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The Moscow FX Joint Standing Committee

The Moscow FX Joint Standing Committee established by the decision of the Board of Directors of the SRO NFA on November 30, 2017.

President of ACI Russia Sergey Romanchuk, the Head of the FX&MM in PJSC AKB Metallinvestbank was appointed as Chairman of the Committee. The composition of the FXJSC was determined jointly by the SRO NFA and ACI Russia and approved by order of the President of the SRO NFA on April 19, 2018. Membership in the Council is based on the principle of personal participation and is supported by an individual professional experience of the candidates and potential expert contribution to the work of the Committee.

At the first meeting of the Moscow FXJSC, the participants considered the accessibility of the FX Global Code recognition by Russian participants, the development of a Russian national standard and rules for working on the foreign exchange market, as well as Russia's participation in Global Foreign Exchange Committee (GFXC). Director of the Department of Countering Malpractice of the Bank of Russia Valery Lyakh was elected to be Deputy Chairman of the Committee.

The Committee is designed to create a platform for interaction between the Bank of Russia, financial market participants and infrastructure providers in order to create and maintain a reliable, liquid, open and appropriately transparent foreign exchange market in the Russian Federation, in which all participants can conduct transactions in accordance with accepted professional standards of behaviour. The Committee recognizes the diversity of the foreign exchange market and seeks to ensure broad representation and pluralism of opinions in its discussions and working groups. The Committee consists of the heads of the relevant divisions of leading banks - foreign exchange market operators, major brokerage firms, corporate treasuries, infrastructure providers - trading platforms and exchanges, representatives of non-banking algorithmic market makers, professional associations (ACI Russia, Association of Corporate Treasurers and the Association of Forex Dealers ). In the future, the Committee will propose changes to its composition to fully represent the diversity of the currency market if it will need.

ACI FMA Represented at Semi-Annual Meeting of the Global FX Committee
December 6, 2022
The Global Foreign Exchange Committee (GFXC) has concluded its two-day semi-annual meeting on Tuesday 6th December.

In this meeting, held via video conference, the ACI FMA President, Kim Winding Larsen, had the opportunity to present the recent developments of our ELAC Portal for E-Learning, Attestation and Certification on Industry Codes, with a particular focus on the new content that has been uploaded into this tool.

The members of the GFXC continued to discuss the work programme of the Committee and have also nominated Simon Manwaring, from NatWest Markets, for a two-year term as Co-Vice Chair to succeed Richard de Roos.

ACI FMA would like to welcome Simon and wish him the best of luck on this role, whilst we would also like to thank Richard de Roos for all his contributions to the development of the FX Global Code and to all the support he showed to ACI FMA's endeavours in this regard.

The GFXC have also presented new initiatives to motivate and facilitate adherence to the FX Global Code, and its members have also considered how the enhancement of the Code's education and training can promote that adherence.

In the two-day meeting, the members of the GFXC have also discussed important topics for the FX Market, such as data availability, CBDCs, the Code's outreach by the local FX Committees and the current conditions on this Market, amongst others.
GFXC to Continue Work Programme: Reminds Slow Re-Adopters of FX Global Code
June 29, 2022
The Global Foreign Exchange Committee met in person for the first time since the pandemic hit on June 27-28 and agreed the work programme for the next two years, including a survey of market participants to gauge their reaction to the revised FX Global Code, published in July 2021. During the meeting, the Swiss National Bank's Andréa Maechler, chair of the GFXC, warned that the committee expects those firms yet to renew their Statement of Commitment to the revised Code to "do so shortly"
Meeting of the FXJSC with SRO NFA and ACI Russia was held via ZOOM
December 1, 2021
During the meeting, issues of maintaining a Register of organizations that have joined the FX Global Code at the site of the SRO NFA and the development of a roadmap to stimulate the signing of a statement of commitment to the code by Russian participants were discussed.

Following the meeting, it was decided to finalize the regulations for maintaining the Register and submit the final version of the document to the members of the Council by December 15, 2021.

The meeting participants also agreed to collect suggestions and comments on the Registry web pages in Russian and English from the members of the Council and coordinate the design and content of the page in working mode.

In addition, during the meeting, applications for new members to join the Council were considered and adopted, as a result of which the number of Council members increased significantly. The Council represents the main participants of the Russian FX market.
GFXC updates FX Global Code, publishes new templates for disclosures and guidance paper on Pre-hedging
July 15, 2021
The GFXC has completed its review of the FX Global Code, updating its principles of good practice in the foreign exchange market in several key areas. The Committee is also publishing templates for industry participants to use in improving disclosures and assisting with transaction cost analysis.

The GFXC's updates to the FX Global Code follow an extensive process of consultation with the foreign exchange committees around the world and a public request for feedback in April. Updates have been made to eleven of the Code's fifty-five principles and strengthen the Code's guidance on anonymous trading, algorithmic trading and transaction cost analysis, disclosures and settlement risk.

