In any event, such a call for more transparency does not obviate the importance of having a more sophisticated legal framework and practical arrangements for sharing confidential data among the relevant authorities in order to support their respective tasks.
The Global Foreign Exchange Committee (GFXC), which was established last year, is a forum that is exclusively dedicated to promoting the highest standards of conduct and a robust, fair, liquid, open and appropriately transparent FX market. Integrity, compliance and accountability have become even more important as the set of market players has grown more diverse.