The BIS Markets Committee (MC) serves as a conduit between the BIS Governors and the GFXC by receiving an annual update from the GFXC and participating in the triennial review of the Code. As MC chair, I therefore send you this letter. It acknowledges some of the significant accomplishments of the GFXC and other FX market participants since the last review. It also highlights the MC’s priorities for the upcoming review.