The Foreign Exchange Professionals Association (FXPA)

As a member of FXPA, your firm can add its voice to the evolving FX market structure, lending your valuable insights and perspectives to the group’s work across a variety of topics. The FXPA was created in September 2014 to represent the collective interests of professional foreign exchange market participants to advance a sound, liquid, transparent and competitive global currency market to policymakers and the marketplace through education, research and advocacy.


The FXPA is uniquely comprised of the full spectrum of FX market participants. The FXPA was designed as a multi-faceted group that addresses structural development issues in a collaborative way, providing a 360-degree view on industry issues.

This approach engenders trust, as FXPA does not represent the interests of a single sector of the market, but welcomes the unique views of all market participants. The broad range of views provided by the diverse membership of FXPA – which includes the buy side, exchanges and clearing houses, trading platforms, technology companies, banks and non-bank market participants, among others – is embedded in FXPA’s organizational construct to ensure a wide representation of the professional FX market.

FXPA is a consensus-driven organization. This approach enables our members to come together on a variety of essential topics to produce views that represent a market with many facets. This positions FXPA as an important resource for policymakers and legislators, because our membership diversity means we can provide an array of perspectives – from buy side to sell side to technology providers – on the many components of the FX industry, with the common goal of maintaining a well-functioning FX market.


FXPA fills a gap in the industry for a trade association that can provide advocacy for the FX industry as a whole. The FXPA was in part formed as a resource for regulators and policymakers to provide a diversity of perspectives on topics of importance to the FX industry, such as how the market functions and how rules are (and may) impact different parties.

Just how banks, clients, exchanges, platforms and technology providers are being impacted by a variety of rules can be represented by the members of FXPA to those creating and enforcing these rules. Likewise, the self-regulatory measures being undertaken by the industry can be communicated through ongoing dialogue with regulators and legislators around the globe.


In addition to advocacy, FXPA is undertaking a number of educational initiatives, for regulators and legislators, but also for the general public and importantly, the mainstream media so reporting on the industry may be accurate and informed. FXPA has produced three educational papers ranging from a general overview of how the FX market operates, to papers that drill down into the issues impacting the industry – FX Benchmarks and Fixings, and Last Look.


As a member of FXPA, you are invited to lend your perspective to the group’s comments on a variety of topics. As FXPA grows and develops, your institution can be part of the dialogue as we continue to discuss industry issues with regulators and legislators, produce comment letters, white papers and best practices.

Since its September 2014 launch, FXPA has:

    • Submitted a response to ESMA on an NDF clearing mandate
    • Issued a statement on FEMR’s Final Report on recommendations for restoring trust in wholesale Fixed Income, Currency and Commodity (FICC) markets
    • Issued a statement on ESMA’s Final Benchmark Recommendations
    • Issued a statement on CFTC’s Consideration of a Clearing Requirement for Non-Deliverable Forwards
    • Published educational papers on: FX Market Overview; FX Benchmarks & Fixings; Last Look
    • Held meetings with legislative and regulators in Washington, DC
    • Met with regulators in Singapore
    • Submitted comments calling for an FX Exemption to the SEC’s proposed rules for fund managers’ use of derivatives

Leadership & Governance

The FXPA’s permanent Board of Directors includes participation from a broad spectrum of institutional FX market participants. The Board reflects the diversity of FXPA’s membership and encourages participation from members of different types, sizes and levels of market activity.

FXPA Members – 2024:

Founders Council:


Cboe Global Markets

CME Group

State Street Global Markets

Supporting Members:




Advisory Members:



Colorado PERA

Eaton Vance

Fidelity International

Insight Investment