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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.

Members and composition

The chair is the Deputy Director General Market Operations of the ECB.

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

Related information

Meetings

2021
18 November
 
21 September
 
26 May
 
16 March
 
2020
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
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