Minutes of the London FXJSC Operations Sub-Committee Meeting – 18 September 2025

Minutes

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).

Item 2 – Minutes of the June Meeting and Feedback from the June Main FXJSC Committee Meeting

The minutes from the 18 June 2025 meeting were agreed.

The Chair provided an overview of the June Main Committee meeting^{footnote [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.

Item 3 – Extended RTGS Operating Hours

Richard Lewis, Sharon Tafura and Paige Benattar (Bank of England) presented an update on the Bank of England’s consultation paper^{footnote [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.

Item 4 – International Organisation for Standardisation (ISO) 20022 Readiness

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.

Item 5 – Review of Committee Communications Around Systemic Issues

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.

Item 6 – Global Foreign Exchange Committee (GFXC) Update

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.

Item 7 – FCA Update

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.

Item 8 – Investment Association Update

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.

Item 9 – Any Other Business

The Chair informed members that the FX Settlement Playbook^{footnote [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.

Attendees

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 Andrews – JP Morgan

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

FXJSC Secretariat

Carly Jones (Legal Representative) – Bank of England

Joe Hanrahan – Bank of England

Munalula Lisimba – Bank of England

Guest Attendees

Andrew Harvey – GFXD

Richard Lewis – Bank of England

Sharon Tafura – Bank of England

Paige Benattar – Bank of England

Apologies

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