South African Foreign Exchange Committee - SAFXC
The South African Foreign Exchange Committee (SAFXC) is a forum representing industry-wide key market professionals involved in the wholesale foreign exchange market under the sponsorship and leadership of the South African Reserve Bank (SARB). The processes to establish the SAFXC commenced after South Africa became a member of the Global Foreign Exchange Committee in May 2017 (see https://www.globalfxc.org/ for more detail).
The purpose of the Committee is to provide guidance in the foreign exchange market by endorsing and upholding the FX Global Code and to facilitate market participants’ adherence to the Code with the intention of promoting a fair and transparent market, as well as compliance with international best practice.
The South African Foreign Exchange Committee is chaired by Mr Zafar Parker, Senior Manager: Market Intelligence and Operations, SARB, while Mr David Gracey, Head: Currency & Derivatives Trading has been elected as Deputy Chairperson. The Committee shall meet at least four times per annum.
Membership of the Committee comprises SARB officials; representatives from Authorised Dealers; the interdealer broker community; the Association for Savings and Investment South Africa; Association Cambiste International (ACI) South Africa; the Banking Association South Africa; a securities exchange and the Association of Corporate Treasurers of Southern Africa; and other market participants; as determined by the Committee.
The following are the functions of the Committee:
to endorse, actively promote and uphold the non-legislative FX Global Code, and contribute to its updating;
to promote compliance with international best practice;
to discuss the functioning of the South African FX market and propose ways to improve its efficiency;
to discuss topical issues relating to spot and derivative trading activities in the domestic FX market; and
to exchange views on trends and developments in global FX markets, including the structure and functioning of those markets.
Mr Zafar Parker
+27 12 313 4707
Mr David Gracey
+27 11 286 4807
Ms Lucy Mabuza
+27 12 313 4537
Ms Mpumi Ngwenya
+27 12 313 4950