To mark the anniversary of the FXJSC, founded in November 1973, Andrew Bailey surveys some of the key thematic changes seen in FX markets over the past 50 years – from the role of currencies in macroeconomic frameworks; to the huge diversification in the range of market participants, the trading and settlement technologies they use; and the evolving toolkit needed to maintain safety, soundness and financial stability. Against that dynamic backdrop, two features of the market have remained constant – the UK’s position as the largest single FX centre; and the important role played by the FXJSC as a forum for facilitating market functioning, in both calm and unsettled times. The strengths of the FXJSC model has seen it adopted by many other national centres, as well as the Global Foreign Exchange Committee, established in 2017 to own the new FX Global Code.
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