Meeting of the FXJSC with the SRO NFA and ACI Russia
July 6, 2021
The meeting took place via Zoom, through online participation. The main issues are indicated in the minutes of the meeting

The tenth meeting of the Moscow FXJSC
March 19, 2021
The regular meeting of the FX Joint Standing Committee of the SRO NFA and ACI Russia was held in the format of a conference call. The meeting was attended by representatives of the Bank of Russia and ACI FMA.

GFXC meets via videoconference to discuss progress on the FX Global Code review, FX benchmarks, and announces new Co-Vice Chair
December 10, 2020
The Global Foreign Exchange Committee (GFXC) met to discuss the progress being made in its review of the FX Global Code. The Committee is on track to finalise the review in mid-2021.
The meeting of the Moscow FXJSC: Bank of Russia will finalize the draft instruction on Market Making
December 7, 2020
There was also a discussion of preparations for the GFXC meeting, which will be held in December 2020 and where the results of several working groups will be presented: Anonymous Trading Working Group Report; Disclosures Working Group Report; Execution Principles Working Group: Riskless Principal; Execution Principles Working Group: Last Look (a draft report); FX Global Code's Guidance on Settlement Risk; Algo/TCA Update presentation.
It was decided to return to the discussion of the methodology for establishing official exchange rates of foreign currencies to the Russian ruble after the lifting of restrictions related to the new coronavirus infection.
The decision on rotation of members of the Council was made unanimously.

SRO NFA and ACI Russia has sent its proposals to the Bank of Russia to improve the methodology for setting official exchange rates
December 10, 2019
You can find the proposal and the answer letter from Bank of Russia on the button below



The seventh meeting of the Moscow FXJSC: the participants attended to absentee voting on agenda items put to vote
October 25, 2019
At the seventh meeting of the Moscow FXJSC, held on 25th of October, The participants voted on the following agenda items: methodology for setting the official rate of the Central Bank of Russia and the introduction of amendments to the Regulations of the Moscow FXJSC.

The sixth meeting of the Moscow FXJSC: The Committee discussed the admission of The Moscow FXJSC to the FX Global Committee and further goals and objectives of the Council
September 09, 2019
At the sixth meeting of the Moscow FXJSC, held on 9th of September, the participants discussed the admission of The Moscow FXJSC to the FX Global Committee (GFXC), further goals and objectives of the Council, ACIFMA and FX Global Code exams and the methodology for establishing the official rate of the Bank of Russia.


The Moscow FX Joint Standing Committee formed by SRO NFA and ACI Russia (Moscow FXJSC) was accepted as a full member of the Global Foreign Exchange Committee
May 22, 2019
Tokyo, May 22, 2019. The Global Foreign Exchange Committee (GFXC) met on 22 May, as part of a two-day meeting in Tokyo, Japan, which was hosted by the Bank of Japan. At its meeting, the GFXC selected a new Chair, discussed the progress of designated working groups, provided updates on its organization and governance, and considered future areas of work. GFXC also welcomed as a full member The Moscow FX Joint Standing Committee (Moscow FXJSС) presented at the meeting by Sergey Romanchuk from Metallinvestbank.

The fifth meeting of the Moscow FXJSC: The meeting held in the form of absentee voting by e-mail
April 17, 2019
At the fourth meeting of the Moscow FXJSC, held on 17th of April, the participants discussed the Full Amount Convention (transactions with full execution) and the issuance of recommendations (best practice) for the Russian foreign exchange market, letter to the Bank of Russia to improve the methodology for establishing official rates of the Bank of Russia and talked about compliance of Raiffeisenbank’s counterparty’s actions.


The fourth meeting of the Moscow FXJSC: The Committee recommended participants of the foreign exchange market to adhere to the principles of the FX Global Code
April 02, 2019
At the fourth meeting of the Moscow FXJSC, held on 2nd of April, the participants discussed the Code of Good Conduct, FX Global Committee review and it’s working groups documents, the participants talked about Practices of using the Full Amount convention and methodology for establishing the official rate of the Bank of Russia.

The third meeting of the Moscow FXJSC: The Committee recommended adherence to the FX Global Code to Russian market participants
October 04, 2018
At the third meeting of the Moscow FXJSC, held on 4th of October, the participants discussed the information letter from Bank of Russia and the signing by the Moscow Stock Exchange a statement of adherence to the principles of the FX Global Code and the readiness of other currency market’s participants to join the Code. The Committee recommended adherence to the Global Code to the Russian market participants.


The second meeting of the Moscow FXJSC with the keynote report from Bank of Russia about market behavor standards
July 09, 2018
At the second meeting of the Moscow FXJSC, held in SRO NFA office on 21th of June, the participants discussed the new approach from the Central Bank of Russia regarding codes, standards of ethics on financial markets and regulation.

The first meeting of the Moscow FXJSC formed by SRO NFA and ACI Russia was held with the support of the Central Bank of Russia
April 19, 2018
At the first meeting of the Moscow FXJSC, the participants considered the accessibility of the FX Global Code recognition by Russian participants, the development of a Russian national standard and rules for working on the foreign exchange market, as well as Russia's participation in Global Foreign Exchange Committee (GFXC). Director of the Department of Countering Malpractice of the Bank of Russia Valery Lyakh was elected to be Deputy Chairman of the Committee.