The Markets Committee (formerly the Committee on Gold and Foreign Exchange) was established in 1962 following the formation of the so-called Gold Pool. Subsequently, members continued to meet and exchange views on market issues in an open and informal manner. Over time, the Committee has widened its discussion of financial market developments beyond gold and foreign exchange, and cooperated more closely in assessing current events as well as longer-term structural trends that may have implications for financial market functioning and central bank operations.
To facilitate its discussions and enhance market transparency, the Markets Committee condensed the information on the monetary policy frameworks and market operations of its members into an easily accessible document: Monetary policy frameworks and central bank market operations, first published on 17 December 2007 and last updated in May 2009.
The Committee comprises senior officials responsible for market operations in 21 central banks: Reserve Bank of Australia, National Bank of Belgium, Central Bank of Brazil, Bank of Canada, People's Bank of China, European Central Bank, Bank of France, Deutsche Bundesbank, Hong Kong Monetary Authority, Reserve Bank of India, Bank of Italy, Bank of Japan, Bank of Korea, Bank of Mexico, Netherlands Bank, Monetary Authority of Singapore, Bank of Spain, Sveriges Riksbank, Swiss National Bank, Bank of England, and Federal Reserve Bank of New York.
Hiroshi Nakaso, Deputy Governor, Bank of Japan
Morten Bech, Bank for International Settlements
The Committee normally meets on the occasion of the bimonthly meetings of Governors of BIS member central banks. There are no public releases of the meeting agendas or discussions.
With effect from January 2010, the Chair reports on an as-needed basis to the Global Economy Meeting, which comprises a group of 31 BIS member central bank Governors.