The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Operations and Legal Sub-Committees. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
Date of meeting: 18 March 2026
Time: 14:00 – 16:00 | Location: Bank of England, Threadneedle Street, EC2R 8AH
James Kaye (Chair, HSBC) welcomed new Committee members: Ellie McCormack (FCA) replacing Oliver McCausland, and Hendrik van der Merwe (Northern Trust) replacing Nikki Woodley. Adam Jukes (Deutsche Bank) was welcomed as an observer. The minutes from the 24 November 2025 combined FXJSC Operations and Legal Sub-Committee meeting were agreed. The Chair provided an overview of the November 2025 Main Committee meeting. Members had discussed recent foreign exchange (FX) market developments, including growth in the FX options market. The Main Committee also discussed the Bank for International Settlements (BIS) 2025 Triennial Survey turnover results. The Chair introduced the agenda item and provided context on the geopolitical backdrop and elevated FX volumes, including increased reliance on core FX market infrastructure and operational resilience. The Chair opened the discussion and members collectively noted that, despite increased FX volumes and market volatility, there had been no material operational issues identified. Loic Moreau (LSEG) provided an overview of FX clearing developments in 2026. The presentation covered trends in LSEG’s cleared volumes and market penetration across key FX products. The presentation also highlighted continued growth in cleared activity, increased client participation, and recent developments in product scope, connectivity and clearing infrastructure. Eleanor Garrett (Bank of England) provided an update on the finalised framework for Committee communications and convening arrangements during potential or realised resilience issues, specifically when wider sector resilience groups have not convened. In order to support effective implementation of the framework, a test to convene the group was conducted in December 2025, with a second test planned for 2026. Dean Chard (Swift) noted recent updates to FX-related Swift standards, including Category 3 messages that were due to go live in November 2026, and highlighted the move towards more structured data requirements, including the adoption of structured postal address formats. Swift and ISDA had continued to collaborate on the implementation of the updated ISDA FX Definitions. A number of FX messages were expected to align as part of the November 2027 industry transition. Natalie Lovell (Bank of England) provided an update on the work of the GFXC. Ms Lovell noted that the process for the next review of the FX Global Code would commence in the second half of 2026 and would begin with market participant outreach via a GFXC Survey. Ms Lovell gave an update on the GFXC FX Settlement Risk Survey. Andrew Cooper (CLS) reported that FX CLS Settlement values had continued to reach new highs amid heightened market volatility. Mr Cooper noted that recent International Monetary Market (IMM) activity had represented the second largest CLS Settlement day by value and volume on record. Mr Cooper provided an update on progress toward introducing US dollar/Chinese yuan (offshore) payment‑versus‑payment (PvP) settlement. Mr Cooper noted that the service would operate in a ring‑fenced instance of the CLS Settlement service. Further internal governance steps were expected, with implementation remaining subject to multi‑jurisdictional regulatory approval. Finally, Mr Cooper highlighted ongoing work to explore operational and liquidity efficiencies within the CLS Settlement service, reflecting changes in market structure and funding behaviour. Steve Forrest (UBS) provided an update from the Global Foreign Exchange Division (GFXD) Operations Committee. Mr Forrest noted discussions on ongoing operational priorities, including liquidity management and resilience. Mr Forrest also noted ongoing efforts to improve process efficiency across FX operations, particularly in response to operational complexities. Aaron Mills – Citadel (Deputy Chair) Andrew Cooper - CLS Anna Chadderton - Goldman Sachs Daniel Hoye – NatWest Markets Dean Chard – Swift Ellie McCormack – FCA Gail Smith – Royal Bank of Canada (Deputy Chair) Garry Cunningham – Insight Investment Hendrik van der Merwe – Northern Trust James Andrews – JP Morgan James Hull – MillTech FX James Kaye – HSBC (Chair) Kerry Peacock – MUFG Loic Moreau – LSEG Nikki Woodley – Northern Trust Nimit Jobanputra – Deutsche Bank Rebecca Fishwick - Barclays Steve Forrest - UBS Andrew Grice – Bank of England Matthew Hartley – Bank of England Natalie Lovell – Bank of England Adam Jukes - Deutsche Bank Eleanor Garrett - Bank of England Claire Forster-Lee - Morgan Stanley Fiona O’Riordan – Citi Jermain Nooks – Investment AssociationMinutes
Item 1 – Welcome and Apologies
Apologies were noted from Claire Forster-Lee (Morgan Stanley), Fiona O’Riordan (Citi) and Jermain Nooks (Investment Association).Item 2 – Minutes of the November 2025 Meeting and Feedback from the November 2025 Main FXJSC Committee Meeting
Item 3 – Emerging Risks to FX Market Stability: Geopolitical and Cyber Threats
Item 4 – LCH FX Clearing in 2026
Item 5 – Update on Committee Communications Around Resilience Issues
Item 6 – Swift Update
Item 7 – Global Foreign Exchange Committee (GFXC) Update
Item 8 – CLS Update
Item 9 – GFXD Update
Attendees
Observers
FXJSC Secretariat
Apologies
