Banking Supervision
English
Menu

Foreign exchange contact group (FXCG)

The FXCG is a forum for interaction between the ECB and industry-wide market professionals involved in the wholesale foreign exchange (FX) market. The objective of the FXCG is to discuss developments in FX markets and share ideas and experiences on the structure and the functioning of the FX markets.

Chair

Deputy Director General Market Operations of the ECB

Members and composition

The FXCG is composed of representatives of the ECB as well as financial and other institutions with a prominent role in the area of foreign exchange.

The composition of the group is reviewed at the end of the calendar year. Foreign exchange market participants are welcome to express their interest in joining the Contact Group by submitting the application form and relevant documentation to the FXCG Secretariat at the latest by end October.
To further enhance the diversity of our contact group, we particularly encourage institutions to nominate female representatives.

Observers

Representatives from the euro area national central banks, who have the status of observer, may follow the discussions in the group.

Other Foreign Exchange Committees

Links

Documents

Meetings

2020
18 November
Summary
Item 1 Review of recent market developments and outlook – HSBC
Item 2a FX options market from a structural perspective – Deutsche Bank Item 2b FX options market from a structural perspective – Bloomberg
14 September
Summary
Item 1 GFXC 3 year review
Item 2 FX Review Outlook BNP Item 3a ECB Gold Market Dynamics UBS Investment Bank Item 3b Stablecoins and Cryptoassets
18 June
Summary
20 March
Summary
9 March
Summary
12 February
Agenda
List of participants
Summary
Item 1 Introduction to ECB Operations Managers Group Item 2a Structural developments in the foreign exchange swap market – Société Générale Item 2b Structural developments in the foreign exchange swap market – Union Investment Item 3 The FX Global Code and the Global Foreign Exchange Committee Item 4 FX management and trading at MEAG MUNICH ERGO Asset Management Item 5 ECB launches review of its monetary policy strategy Item 6 Outlook – Review of FX market developments and outlook
2019
19 November
Agenda
List of participants
Summary
Item 1a Structural developments in the FX market - BIS Item 1b Structural developments in the FX market – Commerzbank Item 2a FX Global Code and the Global Foreign Exchange Committee Item 2b WMR FX Spot fixing – Credit Suisse Item 2c WMR FX Spot fixing - Refinitiv Item 3 FX Outlook – Review of FX market developments and outlook -GS
24 September
Agenda
List of participants
Summary
Item 1a Stock taking of execution algorithms – NBIM Item 1b Decision logic of execution algorithms – BNP Paribas Item 1b Decision logic of execution algorithms – HSBC Item 1c Execution algorithms and market functioning – Refinitiv Item 1c Execution algorithms and market functioning – Goldman Sachs Item 2 FX Global Code and Global Foreign Exchange Committee Item 3 FX Outlook – Review of FX markets developments and outlook – DWS
18 June
Agenda
List of participants
Summary
Item 1a Best execution and transaction cost analysis – Deutsche Bank
Item 1b Best execution and transaction cost analysis – Union Investment
Item 2a Anonymous FX platforms – trading practices and engagement – Credit Suisse
Item 2b Anonymous FX platforms – trading practices and engagement – HSBC
Item 3 FX Global Code and Global Foreign Exchange Committee
Item 4 FX Outlook – review of FX market developments and outlook
20 March
Agenda
List of participants
Summary
Item 1a - UK withdrawal from EU - key considerations for FX market
Item 1b - UK withdrawal from EU - key considerations for FX market
Item 2 - Review of FX markets developments and outlook
Item 3 - Global Foreign Exchange Committee
Item 4 - Update on euro interest rates benchmark reforms
2018
28 November 2018
Agenda
List of participants
Summary
Item 1 - Welcome remarks
Item 2 - Chinese FX market structure and recent developments
Item 3 - FX Global Code and Global FX Committee
Item 4 - The Future of Foreign Exchange
Item 5 - Work programme
6 September 2018
Agenda
List of participants
Summary
Item 1 – The role of credit in the FX market
Item 2a – Crypto-assets and tokens
Item 2b - Technological developments – crypto-assets
Item 3a – Review of FX markets developments and outlook
Item 3b - Analysis of foreign exchange developments in China
Item 4 - FX Global Code and Global FX Committee
20 June 2018
Agenda
List of participants
Summary
Item 1 – FX Global Code and Global FX Committee
Item 2 - Trends in FX Market Structure and Liquidity
Item 3 - Review of FX Market Developments and Outlook
20 March 2018
Agenda
List of participants
Summary
Item 1a - MIFID 2 its Impact on FX Market functionality - Credit Agricole
Item 1b - MiFID 2 its Impact on FX Market functionality - NEX
Item 1c - MiFID 2 its Impact on FX Market Functionality - Airbus
Item 2a - Overview Jump Trading
Item 2b - Overview of the Cash vs Futures markets in FX
Item 3 - FX Global Code current status and way forward
Item 4a - FX Review of FX market developments and outlook
Item 4b - FX swap market recent trends underlying factors and possible future risks
2017
5 October
Agenda
Summary
Item 1 - Market Review – Credit Suisse
Item 2 - The international role of the euro – ECB
Item 3.1 - MiFID II: Top considerations and challenges - Bloomberg
