About FXC

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.

Foreign Exchange Committee Charter 2024 | Antitrust Guidelines


The FXC is a select group of individuals who have achieved stature in both their institutions and the marketplace.

Members commit to apply their individual and institutional expertise and experience toward the common effort of improving market functioning and efficiency. Membership is based on each individual's caliber, position, and recognition in the marketplace, as well as the role of their institution in the foreign exchange area.


Ex-officio Members

Yudhveer Chaudhry
FXC Chair
Maria Douvas-Orme
FXC Vice Chair
Morgan Stanley
Carlos Fernandez-Aller
Bank of America
Hemant Baijal
Christopher Chattaway
Goldman Sachs
Anna Faustini
Societe Generale
Andrew Haning
Jump Trading
Akiko Hayata
Payden & Rygel
Paul Houston
CME Group
Robert Kim
JPMorgan Chase
Benjamin Klixbull
XTX Markets
David Leigh
Deutsche Bank
Dan Lennon
Chris Pizzotti
State Street
Yan Pu
Ankit Sahni
Element Capital
Jodi Schenk
Jill Sigelbaum
London Stock Exchange Group
Chris Taendler
Bob Tull
Fifth Third Bank
Jason Vitale
BNY Mellon
Aaron Wells
Sanja Peros
FXC Secretariat
Federal Reserve Bank of New York
Lisa Chung
Markets Group
Federal Reserve Bank of New York
Michelle Neal
Markets Group
Federal Reserve Bank of New York
Thomas Noone
Legal Group
Federal Reserve Bank of New York
Anna Nordstrom
Markets Group
Federal Reserve Bank of New York
Roberto Perli
Markets Group
Federal Reserve Bank of New York
See a list of past members.