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Date of meeting: 26 November 2024
Time: 3pm – 4.30pm | Location: Bank of England, Threadneedle St, London, EC2R 8AH
The Chair (Sharon Blackman) opened the meeting, welcoming those online and in person. The minutes of the meeting of 17 September 2024 were approved. Over the summer of 2024 a sub-group of the Operations Sub-Committee reviewed the crisis management playbook, which was last published in October 2018. Since 2018, operational resilience has changed dramatically, which has prompted Critical Third Parties like CLS to review their resilience, reflecting the advancements that have been made. As a result, it was decided to amend the settlement crisis playbook to principles-based guidance instead of the previous prescriptive approach focussed on a specific scenario. Members of the Operations Sub-Committee have been asked to review the playbook in their respective organisations, so it is ready to be used. It was highlighted that the intention is for this version to be published once approved. The Secretariat agreed to share the Playbook with the members following the meeting. Ali Moussavi provided an overview of the Bank of England’s approach to innovation in money and payments Discussion Paper published on 30 July 2024. Mr Moussavi highlighted that innovation in money and payments presents opportunities and risks for central banks’ monetary and financial stability objectives. Therefore, central banks should actively engage with these innovations. Members discussed how the paper was not yet a proposal of future policy and how the next steps are to engage with consumers of wholesale financial markets. They also discussed what is happening elsewhere in the world and the importance of sandboxes to test. The members agreed that there was a lot to think about from a legal perspective once we get to that point. The Chair asked for members to think about future topics for discussion but suggested a look back/look forward for regulatory review when they meet on 5 March 2025. Sharon Blackman (Chair) – Citigroup David Harris – Financial Conduct Authority Simon Goldsworthy – Deutsche Bank John Smart - Bank of America Merrill Lynch Rowland Stacey – Goldman Sachs Joanne Napleton - London Stock Exchange Group Tamsin Rolls – JP Morgan Chase Stephanie Cayer – NatWest Gaynor Wood – CLS Sakshi Gupta – Bank of England Matthew Hartley – Bank of England Carly Jones – Bank of England Kerry Peacock - MUFG Gail Smith – RBC Capital Markets James Kaye - HSBC Ali Moussavi – Bank of England Harkamal Singh Atwal – HSBC Mayank Patel – Bank of America Nimisha Kanabar - Morgan Stanley Rakesh Shah – Standard Chartered Sunil Samani - XTX Markets Baljit Saini – NatWest Krisha Somaiya – UBSMinutes
Minute 1: Introduction
Minute 2: Minutes
Minute 3: An update on the CLS Playbook (FXJSC Operations Sub-Committee - James Kaye (Chair), Gail Smith (Deputy Chair) and Kerry Peacock (Deputy Chair))
Minute 4: Bank of England’s approach to innovation in money and payments discussion paper (Ali Moussavi (Bank of England))
Minute 5: Any other business
Attendees
FXJSC Legal Sub-Committee Secretariat
Guest attendees
Apologies
