The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Operations Sub-Committee. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
Date of meeting: 18 September 2025
Time: 1pm – 3pm | Location: Bank of England, Moorgate Building, 20 Moorgate EC2R 6DA
Item 1 – Welcome and Apologies James Kaye (Chair, HSBC) welcomed guest presenters, Richard Lewis, Sharon Tafura and Paige Benattar (Bank of England) and Andrew Harvey (Global Foreign Exchange Division). The Chair also welcomed Jermaine Nooks (Investment Association) as a new Committee member. Apologies were noted from Andrew Cooper (CLS), Claire Foster Lee (Morgan Stanley), Gary Cunningham (Insight Investment), Nimit Jobanputra (Deutsche Bank), and Nikki Woodley (Northern Trust). The minutes from the 18 June 2025 meeting were agreed. The Chair provided an overview of the June Main Committee meetingfootnote[1], noting that members had discussed recent FX market developments including trends around US dollar hedging and factors that could drive future US dollar performance. The Main Committee also discussed the International Organisation of Securities Commissions (IOSCO’s) pre-hedging recommendations. Richard Lewis, Sharon Tafura and Paige Benattar (Bank of England) presented an update on the Bank of England’s consultation paperfootnote[2] on extending RTGS and CHAPS settlement hours. This included updates on earlier morning settlement, extended contingency windows and bank holiday settlement. Ms Benattar noted that the feedback window for consultation paper 1 would close on 21 October 2025 and encouraged members to engage with the proposals. Members discussed use cases, liquidity considerations, and how the market would need to adapt for near 24/7 settlement. Gail Smith (Deputy Chair, RBC) discussed members’ preparations for the ISO 20022 messaging standard and urged firms to ensure they have plans in place to operationalise the changes ahead of implementation. Andrew Harvey (GFXD) presented an updated version of the Committee’s communications process for managing systemic issues in the FX market. Members discussed a triage model to help validate an issue and considered appropriate channels for communicating incidents within the FXJSC and to the wider FX market. The Committee emphasised the importance of timely communication and discussed the need for a validation framework to assess the severity of emerging issues. Natalie Lovell (Bank of England) noted that the GFXC FX Settlement Working Group was in the process of drafting a discussion paper on the impact on the FX market of the UK, European and Swiss move to T+1 securities settlement. Ms Lovell also noted that the GFXC Secretariat was collaborating with the BIS and the Committee on Payments and Market Infrastructures (CPMI) Secretariat to co-author an article for the BIS Quarterly Review outlining the results of the FX Settlement Survey. Oliver McCausland (FCA) provided an update on the FCA’s European Market Infrastructure Regulation reporting framework review. Mr McCausland noted that the third consultation on the reporting requirements had closed and the FCA is currently reviewing the findings. Jermaine Nooks provided an update on the impact of the UK, European and Swiss transition to T+1 securities settlement on the asset management community in the FX Market. Mr. Nooks also noted that the Hong Kong Exchange was considering a move to T+1 securities settlement alongside the UK and Europe. The Chair informed members that the FX Settlement Playbookfootnote[3], developed by the FXJSC Operations Sub-Committee, had been published on the Cross Market Operational Resilience Group (CMORG) website. Members discussed potential future agenda items, including addressing operational inefficiencies. Aaron Mills – Citadel (Deputy Chair) Anna Chadderton - Goldman Sachs Alison Kett – Bank of England Daniel Hoye – NatWest Markets Fiona O’Riordan – Citi Gail Smith – Royal Bank of Canada (Deputy Chair) James Hull – MillTech FX James Kaye (Chair) – HSBC Jermain Nooks – Investment Association Joe Halberstadt – SWIFT Kerry Peacock – MUFG Loic Moreau – LSEG Natalie Lovell – Bank of England Oliver McCausland – FCA Rebecca Fishwick - Barclays Steve Forrest - UBS Carly Jones (Legal Representative) – Bank of England Joe Hanrahan – Bank of England Munalula Lisimba – Bank of England Andrew Harvey – GFXD Richard Lewis – Bank of England Sharon Tafura – Bank of England Paige Benattar – Bank of England Andrew Cooper - CLS Claire Foster Lee - Morgan Stanley Gary Cunningham - Insight Investment Nimit Jobanputra - Deutsche Bank Nikki Woodley - Northern Trust Andrew Grice – Bank of England Please see the link to the FXJSC Main Committee Meeting Minutes Please see the link to the Consultation Paper Please see the link to the FX Settlement Playbook Minutes
Item 2 – Minutes of the June Meeting and Feedback from the June Main FXJSC Committee Meeting
Item 3 – Extended RTGS Operating Hours
Item 4 – International Organisation for Standardisation (ISO) 20022 Readiness
Item 5 – Review of Committee Communications Around Systemic Issues
Item 6 – Global Foreign Exchange Committee (GFXC) Update
Item 7 – FCA Update
Item 8 – Investment Association Update
Item 9 – Any Other Business
Attendees
FXJSC Secretariat
Guest Attendees
Apologies
