briefing Note addressing the essential aspects of the upcoming USD T+1 Securities Settlement. Commencing on May 28th, 2024, this significant shift in the US Securities Settlement system is anticipated to have far-reaching implications on the Foreign Exchange (FX) landscape.

Highlighting concerns raised by ACI FMA FX Committee members, the Briefing Note emphasizes the need for proactive preparation among FX Market Participants. The ACI Financial Markets Association urges its members to actively engage with the contents of the Briefing Note and encourages the distribution of this resource within professional networks to foster a broader comprehension of the changing FX domain.

You may find the note here

6th November 2023

The Dealing simulation course has been completed with great success.

More than 30 committed participants completed this year’s ACI Australia Dealing Simulation last week.

The ACI Australia Dealing Simulation is the fastest and most effective way to acquire that invaluable practical knowledge. Participants experience real-life simulated market scenarios over five high- impact days.

Theoretical knowledge can help but practical experience and training is paramount.

2023-05-12

This new edition is dedicated to the ACI FMA Spring Meetings and the 31^stACI FMA Croatia General Assembly and Financial Markets Conference 2023, which will take place in Zagreb from 16^th to 19^th May. Adittional details and much more can be found in the column that Mario Kolinski, ACI Croatia President shared with us. Please also visit the Congress website for more details: https://acifma.hr/zg2023-en/

The Global Foreign Exchange Committee (GFXC) met in Zurich on 27–28 June in-person, with the option of virtual participation. The majority of GFXC members met physically for the first time since the outbreak of the coronavirus pandemic. The GFXC meeting was led by its Chair, Andréa Maechler of the Swiss National Bank, and its Co-Vice Chairs, Richard de Roos of Standard Bank and Stefanie Holtze-Jen of Deutsche Bank.

The GFXC agreed on the work programme for the next two years, which will cover the interim period until the next three-year Code review. Discussion on the programme began at the previous GFXC meeting in December 2021, and Local Foreign Exchange Committee (LFXC) members expressed their interests and priorities in a survey in February 2022. The results of the survey and conclusions were shared with LFXCs in May 2022. Andréa Maechler indicated, “Our priorities going forward are clear. Almost a year since the publication of the revised Code a number of market participants have signed up to the Code and the GFXC expects those who have not yet renewed their Statement of Commitment to do so shortly. In order to foster even more widespread adoption of the Code, the GFXC must continue its efforts in ensuring that the cost of adherence reflects a market participant’s role in the FX market and that the tangible benefits of adherence are well understood.”

You may find more information here.