Global Foreign Exchange Subcommittee
The Global Foreign Exchange Committee (GFXC) represents the collaborative effort between FPL/FIX, ISDA/FpML, and TWIST and focused on standardizing Foreign Exchange (F/X) trading requirements in an industry-led, open, and vendor neutral manner.
- FIX is the industry-standard protocol for trading standardized products defining trading process-related messages, order flow business sematics, and communication transports. FPL principally represents standardized product trading and the F/X requirements of asset managers, dealers, and ECNs.
- FpML is the industry-standard protocol for complex financial products with a focus on documenting and describing OTC Derivatives (privately negotiated) in a legally acceptable manner and in accord with ISDA Master Agreements. ISDA/FpML principally represents non-standardized F/X deals (FpML product definition included within FIX trade flow messages).
- TWIST is a not-for-profit industry group delivering non-proprietary XML-based standards for wholesale financial market transaction processing, commercial payments & collections and working capital finance and cash management. TWIST principally represents the F/X requirements of corporates.
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