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.
As a member of the Global Foreign Exchange Committee, the FXCG will provide guidance and leadership to the FX market, through the development, implementation and maintenance of the FX Global Code, and will endorse and facilitate adherence to the FX Global Code.
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 by 21 November 2025. 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
LinksOther market contact groups
Documents
- ECB Statement of Commitment to the FX Global Code: February 2022
- ECB Statement of Commitment to the FX Global Code: November 2017
- ESCB central banks welcome the FX Global Code: May 2017
- Joint Statement on the Publication of the FX Global Code: May 2017
20 November
24 September
26 June
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Agenda
List of participants
SummaryItem 1 - Presentation by BBVA
Item 2 - Presentation by ECB
Item 3 - Presentation by ECB and UBS - 26 March
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Agenda
List of participants
SummaryItem 1 - Presentation by HSBC and COBA
Item 2 - Presentation by CME and State Street
- 20 November
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Agenda
List of participants
SummaryItem 1 - Presentation by Goldman Sachs
Item 3 - Best Practices FX Reject Codes
Item 4 - Presentation by ECB and BBVA - 4 September
- 13 June
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Agenda
List of participants
SummaryItem 1 - Presentation by State Street
Item 2 - Presentation Transition to T+1
Item 3 - Presentation GFXC 3 Year Review - 19 March
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Agenda
List of participants
SummaryItem 1 - Presentation by BNPP
Item 2 - Presentation by ECB and Union Investment
Item 3 - Presentation by CME, Eurex and Deutsche Bank
- 16 November
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Agenda
List of participants
SummaryItem 1 - Presentation by HSBC and Total Energies
Item 2 - Presentation by Bloomberg and Société Générale - 22 June
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Agenda
List of participants
SummaryItem 1 – Presentation by State Street and EBRD
Item 2 – Presentation by GFMA, OMG and SSM
Item 3 – Presentation by ECB DG International & European Relations
Item 4 – Presentation GFXC Key Takeaways - 23 March
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Agenda
List of participants
SummaryItem 1 - Presentation by Commerzbank
Item 2 - Presentation by ESMA and 360T
- 7 December
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Agenda
List of participants
Summary
Item 1 - Presentation by Goldman Sachs
Item 2 - Presentation by ING and Flow Traders
Item 3 - Presentation by SocGen and MEAG
Item 4 - Presentation by BIS
- 22 September
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Agenda
List of participants
Summary
Item 1a - Presentation by UBS
Item 1b - Presentation by State Street
Item 2 - Presentation by BNP Paribas
Item 3 - Debrief Global FX Committee - 5 May
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Agenda
List of participants
SummaryItem 1 - Presentation by EBS
Item 2 - Presentation by Deutsche Bank - 1 March
- 8 February
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Agenda
List of participants
SummaryItem 1a - FX Outlook BNP Paribas
Item 1b - Airbus update
Item 2a - WMR presentation
Item 2b - WMR trading volume
- 25 November
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Agenda
List of participants
Summary
Item 1 - FX Market review and outlook Credit Suisse
Item 2 - Presentation by TotalEnergies oil market developments
Item 3 - Cross-currency settlement in TIPS platform - 21 September
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Agenda
List of participants
Summary
Item 1 - Market Review and Outlook - Goldman Sachs
Item 2a - Digital Euro - DG-MIP
Item 2b - Digital currencies - DWS - 26 May
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Agenda
List of participants
Summary
Item 1 Market review and outlook - Commerzbank
Item 2 Listed FX futures - Eurex - 16 March
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Agenda
List of participants
Summary
Item 1 Charts on FX market review and outlook - State Street Global Markets
- 18 November
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AgendaList of participantsSummary
Item 1 Review of recent market developments and outlook – HSBC
Item 2a FX options market from a structural perspective – Deutsche BankItem 2b FX options market from a structural perspective – Bloomberg - 14 September
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AgendaList of participants Summary
Item 1 GFXC 3 year review
Item 2 FX Review Outlook BNPItem 3a ECB Gold Market Dynamics UBS Investment BankItem 3b Stablecoins and Cryptoassets - 18 June
- AgendaList of participantsSummary
- 20 March
- List of participantsSummary
- 9 March
- List of participantsSummary
- 12 February
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AgendaList of participantsSummary
Item 1 Introduction to ECB Operations Managers GroupItem 2a Structural developments in the foreign exchange swap market – Société GénéraleItem 2b Structural developments in the foreign exchange swap market – Union InvestmentItem 3 The FX Global Code and the Global Foreign Exchange Committee Item 4 FX management and trading at MEAG MUNICH ERGO Asset ManagementItem 5 ECB launches review of its monetary policy strategy Item 6 Outlook – Review of FX market developments and outlook
