Minutes of the London FXJSC Operations Sub-Committee Meeting – 18 March 2026

Minutes

Item 1 – Welcome and Apologies

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.

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

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.

Item 3 – Emerging Risks to FX Market Stability: Geopolitical and Cyber Threats

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.

Item 4 – LCH FX Clearing in 2026

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.

Item 5 – Update on Committee Communications Around Resilience Issues

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.

Item 6 – Swift Update

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.

Item 7 – Global Foreign Exchange Committee (GFXC) Update

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.

Item 8 – CLS Update

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.

Item 9 – GFXD Update

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.

Attendees

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

Observers

Adam Jukes - Deutsche Bank

FXJSC Secretariat

Eleanor Garrett - Bank of England

Apologies

Claire Forster-Lee - Morgan Stanley

Fiona O’Riordan – Citi

Jermain Nooks – Investment Association