India to Join Global Foreign Exchange Committee (Download PDF)

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India will join Global Foreign Exchange Committee (GFXC) - newly-constituted forum of central bankers and experts for promotion of a robust and transparent foreign exchange (Forex) market. Committee set up under guidance of the Bank for International Settlements (BIS).

India join Global Foreign Exchange Committee

India Join Global Foreign Exchange Committee

India join Global Foreign Exchange Committee

Global Foreign Exchange Committee (GFXC)

  • Established in May 2017
  • Established in London with public and private sector representatives from the foreign exchange committees (FXCs) of 16 international forex trading centres.
  • Replaces a similar but more informal organisation of eight FXCs from Australia, Euro area, Canada, Hong Kong, Japan, Singapore, UK and US.
  • Now includes representatives from China, India, Brazil, Korea, Mexico, South Africa, Sweden and Switzerland.

Functions

  • Forum to bring together central banks and private sector participants to promote a robust, fair, liquid, open, and appropriately transparent Foreign Exchange (FX) market
  • Support diverse set of participants, supported by resilient infrastructure
  • Confidently and effectively transact at competitive prices
  • Promote collaboration and communication among the local FXCs and non-GFXC jurisdictions with significant FX markets

Bank for International Settlements (BIS).

  • International financial organisation owned by 60 member central banks
  • Fosters international monetary and financial cooperation
  • Carries out its work through its meetings, programmes and hosting international groups pursuing global financial stability
  • Headquarter is in Basel, Switzerland.

Foreign Exchange Terms

  • Foreign exchange markets, where money in one currency is exchanged for another
  • Exchange rate, the price for which one currency is exchanged for another
  • Foreign exchange reserves, holdings of other countries’ currencies
  • Foreign exchange controls, controls imposed by a government on the purchase/sale of foreign currencies
  • Retail foreign exchange platform, speculative trading of foreign exchange by individuals using electronic trading platforms
  • Foreign exchange risk, arises from the change in price of one currency against another
  • International trade, the exchange of goods and services across national boundaries
  • Foreign exchange company, a broker that offers currency exchange and international payments
  • Bureau de change, a business whose customers exchange one currency for another
  • Currency pair, the quotation of the relative value of a currency unit against the unit of another currency in the foreign exchange market
  • Digital currency exchanger, market makers which exchange fiat currency for electronic money

- Published/Last Modified on: August 1, 2017

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