Australian Foreign Exchange Committee
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 main electronic brokers, CLS Bank, 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.
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Under its mandate, the AFXC contributes to the development of guidelines on best practice in the Australian wholesale foreign exchange market and promotes the voluntary adherence to these guidelines by market participants. The AFXC uses the ACI Model Code as its core best practice guidelines. Other local markets also use the ACI Model Code but many foreign exchange committees in other jurisdictions develop and support their own codes. While the codes followed by foreign exchange participants around the world may differ reflecting local factors, they have in common high-level principles that promote best practice. The AFXC acknowledges and supports these principles.