Foreign Exchange Committee
The Foreign Exchange Committee, FXC, Founded in 1978 the Foreign Exchange Committee is an industry group that provides guidance and leadership to the global foreign exchange market. The FXC includes representatives of the major financial institutions engaged in foreign currency trading in the United States and is sponsored by the Federal Reserve Bank of New York. Past Committee members include: John Spurdle of JP Morgan, Jeff Feig of Citigroup, Lloyd Blankfein of Goldman Sachs, Paul Kimball of Morgan Stanley, Michael deSa of Deutsche Bank, Robert Savage of American Express, Mark De Gennaro of Lehman, and John Key, the current prime minister of New Zealand.
The FXC's objectives include:
- serving as a forum for the discussion of good practices and technical issues in the FX market,
- fostering improvements in risk management in the FX market by offering recommendations and guidelines, and
- supporting actions that facilitate greater contractual certainties for all parties active in foreign exchange.