Minutes

Item 1 – Welcome and Apologies

Andrea Rosen (Chair, Bank of England) welcomed Sylvain Duquenoy (RBC Capital Markets) and Myles McGuiness (Financial Markets Standards Board (FMSB)) as new members of the Committee. Ms Rosen noted that going forward Mr McGuiness would represent the FMSB, and James Kemp (Global Financial Markets Association (GFMA)) would continue as a Committee member. Ms Rosen announced that Edward Wicks (Legal and General Asset Management) had also joined the Committee and would attend the November meeting.

Ms Rosen explained that Philippe Lintern would be leaving the Bank of England and thanked him for all his valuable contributions to the Committee over the years.

Ms Rosen welcomed guest presenters Erik Norland (CME Group), Michael Metcalfe (State Street), Anna Koch, Richard Lewis and Cameron Brooks (Bank of England).

Ms Rosen noted apologies from Galina Dimitrova (The Investment Association) and welcomed Hugo Gordon as her alternate. Ms Rosen also noted apologies from James Ellery (Goldman Sachs), Mimi Rushton (Barclays) and Stephen Jefferies (JPMorgan).

Item 2 – March Meeting Minutes

The minutes of the 26 March 2026 meeting were approved.

Item 3 – Market Update

Erik Norland (CME Group) and Michael Metcalfe (State Street) presented an update on FX market developments.

Mr Norland described developments across asset classes, including historic cross-asset correlations and the impact on the global economic outlook. Mr Norland explained how the evolving macro narrative could impact the FX market.

Mr Metcalfe presented recent asset allocation trends and discussed FX hedging dynamics and implications for investor positioning flows. Mr Metcalfe also described how monetary policy and geopolitical developments continued to influence the FX market.

The Committee discussed themes around reserve currencies, gold and retail participation in financial markets. The Committee also reflected on ongoing developments in the Middle East, equity valuations, Artificial Intelligence (AI), and the potential impact on the FX market.

Item 4 – Updates from GFXC meeting

Natalie Lovell (Bank of England) and James Kemp (GFMA) gave a read out from the Global Foreign Exchange Committee (GFXC) meeting which had taken place on 4-5 June.

Ms Lovell highlighted that a GFXC Technology and Innovation Working Group had been created, and outlined preparations for the 2027 review of the FX Global Code. Ms Lovell also gave an update on FX settlement risk data collection and noted that the April 2025 BIS Settlement Survey results had been published.

Ms Lovell explained that the GFMA had joined the GFXC Partner Network - an initiative aimed at fostering engagement with relevant organisations and strengthening adoption of the FX Global Code. Mr Kemp noted that the trade allocation process, Markets in Financial Instruments Directive (MiFID) trade reporting, and the impact of Standardised Approach for Counterparty Credit Risk (SA‑CCR) were key areas of focus for the GFMA’s Global Foreign Exchange Division (GFXD).

Item 5 – RTGS and CHAPS extended settlement hours

Anna Koch and Richard Lewis (Bank of England) presented an update on extending RTGS and CHAPS settlement hours.

Ms Koch and Mr Lewis set out the Bank of England’s plan to move towards near 24/7 RTGS and CHAPS settlement, and highlighted the publication of a Consultation Paper which sought stakeholder feedback on the implications of the move and proposed next steps.

The Committee discussed the potential implications of extended settlement hours on FX market structure. Committee members highlighted financial stability considerations, including the need for appropriate mechanisms to support resolution in a near 24/7 environment. The Committee also acknowledged the scale of investment required, the need for further work with industry, and the potential challenges for treasury and funding models.

Item 6 – FXJSC Sub-Committee updates

James Kaye (Chair, FXJSC Operations Sub-Committee, HSBC) and Sharon Blackman (Chair, FXJSC Legal Sub-Committee, Citigroup) provided updates on the FXJSC sub-Committee meetings held on 16 June.

Mr Kaye noted that the FXJSC Operations Sub-Committee had covered several payment themed topics, focused on atomic settlement, cross border payments and tokenisation.

Ms Blackman outlined the FXJSC Legal Sub-Committee’s ongoing review of the FXJSC Competition Guidelines and the Legal Sub-Committee Terms of Reference.

Item 7 – Regular Updates

Oliver McCausland (FCA) and Myles McGuiness (FMSB) provided updates from the FCA and FMSB.

Mr McCausland highlighted the FCA and Bank of England Transaction and Post-trade Reporting Harmonisation Review and the Taskforce that had been established to support it.

Mr McGuiness outlined ongoing FMSB work, including a review on the application of Artificial Intelligence (AI) in financial markets, and the key governance considerations around its use.

Item 8 – Any other business

Andrea Rosen noted that the bi-annual review of the FXJSC Terms of Reference was underway.

Ms Rosen announced that the September FXJSC meeting would include a networking event as part of the Bank of England’s Meeting Varied People (MVP) Initiative.

Attendees

James Kaye – HSBC (Chair, FXJSC Operations Sub-Committee)

James Kemp – Financial Markets Standards Board

Lisa Dukes – Corporate Representative, Association of Corporate Treasurers

Myles McGuinness – Financial Markets Standards Board

Oliver McCausland – Financial Conduct Authority

Sally Francis-Cole – London Stock Exchange Group

Sarah Boyce – Association of Corporate Treasurers

Sharon Blackman – Citigroup (Chair, FXJSC Legal Sub-Committee)

Alternates

Hugo Gordon – The Investment Association

Guest presenters

FXJSC Secretariat

Apologies

Edward Wicks – Legal and General Asset Management

Galina Dimitrova - The Investment Association