Economic Consultative Committee statement on FX market best practices
11 May 2015
Agustín Carstens, Chairman of the Economic Consultative Committee (ECC) and the Global Economy Meeting (GEM), issued the following statement after the meetings of the ECC and the GEM in Basel on 10-11 May:
"The BIS Governors welcome current initiatives of the foreign exchange committees to strengthen code of conduct standards and principles in foreign exchange markets."
"The BIS Governors have agreed to set up a working group under the auspices of the Markets Committee1 to take these issues forward with a view to facilitating the establishment of a single global code of conduct standards and principles, promoting greater adherence to these standards and principles, and providing input into the wider official effort on market conduct coordinated by the Financial Stability Board."
Notes to editors
- The Economic Consultative Committee is an informal group that supports the Global Economy Meeting.The ECC includes all Governors participating in the BIS Board meeting and the BIS General Manager. The ECC assembles proposals for consideration by the GEM. In addition, the ECC Chairman initiates recommendations to the GEM on the appointment of chairs of the main central bank committees and on the composition and organisation of those committees.
- The Global Economy Meeting comprises the Governors from 30 BIS member central banks in major advanced and emerging market economies that account for about four fifths of global GDP. The GEM has two main roles: (i) monitoring and assessing developments, risks and opportunities in the world economy and the global financial system; and (ii) providing guidance to the Basel-based central bank committees, especially the main three - the Committee on the Global Financial System, the Committee on Payments and Market Infrastructures and the Markets Committee. The GEM also receives reports from the chairs of those committees and decides on publication. The Global Economy Meeting is one of the principal bimonthly meetings held at the BIS.
1 The working group will be chaired by Guy Debelle (Reserve Bank of Australia), Chairman of the Markets Committee.