The Swiss Foreign Exchange Committee (Swiss FXC) performs two roles. First, it serves as a forum for banks and other foreign exchange market participants in Switzerland and Liechtenstein as well as the SNB, and provides experts with a platform for discussing the structure and technical functioning of the foreign exchange market.
Second, the Swiss FXC is a member of the Global Foreign Exchange Committee (GFXC), which promotes, maintains and updates the principles of the FX Global Code. This code sets out principles of good market practice developed by central banks and participants from the main foreign exchange trading centres.
The code and dialogue with market participants promote the effective functioning of the foreign exchange market, which is in the SNB’s interests with a view to performing its tasks.
The Swiss FXC’s Terms of Reference provide for it to be co-chaired by one representative from the private sector and one from the SNB. The Committee meets at least twice a year. The members undertake to comply with competition law and confidentiality requirements. The SNB runs the technical secretariat, organises the meetings, and publishes Swiss FXC-related information on the SNB website. The content published in the meeting documents does not necessarily reflect the views of the SNB.
Information and documents on the Committee
The Swiss Foreign Exchange Committee comprises experts from firms active in the foreign exchange market in Switzerland and Liechtenstein, covering a range of different roles. Besides banks, members include buy-side firms as well as infrastructure providers. The SNB has two representatives on the Swiss FXC.
To become a member of the Committee, firms must have signed the Statement of Commitment (SoC) to the FX Global Code and submitted it to a public register. The SoC is simply a self-attestation of adherence to the principles of the code. Such compliance is not monitored, nor does membership of the Swiss FXC amount to proof of adherence in any form. Decisions on membership of the Committee lie with the SNB.
The composition of the Swiss FXC is reviewed every three years, with some of the existing members stepping down so that other interested market participants can play their part in the Committee. The composition will next be reviewed in mid-2025. Foreign exchange market participants that would like to join can register their interest by submitting a letter of motivation.