The Moscow FX Joint Standing Committee

The Moscow FX Joint Standing Committee established by the decision of the Board of Directors of the SRO NFA on November 30, 2017.

 

President of ACI Russia Sergey Romanchuk, the Head of the FX&MM in PJSC AKB Metallinvestbank was appointed as Chairman of the Committee. The composition of the FXJSC was determined jointly by the SRO NFA and ACI Russia and approved by order of the President of the SRO NFA on April 19, 2018. Membership in the Council is based on the principle of personal participation and is supported by an individual professional experience of the candidates and potential expert contribution to the work of the Committee.

At the first meeting of the Moscow FXJSC, the participants considered the accessibility of the FX Global Code recognition by Russian participants, the development of a Russian national standard and rules for working on the foreign exchange market, as well as Russia's participation in Global Foreign Exchange Committee (GFXC). Director of the Department of Countering Malpractice of the Bank of Russia Valery Lyakh was elected to be Deputy Chairman of the Committee.

 

The Committee is designed to create a platform for interaction between the Bank of Russia, financial market participants and infrastructure providers in order to create and maintain a reliable, liquid, open and appropriately transparent foreign exchange market in the Russian Federation, in which all participants can conduct transactions in accordance with accepted professional standards of behaviour. The Committee recognizes the diversity of the foreign exchange market and seeks to ensure broad representation and pluralism of opinions in its discussions and working groups. The Committee consists of the heads of the relevant divisions of leading banks - foreign exchange market operators, major brokerage firms, corporate treasuries, infrastructure providers - trading platforms and exchanges, representatives of non-banking algorithmic market makers, professional associations (ACI Russia, Association of Corporate Treasurers and the Association of Forex Dealers ). In the future, the Committee will propose changes to its composition to fully represent the diversity of the currency market if it will need.

SRO NFA AND ACI RUSSIA has sent its proposals to the Bank of Russia to improve the methodology for setting official exchange rates.

December 10, 2019

You can find the proposal and the answer letter from Bank of Russia on the button below 

The seventh meeting of the Moscow FXJSC: the participants attended to absentee voting on agenda items put to vote.

October 25, 2019

At the seventh meeting of the Moscow FXJSC, held on 25th of October, The participants voted on the following agenda items: methodology for setting the official rate of the Central Bank of Russia and the introduction of amendments to the Regulations of the Moscow FXJSC.

The sixth meeting of the Moscow FXJSC: The Committee discussed the admission of The Moscow FXJSC to the FX Global Committee and further goals and objectives of the Council.

September 09, 2019

At the sixth meeting of the Moscow FXJSC, held on 9th of September, the participants discussed the admission of The Moscow FXJSC to the FX Global Committee (GFXC), further goals and objectives of the Council, ACIFMA and FX Global Code exams and the methodology for establishing the official rate of the Bank of Russia.

THE MOSCOW FX JOINT STANDING COMMITTEE FORMED BY SRO NFA AND ACI RUSSIA (MOSCOW FXJSC) WAS ACCEPTED AS A FULL MEMBER OF THE GLOBAL FOREIGN EXCHANGE COMMITTEE.

May 21, 2019

Tokyo, May 22, 2019.  The Global Foreign Exchange Committee (GFXC) met on 22 May, as part of a two-day meeting in Tokyo, Japan, which was hosted by the Bank of Japan. At its meeting, the GFXC selected a new Chair, discussed the progress of designated working groups, provided updates on its organization and governance, and considered future areas of work. GFXC also welcomed as a full member The Moscow FX Joint Standing Committee (Moscow FXJSС) presented at the meeting by Sergey Romanchuk from Metallinvestbank.

 

Read more: press release GFXC

The fifth meeting of the Moscow FXJSC: The meeting held in the form of absentee voting by e-mail.

April 16, 2019

At the fourth meeting of the Moscow FXJSC, held on 17th of April, the participants discussed the Full Amount Convention (transactions with full execution) and the issuance of recommendations (best practice) for the Russian foreign exchange market, letter to the Bank of Russia to improve the methodology for establishing official rates of the Bank of Russia and talked about compliance of Raiffeisenbank’s counterparty’s  actions.

The fourth meeting of the Moscow FXJSC: The Committee recommended participants of the foreign exchange market to adhere to the principles of the FX Global Code.

April 01, 2019

At the fourth meeting of the Moscow FXJSC, held on 2nd of April, the participants discussed the Code of Good Conduct, FX Global Committee review and it’s working groups documents, the participants talked about Practices of using the Full Amount convention and methodology for establishing the official rate of the Bank of Russia.

The third meeting of the Moscow FXJSC: The Committee recommended adherence to the FX Global Code to Russian market participants

October 03, 2018

At the third meeting of the Moscow FXJSC, held on 4th of October, the participants discussed the information letter from Bank of Russia and the signing by the Moscow Stock Exchange a statement of adherence to the principles of the FX Global Code and the readiness of other currency market’s participants to join the Code. The Committee recommended adherence to the Global Code to the Russian market participants.

The second meeting of the Moscow FXJSC with the keynote report from Bank of Russia about market behavor standards

July 08, 2018

At the second meeting of the Moscow FXJSC, held in SRO NFA office on 21th of June, the participants discussed the new approach from the Central Bank of Russia regarding codes, standards of ethics on financial markets and regulation.

The first meeting of the Moscow FXJSC formed by SRO NFA and ACI Russia was held with the support of the Central Bank of Russia

April 18, 2018

At the first meeting of the Moscow FXJSC, the participants considered the accessibility of the FX Global Code recognition by Russian participants, the development of a Russian national standard and rules for working on the foreign exchange market, as well as Russia's participation in Global Foreign Exchange Committee (GFXC). Director of the Department of Countering Malpractice of the Bank of Russia Valery Lyakh was elected to be Deputy Chairman of the Committee.

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acirussia@gmail.com                    council@aci-russia.ru

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