Item 3.2 - MiFID II: Top considerations and challenges - Commerzbank
Item 3.3 - MiFID II: Top considerations and challenges - Deutsche Asset Management
11 July
Agenda
Summary
Item 1 - The international dimension of the ECB’s asset purchase programme
Item 2 - Market review HSBC
Item 3.1 - FX Global Code: future governance
Item 3.2 - FX Global Code: progress on adherence
Item 4.1 - FX Global Code: request for feedback
Item 4.2 - GFXC request for feedback
Item 5 - FX activities: a corporate example by Siemens
26 April
Agenda
Summary
Item 1 - Regulatory Update
Item 1 - Regulator Update: Transparency and reporting in US and EU
Item 2 - FX Global Code and adherence: an update
Item 3 - Market Review Santander
9 February
Agenda
Summary
Item 1 - ECB Operations Managers Group (ECB OMG): Towards increased cooperation between the ECB Contact Groups
Item 2 - DEAM presentation
Item 4 - Single Code and adherence: an update
Item 5 - Presentation Market review
2016
23 November
Agenda
Summary
Presentation: ECB Reference rates and FX Fixings
Presentation: BIS’s FX Working Group on single code: state of play
Presentation Market review
30 June
Agenda
Summary
Presentation: Cürex Group
Presentation Market review
Presentation: Global Code - way forward
Presentation: Global Code - Global FXC and ASG debriefing
26 April
Agenda
Summary
Presentation: EACT
Presentation: Single Code Update
Presentation: ECB reference rates
Presentation: WMReuters fixing rates
Presentation: Bloomberg BFIX
Presentation: Market review
18 February
Agenda
Summary
Presentation: Developing a Single Code
Presentation: ECB reference rates
Presentation: Last look
Presentation: Market review
2015
12 November
Agenda
Summary
Developing a Single Code presentation
FSB progress report presentation
WM/Reuters presentation
SG on RMB presentation
7 July
Agenda
Summary
GFMA Presentation
Liquidity Analysis Presentation
Single Code Presentation
16 April
Agenda
Summary
ACI presentation
EBS presentation
Global FXC debriefing presentation
23 March
Agenda
Summary
29 January
Agenda
Summary
ESMA
WM
MUFG
2014
17 October
Agenda
Summary
ACI
FXBG
Airbus
Nordea
7 July
Agenda
Summary
Thomson Reuters
Morgan Stanley
Commerzbank
6 May
Agenda
Summary
EU and US financial markets regulatory developments
Discussion Ethical Behaviour and ACI Model Code
Global FXC Meeting
Recent developments in emerging market currencies
11 April
Agenda
Summary
23 January
Agenda
Summary
GFXD
Retail aggregator
International role of the euro
Market review and discussion
2013
24 October
Agenda
Summary
Review of the latest reforms regarding financial benchmarks
OTC derivatives in the EU and the US: latest regulatory developments
Emerging Markets: Is The Crisis Over?
The Euro, BIS survey & Gold
13 June
Agenda
Summary
Financial transaction tax
Normal fear
OTC derivatives in the EU and the US: latest regulatory developments
Thomson Reuters presentation to FXCG
31 January
Agenda
Summary
EBS presentation to ECB
ECB Presentation BTMU
FXCG central clearing latest regulatory developments US&EU
2012
3 September
Agenda
Summary
Regulatory developments
Volcker rule
Recent market developments
19 January
Agenda
Summary
DFA & EMIR: update regarding FX derivatives transactions
FX derivatives - changes to market structure in the recent past and near future
2011
5 October
Agenda
Summary
Capital flows in CEE
Capital Controls in LatAm
FX retail trading
8 June
Agenda
Summary
BoTM_FX inter & K controls - ECB June 2011
Presentation on EU regulation
2 February
Agenda
Summary
Presentation "Dodd-Frank Wall Street Reform and Consumer Protection Act"
Latam fx economic outlook
2010
3 November
Agenda
Summary
BIS survey
CNY
Oil Market Update
24 June
Agenda
Summary
Algorithmic trading:
Deutsche Bank
ICAP
Prime Brokerage
10 March
Agenda
Summary
Central banks´ exit strategies
The Role of Gold in Global Markets
Special Drawing Rights
2009
8 December
Agenda
Summary
FX Market Focus
Global Mining Research
8 September
Agenda
Summary
FX Reserves
Macro Perspectives on FX
10 June
Agenda
Summary
Future of e_fx
Oanda
USDCNY Adjustment
10 March
Agenda
Summary
The Nordic and Baltic economies
Baltic currencies
2008
4 December
Agenda
Summary
FX funds
Sovereign Wealth Funds
9 September
Agenda
Summary
Recent Trends in the e-FX space: Liquidity, Market Segmentation and Data Management
Arabic (& Asian) Currency Union Plans
3 June
Agenda
Summary
Floyd ECB presentation
RBS overview and India Floyd ECB presentation
5 Februar
Agenda
Summary
Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Turnover in 2007
Foreign Exchange Surveys
2007
21 November
Agenda
Summary
FX & MIFID
4 September
Agenda
Summary
Retail FX Margin Trading
Trends in e-FX Options Market
23 May
Agenda
Summary
Algo trading presentation
Implication of Algo trading
6 February
Agenda
Summary
The Longevity of the Yen Carry Trade
2006
29 November
Agenda
Summary
Work programme 2007
FX Volatility
7 September
Agenda
Summary
Effects and influences of the opening up to the buy side of EBS and Reuters
Hedge funds activity and influence on the foreign exchange market
The Impact of Hedge Funds on the Global Foreign Exchange Markets:Overview, Implications & Trends
31 May
Agenda
Summary
The End of Quantitative Easing and the Market Implication
The accumulation of foreign exchange reserves
2 March
Agenda
Summary
What are the implications of the growing use of electronic trading?
Retail FX - Overview, Implications & Discussion