Minutes
Item 1 – Welcome and Apologies
James Kaye (Chair, HSBC) welcomed new Committee members: Adam Jukes (Deutsche Bank) replacing Nimit Jobanputra, and Jonathan Morris (Goldman Sachs) replacing Anna Chadderton.
Adam Paris (MUFG) was welcomed as an observer.
Apologies were noted from Andrew Grice (Bank of England), Claire Forster-Lee (Morgan Stanley), Daniel Hoye (NatWest Markets), Fiona O’Riordan (Citi), Gail Smith (Royal Bank of Canada), Hendrik van der Merwe (Northern Trust), James Hull (MillTech FX) and Jermain Nooks (Investment Association).
Item 2 – Minutes of the March 2026 Operations Sub-Committee Meeting and Feedback from the March 2026 Main FXJSC Committee Meeting
The minutes from the 18 March 2026 FXJSC Operations Sub-Committee meeting were agreed.
The Chair provided an overview of the March 2026 Main Committee meeting. Members had discussed recent FX market developments, noting that FX markets had remained orderly despite geopolitical uncertainty and a broadly cautious environment. Members received updates on FX turnover survey results, the potential role of digital assets in FX, and ongoing Global Foreign Exchange Committee (GFXC) work including preparations for the 2027 FX Global Code review, FX settlement data collection and corporate outreach.
Item 3 – Wholesale FX Innovation
John Jackson, Pablo Sanchez Zapata and Regis Bouther (Bank of England) provided an update on work to support innovation in wholesale FX markets and improve cross border settlement. The presentation included an overview of policy and international collaboration initiatives, and early stage experimentation to explore how new approaches could enhance FX settlement efficiency and resilience.
The Committee discussed key limitations, potential use cases and timelines, and the presenters agreed to return once the technical and policy reports arising from the ongoing experimentation had been finalised.
Item 4 – T+1 Securities Settlement
Dhruv Manocha and Holly Snaith (Bank of England) provided an overview of the planned move to T+1 securities settlement in the UK and Europe from a back office perspective. Mr Manocha highlighted the impact the transition would have on settlement lifecycles, key UK/EU differences, and the need for earlier trade processing. The Bank’s initial preparations as both a custodian and market participant were also outlined.
The Committee discussed potential implications of the move to T+1 securities settlement on the FX market, noting limited systemic concerns but highlighting the importance of preparedness and operational clarity.
Item 5 – Swift Update
Dean Chard (Swift) provided an update on ongoing collaboration with the International Swaps and Derivatives Association (ISDA) to revise FX Category 3 messaging standards. This included three change requests submitted by ISDA, which Mr Chard noted would be shared for industry consultation. All updates were expected to form part of the November 2027 transition.
Item 6 – Global Foreign Exchange Committee (GFXC) Update
Natalie Lovell (Bank of England) provided an update on GFXC initiatives, including the publication of the Bank for International Settlements (BIS) FX settlement data1 and next steps for the FX Settlement Risk Working Group. Ms Lovell also outlined plans for publishing the GFXC’s semi-annual FX settlement data. Ms Lovell reported on broader GFXC working group activity and noted that a new Technology and Innovation Working Group had been formed. Finally, Ms Lovell outlined preparations for the 2027 FX Global Code review.
Item 7 – Continuous Linked Settlement (CLS) Update
Andrew Cooper (CLS) summarised recent CLS activity, noting continued high settlement volumes amid ongoing market volatility, with potential record values on the forthcoming International Monetary Market (IMM) settlement day. Mr Cooper flagged a planned major technical cutover of CLS data centres at the end of June, highlighting that this represented a significant technology change and that firms should remain operationally prepared. Finally, Mr Cooper reported on progress toward introducing US dollar/Chinese yuan (offshore) CLS settlement.
Item 8 – Global Foreign Exchange Division (GFXD) Update
Steve Forrest (UBS) provided an update from the Global Foreign Exchange Division (GFXD) Operations Committee. Mr Forrest noted ongoing work across several areas including improvements to non-deliverable forward (NDF) messaging practices, future priorities for the 2027 workplan, and increased focus on themes such as artificial intelligence (AI), netting and custodial issues. Mr Forrest highlighted a rise in FX claims and associated operational challenges, with further work underway to explore greater transparency and accountability. Mr Forrest referenced ongoing industry engagement on upcoming Swift changes and ISDA definitions, noting the importance of ensuring these remain on firms’ radar.
Item 9 – Financial Conduct Authority (FCA) Update
Ellie McCormack (FCA) outlined ongoing FCA activity, noting continued collaboration with the Bank on regulatory developments including European Market Infrastructure Regulation (EMIR) and Markets in Financial Instruments Directive (MiFID). Ms McCormack highlighted the establishment of an industry transaction reporting and post-trade working group, established jointly by the Bank and FCA, and noted upcoming BIS‑related discussions and further work on wholesale markets.
Attendees
Observers
FXJSC Secretariat
Gail Smith – Royal Bank of Canada (Deputy Chair)