About Us

Role of the AFXC

The Australian Foreign Exchange Committee (AFXC) is a representative forum of the Australian foreign exchange market operating under the sponsorship of the Reserve Bank of Australia (RBA). Membership is drawn from the leading foreign exchange banks and also includes representatives from the Association Cambiste Internationale (ACI) and the Australian Financial Markets Association (AFMA). The Chairman is elected from the Committee and the RBA provides a permanent secretary to the Committee.

The AFXC has evolved from the Foreign Exchange Market Consultative Group which the RBA formed in 1984 following the float of the Australian dollar in December 1983.

Objectives of the AFXC

The objectives of the AFXC include:

• To provide a forum for FX market participants to discuss topical issues with a view to developing and offering guidelines on best practice in the wholesale FX market;
• To act as a conduit between the Reserve Bank of Australia and the professional Foreign Exchange market;
• To develop and promote best practice risk management frameworks for Foreign Exchange market participants.
• To provide a forum to interact with similar committees across the rest of the world and represent Australian interests in regional and global discussions.

The AFXC is a committee of institutions. Responsibility for choosing members of the committee resides with the RBA. Member institutions will be chosen according to their participation in the Foreign Exchange market and their overall significance. Membership will remain flexible and will reflect changes as they occur in the market. Within each institution, individuals are selected with regard to their specific responsibilities, and their stature in the marketplace. It is envisaged that all representatives of member institutions will play a very senior role in the management of the FX business in their respective organisations.

Meetings of the AFXC

The Committee will meet three or four times each year, or by special request if needed to discuss a particularly topical issue. Members are expected to attend all meetings and alternates are discouraged unless fully briefed an committee business, and suitably authorised to make decisions on behalf of their organisation.

Members of the AFXC

The Chairman will be selected for a term of up to three years.

The Committee may periodically designate smaller working groups or sub­committees to work on specific projects.

It is the responsibility of each individual member to actively contribute to the work of the Committee by communicating market issues, issues of concern from their own institution or any other institution that may not be represented and to generally offer their time and resources to facilitate the work of the Committee.