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.