Publications and Correspondence

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Latest Foreign Exchange Publications

GFXD Moderates UK T1 FX Market Expert Panel

July 2025  |  Policy Resource  |  Foreign Exchange (FX)

Andrew Harvey, GFXD Managing Director for Europe, moderated the first episode of the T+1 Accelerated Settlement Taskforce’s Expert Panel Series titled ‘The Broader View.’

Trading Venue Questionnaire

February 2025  |  Policy Resource  |  Foreign Exchange (FX)

Questionnaire includes standardised topics and questions to enhance bilateral dialogue with trading venues.

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Latest Foreign Exchange Correspondence

Response to EC consultation on exemption of spot FX benchmarks from BMR

July 2025  |  Correspondence  |  Policy Resource

On July 28, the GFXD and ISDA submitted a joint response to the European Commission’s consultation on the need to exempt spot foreign exchange benchmarks under Article 18a of the EU Benchmarks Regulation. The consultation recommends applying the exemption to four currencies on the basis that their use in the EU either exceeds (Indian rupee, South Korean won, Taiwanese new dollar) or is very close to (Philippine peso) the significant benchmark threshold based on traded volume data provided by EU supervised entities. These four currencies meet the specific criteria identified in Article 18a – namely that, as restricted currencies, there is no suitable alternative benchmark produced in the EU, and they are used on a frequent, systematic and regular basis by end users to hedge their currency exposures. As part of the data analysis exercise undertaken for the consultation response, other non-central bank administered benchmarks that are not or do not expect to be authorized for use in the EU were considered but the data indicated their use in the EU is not significant. The joint response has received formal support from the European Association of Corporate Treasurers and the Deutsches Aktieninstitut.

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