The London Foreign Exchange Joint Standing Committee

Overview

The FXJSC was established in November 1973 and is a forum for market participants, infrastructure providers and the relevant UK public authorities to discuss conjunctural and structural issues concerning the wholesale foreign exchange market in the UK and the associated supporting infrastructure. The FXJSC currently has two sub committees.

1. The Operations Sub-Committee was established in 2002. Its members are operations managers from many major banks active in the London wholesale FX market, as well as representatives from service providers and trade associations and also from the FCA.
2. The Legal Sub-Committee was established in 2004 and comprises legal professionals providing in-house counsel for many of the major institutions involved in the wholesale FX market in London.

• London FXJSC meeting minutes

Increasing diversity in our committees

The FXJSC’s aim is to build a diverse and inclusive forum.  As such members commit to increasing the diversity of its talent pipeline, regularly discussing agenda items on diversity and inclusion within the scope of the committee’s remit, and supporting relevant diversity and inclusion initiatives across the FX market.

We also aim for diversity within the membership of the FXJSC and its sub-committees. Diverse membership means that these committees benefit from diversity of thought, background, and experience, which in turn brings different viewpoints and helps to ensure well-informed decision-making.

We work with members of the FXJSC to diversify its membership. As part of this, we provide opportunities for members to bring observers to committee meetings, in order that these observers can gain a better understanding of the committee, and to help identify potential future diverse candidates. 

You can find out more about ‘Meeting Varied People’ – our initiative to increase the diversity of the market contacts that we engage with – on our Market intelligence page.

FX Global Code

On 25 May 2017, the FX Global Code and accompanying material were published on the Global Foreign Exchange Committee website. The code is a set of global principles of good practice in the foreign exchange market. It has been developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market.  

• FX Global Code
• Global Foreign Exchange Committee website

The FX Global Code, along with the UK Money Markets Code and the Global Precious Metals Code, replaces the Non-investment Products Code.

• UK Money Markets Code
• Global foreign exchange committees joint statement (PDF)

Additional FXJSC material

• Opening remarks at the 50th anniversary of the London Foreign Exchange Joint Standing Committee (FXJSC) - Andrew Bailey
• Minutes of the meeting of the Global Foreign Exchange Committees 2016
• Additional materials from the meeting of the Global Foreign Exchange Committees 2016
• Minutes of the meeting of the Global Foreign Exchange Committees 2015
• Letter from Financial Stability Board Chair to London FXJSC (pdf)
• Joint statement on the Financial Stability Board's foreign exchange benchmarks report (pdf)
• Minutes of the meeting of the Global Foreign Exchange Committees 2014
• GFXC Statement on Market Conditions 26 March 2020 (pdf)

Results of the semi-annual foreign exchange turnover surveys

View survey results

Quarterly Bulletin articles - annual review of FXJSC work

View Quarterly Bulletin articles