Foreign Exchange (FX)

The Global FX Division of the GFMA promotes efficiency and international convergence of regulation in the global FX market, the world’s largest financial market.

It has taken a leading role in discussions with multiple jurisdictions around clearing, execution and reporting consultations and a proactive role in ensuring the industry meets enhanced transparency requirements driven by the G-20.

Projects

FX MARKET ARCHITECTURE

See working documents>>

FX OPTIONS CLEARING

See working documents>>

FX Standard Settlement Instructions

See working documents>>

FX TRADE REPOSITORY

See working documents>>

News

Correspondence

GFMA and FSR Submit Comments to the CFTC Requesting No-Action Relief Compliance with Documentation Requirements for Deliverable FX Swaps and FX Forwards - 5 June 2013
GFMA Submits Comments to US Prudential Regulators on Margin and Capital Requirements for Covered Swap Entities - 26 November 2012
GFMA Submits Comments to BCBS and IOSCO on Margin Requirements for Non-Centrally-Cleared Derivatives - 28 September 2012
GFMA Submits Comments to the CSA on OTC Derivatives Central Counterparty Clearing - 21 September 2012
GFMA Submits Comments to the Australian Treasury on Australia's G20 Derivatives Commitments - 15 June 2012
GFMA Submits Comments to the CFTC on Real-time Public Reporting of Swap Transaction Data - 14 May 2012
GFMA and ABA Submit Comments to US Regulators on Retail Foreign Exchange Transactions - 18 April 2012
GFMA Submits Comments to the Monetary Authority of Singapore on Proposed Regulation of OTC Derivatives - 26 March 2012
GFMA Submits Comments to the European Securities and Markets Authority on Draft Technical Standards for Regulation of OTC Derivatives - 19 March 2012
GFMA and MFA Submit Comments to the CFTC and SEC on Safe Harbor Provisions for the Definition of Eligible Contract Participants - 19 January 2012
Study - Proposed EU Commission Financial Transaction Tax Impact Analysis on Foreign Exchange Markets (Oliver Wyman) - 17 January 2012
GFMA and MFA Submit Comments to the CFTC and SEC on the Definition of Eligible Contract Participant - 10 January 2012
GFMA Submits Comments Re: “Professional” Retail Foreign Exchange Investors Standards and the New Retail Forex Rules - 20 December 2011
GFMA Submits Comments to HKMA and SFC on Proposed Regulatory Regime for OTC Derivatives Markets in Hong Kong - 30 November 2011
GFMA Submits Comments to BIS and IOSCO on Derivatives Data Reporting and Aggregation Requirements - 22 September 2011
GFMA Submits Comments to Canadian Securities Administrators on Derivatives Trade Repositories - 12 September 2011
GFMA Submits Comments to HKMA on Hong Kong Trade Repository (HKTR) Consultation - 9 September 2011
GFMA Submits Comments to Reserve Bank of Australia on Central Clearing of OTC Derivatives - 1 September 2011
GFMA Submits Comments to the Financial Supervisory Commission of the Republic of China on a Taiwan Trade Repository for FX Transactions - 30 August 2011
GFMA Affiliate Briefing Note - MiFID and Foreign Exchange - 9 August 2011
GFMA Submits Comments to the Commodity Futures Trading Commission on Swap Data Recordkeeping and Reporting Requirements - 9 June 2011
GFMA Submits Comments to the US Department of Treasury on Foreign Exchange Swaps and Forwards under the Commodity Exchange Act - 6 June 2011
GFMA Submits Comments to the CFTC on Confirmation, Portfolio Reconciliation and Portfolio Compression Requirements - 28 February 2011
GFMA Submits Comments to the CFTC on Swap Data Repositories and Data Recordkeeping and Reporting Requirements - 22 February 2011
GFMA Submits Comments to Canadian Securities Administrators on OTC Derivatives Regulation in Canada - 14 January 2011
GFMA Briefing Note - Treatment of FX Instruments Under EMIR - 3 December 2010
GFMA Submits Comments to the US Treasury on the Exemption of Foreign Exchange Swaps and Forwards Under the Dodd-Frank Act - 15 November 2010
GFMA Submits Comments to CESR on Standardisation and Exchange Trading of OTC Derivatives - 13 August 2010
GFMA Submits Comments to CESR on Transaction Reporting on OTC Derivatives - 13 August 2010
GFMA Submits Comments to European Commission on a Consultation on Derivatives and Market Infrastructures - 16 July 2010
GFMA Affiliate Briefing Note - MiFID and Transparency in Foreign Exchange Derivatives - 9 July 2010

Contact Us

James Kemp
Managing Director
jkemp@gfma.org
+44 (0)20 7743 9319

Mandy Lam
Managing Director, North America
mlam@gfma.org
+1 212 313 1229

David Ngai
Managing Director, Asia Pacific
dngai@gfma.org
+852 2537 1789
FX DIVISION COMMITTEES

FX Steering Committee
FX Operations Committee

FX DIVISION BOARD OF DIRECTORS

Troy Rohrbaugh
J.P.Morgan, Chair
Frederic Boillereau
HSBC, Vice-Chair
Lee Butler
HSBC, Treasurer
Christopher Bae
Bank of America Merrill Lynch
Akira Hoshino
Bank of Tokyo-Mitsubishi UFJ
Adrian McGowan
Barclays Capital
Eric Auld
BNP Paribas
Jorge Rodriguez
BNY Mellon
Jeff Feig
Citi Global Markets
Vincent Leclerq
Credit Agricole
Todd Sandoz
Credit Suisse
Kevin Rogers
Deutsche Bank
TBA
Goldman Sachs
Anders Henriks0n
Lloyds Banking Group
Stephen Glynn
Morgan Stanley
Nigel Khakoo
Nomura
Tim Carrington
RBS
Ed Monaghan
Royal Bank of Canada Europe
Gian-Luca Fetta
Société Générale
Chris Allington
Standard Chartered Bank
Anthony Bisegna
State Street
George Athanasopoulos
UBS
Chris Vogelgesang
UBS
Hugh Killen
Westpac Institutional Bank