The Foreign Exchange Committee (FXC) is a group of private-market participants engaged in foreign currency trading in the United States. Founded in 1978, it is sponsored by the Federal Reserve Bank of New York and provides guidance and leadership to the global foreign exchange market.

The FXC is the U.S.-focused group for this work, and given the global foreign exchange market’s interconnectedness, it actively partners with other local foreign exchange committees and industry associations worldwide.

The FXC’s objectives include:

• supporting the integrity, efficiency, and resiliency of the global FX market,
• providing guidance and leadership through the development of best market practices in the FX Global Code,
• enhancing the broader public’s knowledge and understanding of FX markets,
• collaborating with comparable committees outside of the U.S. including the Global Foreign Exchange Committee (GFXC), and
• providing insight to the New York Fed on FX market conditions.

The FX market, which operates 24 hours a day, is the largest and most liquid marketplace in the global economy. According to the Bank for International Settlement’s (BIS) 2022 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets, daily turnover averages $7.5 trillion in the FX market.

The FX market’s liquidity gives businesses access to international markets for goods and services by providing the foreign currency needed to make transactions worldwide.

The FX market serves a wide range of market participants including commercial and investment banks, FX dealers and brokerage companies, non-bank financial institutions, corporations, governments, and central banks.