Australian Foreign Exchange Committee (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 above introduction has been take from Australian Foreign Exchange Committee's official site. The site can be visited at http://www.rba.gov.au/AFXC/


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