Minutes of the London FXJSC Main Committee Meeting - 26 June 2025

Minutes

Item 1: Welcome and Apologies

Andrea Rosen (Chair, Bank of England) welcomed Marek Raczko (Barclays) and Scott Harman (London Stock Exchange Group) as guest presenters. Ms Rosen also announced the departures of Richard Purssell (Insight Investment) and Kevin Kimmel (Citadel Securities) and took the opportunity to thank them for their contributions to the FXJSC over the years.

Item 2: March meeting minutes

The minutes of the 13 March 2025 meeting were approved.

Item 3: Market update

Rajesh Venkataramani (Goldman Sachs), Mimi Rushton and Marek Raczko (Barclays) presented an update on recent market developments.

Mr Venkataramani outlined how FX market structure had evolved over time. There had been a decline in the use of primary trading venues and an increase in the use of curated FX liquidity pools. It was also noted that there had been a material increase in FX volumes. Mimi Rushton and Marek Raczko discussed trends around US dollar hedging and factors that could drive future US dollar performance, which included US trade and fiscal policy.

The Committee agreed that although FX market volatility and volumes had been elevated during April 2025, market functioning and liquidity had remained orderly.

Item 4: GFXC update and IOSCO pre-hedging

Natalie Lovell (Bank of England) highlighted the Global Foreign Exchange Committee (GFXC) meeting which would take place on 3-4 July 2025. In addition to updates from the GFXC Working Groups^{footnote [1]} there would also be an update from the International Organization of Securities Commisions (IOSCO) on its Pre-hedging Consultation Report^{footnote [2]} published in November 2024.

There were a range of views expressed by FXJSC members on IOSCO’s recommendations. However, the Committee agreed that the recommendations, particularly on client consent, should align with the FX Global Code and the GFXC’s Pre-Hedging Guidance Paper.

Ms Lovell noted that the GFXC FX Settlement Risk Working Group was currently analysing the impact of the UK/EU move to accelerated securities settlement on the FX market. To aid FX market preparedness ahead of the UK/EU move to T+1 securities settlement in October 2027 the Committee was asked to flag the change to their clients.

Item 5: CME Spot+ update

Paul Houston (CME) provided an update on CME’s FX Spot+ platform which had launched in April 2025.

Item 6: London Stock Exchange Group (LSEG) update

Sally Francis-Cole and Scott Harman (LSEG) provided an update on an issue that had impacted the publication of some of the WM/R FX benchmark rates on 3 April 2025.The root cause had been identified and fixed, and analysis had further identified actions to enhance resilience and review LSEG’s disaster recovery processes which included incident communications.

Item 7: FXJSC Sub-Committee updates

James Kaye (Chair of the FXJSC Operations Sub-Committee) noted that agenda items at the 18 June 2025 meeting had included a presentation from the Bank for International Settlements (BIS) on Project Meridian FX and the FXJSC Operations Sub-Committee’s ongoing work to review its communications during system-wide outages.

Sakshi Gupta gave an overview of the 24 June 2025 FXJSC Legal Sub-Committee meeting which had included a discussion on ISDA’s proposed changes to its FX definitions. The reform of the EU Benchmark Regulation, in particular, the removal of ‘Non- significant’ benchmarks from scope of the regulation, and changes to the scope of the exemption for third-country spot FX benchmarks, was also discussed.

Item 8: Regular updates

Alan Barnes (Financial Conduct Authority (FCA)) noted that the FCA had started to engage with firms and industry associations around the preparedness for the UK move to T+1 securities settlement.

James Kemp highlighted the current EU Benchmarks Regulation (BMR) data consultation which would conclude shortly. This exercise will support future regulatory and market assessments for potential FX benchmark exclusions by the European Commission.

Item 9: Any other business

Andrea Rosen informed the Committee of plans to review other local FX committees’ areas of focus to support FXJSC forward agenda planning.

Attendees

Alan Barnes – Financial Conduct Authority
Andrea Rosen – Bank of England (Chair)
James Kaye (Chair, FXJSC Operations Sub-Committee) – HSBC
James Kemp – Financial Markets Standards Board
Jeremy Smart – XTX Markets
Lisa Dukes – Corporate Representative, Association of Corporate Treasurers
Mani Natarajan – Morgan Stanley
Marc Bayle de Jesse – CLS
Mimi Rushton – Barclays
Neehal Shah – BNP Paribas
Paul Houston – CME Group
Philippe Lintern – Bank of England
Rajesh Venkataramani – Goldman Sachs
Richard Bibbey – HSBC
Richard Purssell – Insight Investment
Sally Francis-Cole – London Stock Exchange Group
Sarah Boyce – Association of Corporate Treasurers
Sarah Collins – UBS Asset Management
Simon Manwaring – NatWest Markets
Sophie Rutherford – State Street
Stephen Jefferies – JP Morgan

FXJSC Secretariat

James O’Connor – Bank of England
Muna Lisimba – Bank of England
Natalie Lovell – Bank of England
Sakshi Gupta (Legal Secretariat) – Bank of England
Shiv Khetia – Bank of England

Guest attendees

Marek Raczko – Barclays
Scott Harman – London Stock Exchange Group

Apologies

Galina Dimitrova – The Investment Association
Kate Hill – Aviva Investors
Nina Moylett – M&G
Sharon Blackman (Chair, FXJSC Legal Sub-Committee) – Citigroup
Vicky Saporta – Bank of England