The Bank of England provides the Secretariat to the London Foreign Exchange Joint Standing Committee (FXJSC) Legal Sub-Committee. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
Date of meeting: 16 June 2026
Time: 2pm – 3.30pm | 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 March 2026 were approved. The discussion focused on a comprehensive update on the 2026 FX Definitions, covering the transition from the 1998 definitions, key substantive changes, SWIFT implementation, and supporting materials for firms. The four-year program launched in 2024 is now in implementation phase, with a SWIFT change request submitted ahead of their June 4th deadline. SWIFT rulebook changes are expected over the summer and transition to the new FX Definitions in November 2027 (after which the 1998 definitions will cease to apply). Key Updates Discussions between ISDA and local banking associations are ongoing. Non material amendments have been made to the competition law guidance. Review and comments were invited from the group, particularly to the introductory paragraph and references to the Sub Committees. It was noted that most substantive changes to the subcommittee terms of reference relate to the operation of the legal subcommittee and the introduction of the deputy chair role. The group was invited to provide any final comments to the Secretariat. The Chair confirmed the appointment of the Deputy Chair (Tamsin Rolls) with no objections from the group. The group considered revisiting legal issues relating to the use of AI in the FX markets, particularly its application in algorithmic trading and related competition law and market practices. The upcoming policy paper on stablecoins and digital transformation was also noted, and it was suggested that the group revisit these topics once new regulatory documents are published. No AOB raised. Sharon Blackman (Chair) – Citigroup David Harris – Financial Conduct Authority Simon Goldsworthy – Deutsche Bank Rowland Stacey – Goldman Sachs Joanne Napleton - London Stock Exchange Group Tamsin Rolls – JP Morgan Chase Stephanie Cayer – NatWest Gaynor Wood – CLS Mayank Patel – Bank of America Jonathan Grant – Bank of England Matthew Hartley – Bank of England Leanne Aubard – Bank of England Ann Battle – ISDA Jonathan Martin – ISDA Harkamal Singh Atwal – HSBC Krisha Somaiya – UBS Nimisha Kanabar - Morgan Stanley Rakesh Shah – Standard Chartered Sunil Samani - XTX MarketsMinutes
Item 1: Introduction
Item 2: Minutes of 17 March Legal Sub-Committee
Item 3: ISDA Update – FX Definitions & Non-Deliverables (ISDA – Ann Battle and Jonathan Martin)
Program Timeline and SWIFT Transition:
Item 4: Competition Law Guidance Refresh
Item 5: Approval of Terms of Reference and Deputy Chair Appointment
Item 6: Topics for discussion at Future Meetings
Item 7: Any other business
Attendees
FXJSC Legal Sub-Committee Secretariat
Guest attendees
Apologies
