Press Release: GFXC announces new interim Chair

20 March 2018

Chris Salmon, Chair of the Global Foreign Exchange Committee (GFXC or Committee), has stepped down from the GFXC, alongside a decision to leave the Bank of England to pursue a new opportunity in the private sector. Simon Potter, Executive Vice President of the Federal Reserve Bank of New York, will act as interim Chair of the Committee with immediate effect. A new Chair will be elected at the next GFXC meeting, to be held on 27 June 2018 in Johannesburg, South Africa.

Since its formalisation in May 2017, Chris Salmon has served as Chair of the GFXC, overseeing the launch of the FX Global Code (Code) and initiatives to help strengthen and embed the Code across the global market. In addition, he has helped to establish a set of important workstreams for the GFXC as it continues its work to promote the integrity and function of the global foreign exchange market.

Chris Salmon said: “I have greatly enjoyed chairing the GFXC since its establishment and wish my former colleagues the best of fortune as they take its work forward. The Committee plays a vital role in maintaining the FX Code of Conduct and in promoting its widespread adoption.”

David Puth, Vice-Chair of the GFXC and CEO of CLS, added: “The successful launch of the Code is based in part on the unique public/private partnership that has evolved under Chris’s leadership. Numerous market participant firms have already registered their public statements of commitment to the Code, and we look forward to that number growing significantly as we approach the one year anniversary of the Code’s launch.”

Notes to editors

  • The GFXC is a forum bringing together central banks and private sector participants with the aim to promote a robust, liquid, open, and appropriately 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.
  • The Chair of the GFXC is a central bank representative drawn from the membership of the Committee. The Vice-Chair is a senior representative from the private sector.
  • The objectives of the GFXC are:
    • to promote collaboration and communication among the Local Foreign Exchange Committees (LFXCs) and non-GFXC jurisdictions with significant FX markets;
    • to 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; and
    • to promote, maintain and update on a regular basis the FX Global Code and to consider good practices regarding effective mechanisms to support adherence.
  • Further details on the GFXC and the FX Global Code can be found on the GFXC website: www.globalfxc.org. 

Press enquiries:

Sanjay Odedra
Bank of England Press Office
020 7601 6130
sanjay.odedra@bankofengland.co.uk