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The Foreign Exchange Joint Standing Committee (FXJSC)

• Published documents
  (including FX Turnover Survey results)
• FXJSC meeting minutes

The Foreign Exchange Joint Standing Committee (FX JSC) was established in 1973 under the auspices of the Bank of England, in the main part as a forum for banks and brokers to discuss broad market issues and the focus of the Committee's regular work remains issues of common concern to the different participants in the foreign exchange market. The Bank of England provides the Committee's Chairman and Secretary: they can be contacted on 020 7601 5982.

The membership of the committee has grown over the past two years, partly reflecting its responsibility in relation to the Non-Investment Products Code (NIPs Code). This is a voluntary code of good market practice which covers bullion, wholesale deposits as well as the FX market. It is maintained in conjunction with the Sterling Money Markets Liaison Group and certain trade associations. See the link in 'Selected Topics' for further details.

The committee includes senior staff from many of the major banks operating in the foreign exchange market in London, as well as from voice- and electronic-brokers, corporate users of the foreign exchange market, the Financial Services Authority (FSA) and representatives from the British Bankers' Association, the Association of Corporate Treasurers and the Wholesale Market Brokers' Association.

The Non-Investment Products Code (NIPs)

On 10 January, an updated version of the NIPs Code was published. This incorporates the supplements to the original Code that were published in 2003, and includes new or updated sections e.g. on the use of mobile phones, and on confirmations and standard settlement instructions. One of the most noticeable changes has been to the format of the Code. This has been simplified to make the Code easier to use, and in future the Code will only exist in electronic format to facilitate more frequent updating. The NIPs Code on this website will always be the latest version.

Published Documents

	The Non-Investment Products Code (NIPs) (204k) December 2007
	Results of the Semi-Annual FX Turnover Survey in October 2007 including revised results for April 2007 and October 2006 (80k) 28 January 2008
	A review of the work of the London Foreign Exchange Joint Standing Committee in 2006 Published in the 2007 Q2 edition of the Quarterly Bulletin on 18 June 2007 (350k)
	Results of the Semi-Annual FX Turnover Survey in April 2007 including revised results for April and October 2006 (79k) 31 July 2007
	Results of the Semi-Annual FX Turnover Survey in October 2006 including revised results for April 2006 (63k) 22 January 2007
	Results of the Semi-Annual FX Turnover Survey in April 2006 including revised results for October 2005 (172k) 17 July 2006
	Results of the Semi-Annual FX Turnover Survey in October 2005 including revised results for April 2005 (138k) 23 Jan 2006
	The Non-Investment Products Code (NIPs) January 2006
	Results of the Semi-Annual FX Turnover Survey in April 2005 (166k) 25 July 2005
	Statement Regarding Romanian Currency Conversion (107k) 31 May 2005
	FXJSC Global Operations Managers Conference (85k) 20-21 April 2005
	Results of the Semi-Annual FX Turnover Survey in October 2004 (36k) 24 January 2005
	Turkish Lira Conversion (64k) Joint Statement (FXJSC Ops Sub Group and FXC Ops Group) 7 December 2004
	Open letter from the members of the FX JSC (322k) 28 May 2002
News Release Change to the Non-Investment Products Code in Relation to Undisclosed Principal Trading 28 May 2003

The FX JSC met six times in 2002 - see the links below for short summaries of the issues discussed at individual meetings. The broad themes covered at these meetings were:

• The committee agreed to the formation of a sub-group to examine technical operational issues in the foreign exchange and international money markets, particularly in the context of contingency arrangements in the event of significant market disruption. It has since met three times in 2002.
• The committee has received a report from a sub-group, which has examined the impact of e-commerce on the FX market. Reports for 2003 (E-Forex version, QB version) and 2002 are available.
• In the latter part of the year, the committee addressed the issue of undisclosed principal trading. This is where a bank transacts, via a fund manager acting as agent, with a principal whose identity is not disclosed.
• Presentations were made to the committee on the Financial Sector Continuity website and the operation of the new Financial Markets Law Committee.
• Other topics discussed by the committee were suggested methodological changes to the BIS triennial survey of FX and OTC derivatives markets turnover, the impact of the introduction of CLS on the FX market and an empirical study into volatility in the FX market.

Please see the links below for a more detailed annual review of the Committee's work.

Reports from the E-Commerce subgroup

There are equivalent committees to the FXJSC in all of the major foreign exchange centres around the world. For details on the websites of these committees, see 'Related Links'.

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Related Links

• London Foreign Exchange Joint Standing Committee Global Operational Managers Conference
  Theme: Foreign Exchange Operational Risk and Challenges in the 21st Century
• Other Foreign Exchange Committee Websites
  List of relevant external links.
• Published Material on Markets
  Relevant material and news releases.
• Speeches on Markets
  Speeches given by Bank personnel on Markets.

Freedom of Information

• The Bank's Publication Scheme