- 19 November
- AgendaList of participantsSummaryItem 1a Structural developments in the FX market - BISItem 1b Structural developments in the FX market – CommerzbankItem 2a FX Global Code and the Global Foreign Exchange CommitteeItem 2b WMR FX Spot fixing – Credit SuisseItem 2c WMR FX Spot fixing - RefinitivItem 3 FX Outlook – Review of FX market developments and outlook -GS
- 24 September
- AgendaList of participantsSummaryItem 1a Stock taking of execution algorithms – NBIMItem 1b Decision logic of execution algorithms – BNP ParibasItem 1b Decision logic of execution algorithms – HSBCItem 1c Execution algorithms and market functioning – RefinitivItem 1c Execution algorithms and market functioning – Goldman SachsItem 2 FX Global Code and Global Foreign Exchange CommitteeItem 3 FX Outlook – Review of FX markets developments and outlook – DWS
- 18 June
- AgendaList of participantsSummaryItem 1a Best execution and transaction cost analysis – Deutsche BankItem 1b Best execution and transaction cost analysis – Union InvestmentItem 2a Anonymous FX platforms – trading practices and engagement – Credit SuisseItem 2b Anonymous FX platforms – trading practices and engagement – HSBCItem 3 FX Global Code and Global Foreign Exchange CommitteeItem 4 FX Outlook – review of FX market developments and outlook
- 20 March
- AgendaList of participantsSummaryItem 1a - UK withdrawal from EU - key considerations for FX marketItem 1b - UK withdrawal from EU - key considerations for FX marketItem 2 - Review of FX markets developments and outlookItem 3 - Global Foreign Exchange CommitteeItem 4 - Update on euro interest rates benchmark reforms
- 28 November 2018
- AgendaList of participantsSummaryItem 1 - Welcome remarksItem 2 - Chinese FX market structure and recent developmentsItem 3 - FX Global Code and Global FX Committee Item 4 - The Future of Foreign Exchange Item 5 - Work programme
- 6 September 2018
- AgendaList of participantsSummaryItem 1 – The role of credit in the FX market Item 2a – Crypto-assets and tokensItem 2b - Technological developments – crypto-assetsItem 3a – Review of FX markets developments and outlookItem 3b - Analysis of foreign exchange developments in ChinaItem 4 - FX Global Code and Global FX Committee
- 20 June 2018
- AgendaList of participantsSummaryItem 1 – FX Global Code and Global FX CommitteeItem 2 - Trends in FX Market Structure and LiquidityItem 3 - Review of FX Market Developments and Outlook
- 20 March 2018
- AgendaList of participantsSummaryItem 1a - MIFID 2 its Impact on FX Market functionality - Credit AgricoleItem 1b - MiFID 2 its Impact on FX Market functionality - NEX Item 1c - MiFID 2 its Impact on FX Market Functionality - AirbusItem 2a - Overview Jump TradingItem 2b - Overview of the Cash vs Futures markets in FXItem 3 - FX Global Code current status and way forwardItem 4a - FX Review of FX market developments and outlookItem 4b - FX swap market recent trends underlying factors and possible future risks
- 5 October
- AgendaSummaryItem 1 - Market Review – Credit SuisseItem 2 - The international role of the euro – ECBItem 3.1 - MiFID II: Top considerations and challenges - Bloomberg Item 3.2 - MiFID II: Top considerations and challenges - CommerzbankItem 3.3 - MiFID II: Top considerations and challenges - Deutsche Asset Management
- 11 July
- AgendaSummaryItem 1 - The international dimension of the ECB’s asset purchase programmeItem 2 - Market review HSBC Item 3.1 - FX Global Code: future governanceItem 3.2 - FX Global Code: progress on adherenceItem 4.1 - FX Global Code: request for feedbackItem 4.2 - GFXC request for feedbackItem 5 - FX activities: a corporate example by Siemens
- 26 April
- AgendaSummaryItem 1 - Regulatory Update Item 1 - Regulator Update: Transparency and reporting in US and EUItem 2 - FX Global Code and adherence: an updateItem 3 - Market Review Santander
- 9 February
- AgendaSummaryItem 1 - ECB Operations Managers Group (ECB OMG): Towards increased cooperation between the ECB Contact GroupsItem 2 - DEAM presentationItem 4 - Single Code and adherence: an updateItem 5 - Presentation Market review
- 23 November
- AgendaSummaryPresentation: ECB Reference rates and FX FixingsPresentation: BIS’s FX Working Group on single code: state of playPresentation Market review
- 30 June
- AgendaSummaryPresentation: Cürex GroupPresentation Market reviewPresentation: Global Code - way forwardPresentation: Global Code - Global FXC and ASG debriefing
- 26 April
- AgendaSummaryPresentation: EACTPresentation: Single Code UpdatePresentation: ECB reference rates Presentation: WMReuters fixing ratesPresentation: Bloomberg BFIXPresentation: Market review
- 18 February
- AgendaSummaryPresentation: Developing a Single CodePresentation: ECB reference rates Presentation: Last lookPresentation: Market review
- 17 October
- 7 July
- 6 May
- 11 April
- 23 January
- 24 October
- 13 June
- 31 January
- 3 September
- 19 January
- 5 October
- 8 June
- 2 February
- 3 November
- 24 June
- 10 March
- 8 December
- 8 September
- 10 June
- 10 March
- 4 December
- 9 September
- 3 June
- 5 Februar
- 21 November
- 4 September
- 23 May
- 6 February
- 29 November
- 7 September
- 31 May
- 2 March