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FXC Master Agreements

The FXC Master Agreements—the FEOMA (1997), IFEMA (1997), ICOM Master Agreement (1997) and IFXCO Master Agreement (2005)—provide common legal terms for transactions including payments and close-out netting provisions. The IFEMA covers foreign exchange transactions, the ICOM Master Agreement covers currency option transactions and the FEOMA, a combination of the IFEMA and ICOM Master Agreement, covers both.

The IFXCO Master Agreement updates the other FXC Master Agreements by incorporating terms from the 1998 FX and Currency Option Definitions and recommendations of the Global Documentation Steering Committee. The IFXCO Master Agreement also simplifies execution through use of an Adherence Agreement to its Terms. The Financial Markets Lawyers Group has solicited legal opinions on the enforceability of the FXC Master Agreements from counsel in various jurisdictions. The Foreign Exchange Committee also co-sponsored with the London Bullion Market Association the 1994 International Bullion Master Agreement, which provides common terms for bullion transactions based on foreign exchange trading conventions.