Minutes of the London FXJSC Main Committee Meeting – 26 March 2026

Minutes

Item 1: Welcome and Apologies

Andrea Rosen (Chair, Bank of England) welcomed James Ellery (Goldman Sachs) and Oliver McCausland (FCA) to the Committee.Ms Rosen also welcomed Alina Ishmuratova (JPMorgan), Paul Robson (NatWest Markets) and Vasileios Gkionakis (Aviva Investors) as guest presenters; and Mark Wyatt (Barclays) as an observer.Ms Rosen announced that Alan Barnes (FCA), Nina Moylett (M&G) and Richard Bibbey (HSBC) would be stepping down from the Committee and thanked them all for their longstanding contributions. Ms Rosen also noted that Jatin Vara had departed from the Committee following his move from BlackRock and thanked him for his contributions.Ms Rosen noted apologies from Galina Dimitrova (The Investment Association), with Hugo Gordon attending as her alternate.

Item 2: November Meeting Minutes

The minutes of the 27 November 2025 were approved.

Item 3: Market Update

Paul Robson (NatWest Markets) and Vasileios Gkionakis (Aviva Investors) presented an update on recent FX market developments.Mr Robson provided an overview of UK‑related drivers for sterling performance, noting that sterling had remained relatively resilient, supported by interest rate differentials and easing political risk premia, and discussed the potential implications of the Middle East conflict for sterling.Mr Gkionakis discussed the outlook for the US dollar, noting that developments in the Middle East had supported short‑term safe‑haven demand for the US dollar, while longer‑term structural factors would impact US dollar performance going forward. Mr Gkionakis emphasised that the duration of the supply shock from the Middle East conflict would be an important driver of near‑term currency dynamics.The Committee discussed current market conditions, noting the cautious “wait‑and‑see” behaviour in FX which was reflected in the moderate observed FX volatility since the beginning of the Middle East conflict. The Committee highlighted that FX market functioning had remained orderly, although noted that the start of the conflict had been challenging as the market digested the news.

Item 4: FXJSC Turnover Survey Results

Muna Lisimba (Bank of England) presented the key findings of the October 2025 FXJSC Turnover Survey. Mr Lisimba noted that daily average FX turnover had declined by 5% survey-on-survey to $3,850 billion following the record high April 2025 survey, but was 20% higher year-on-year. Mr Lisimba highlighted that FX swap activity was the main driver of turnover in October, despite lower volumes across most other FX instruments. Mr Lisimba also noted that the composition of turnover by currency pair remained broadly unchanged, with USD/EUR continuing to be the most traded currency pair.

Item 5: Digital Assets in FX

Alina Ishmuratova (JPMorgan) presented an overview of emerging digital asset use cases in FX, including intraday FX funding and settlement solutions supported by distributed ledger technology. Ms Ishmuratova outlined the potential benefits of such solutions, including balance sheet optimisation, enhanced transparency and reduced settlement risk.

Ms Ishmuratova noted that adoption of digital asset solutions had been slow so far, as the FX market continued to assess the use cases for these new technologies.

The Committee discussed current levels of adoption and generally agreed that these technologies were not yet being actively used across mainstream FX markets and discussed potential drivers for increased adoption.

Item 6: GFXC Update

Natalie Lovell (Bank of England) provided an update on the work of the Global Foreign Exchange Committee (GFXC). Ms Lovell noted that preparations were underway for the upcoming FX Global Code review and outlined ongoing work on FX settlement data, including that of the Bank for International Settlements (BIS) to refine and publish the April 2025 FX settlement survey data.

Lisa Dukes (Association of Corporate Treasurers) provided an update on recent outreach activities, including a CFA webinar series and ongoing work on the concept of proportionality in Statements of Commitment.

Ms Dukes also presented on the GFXC corporates’ letter, outlining its purpose in encouraging broader corporate engagement with the FX Global Code and discussed expected next steps. Ms Dukes noted that the letter had been shared with Local FX Committees for wider distribution and invited Committee members to support outreach efforts to corporates.

Item 7: FXJSC Sub-committee Updates

James Kaye (Chair of the Operations Sub-Committee) provided an update on recent work related to market resilience. Mr Kaye highlighted the publication of the workflow on the Cross Market Operational Resilience Group (CMORG) website, which sets out escalation arrangements for a market-wide sterling disruption event.

Sharon Blackman (Chair of the Legal Sub-Committee) provided an update on recent discussions, including developments in EU benchmark and stablecoin regulation. Ms Blackman noted that the changes to the scope of EU benchmark regulation included adjustments to the criteria for determining whether certain FX benchmarks fell within the scope of the new regulation.

Item 8: Regular Updates

James Kemp (Financial Markets Standards Board) provided a brief update on recent FX market structure developments. Mr Kemp noted that FX trade allocations remained a key area of focus in the FX market. Mr Kemp suggested that potential provisions for good market practice on trade allocations should be considered as part of any future Code review. Additional material can be found in a recent Global FX Division paper^{footnote [1]}.

Mr Kemp provided an update on pre-hedging, noting that the Financial Markets Standards Board (FMSB) was considering whether further guidance would be beneficial, and extent to which recent IOSCO guidance may need to be reflected in the Code.

Mr Kemp also highlighted recent developments related to UK benchmark regulation (BMR), including the recent UK consultation paper^{footnote [2]}, and flagged that this raises the need to explore potential exemptions for certain overseas benchmarks used for deliverable forwards (as recently enacted in the EU). Mr Kemp also briefly noted ongoing GFXD discussions around FX settlement finality considerations across a number of non-CLS jurisdictions.

Attendees

Andrea Rosen – Bank of England (Chair)

James Ellery – Goldman Sachs

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

James Kemp – Financial Markets Standards Board

Jeremy Smart – XTX Markets

Kate Hill – Aviva Investors

Lisa Dukes – Corporate Representative, Association of Corporate Treasurers

Mani Natarajan – Morgan Stanley

Marc Bayle de Jesse – CLS

Mimi Rushton – Barclays

Neehal Shah – BNP Paribas

Nina Moylett – M&G

Oliver McCausland – FCA

Paul Houston – CME Group

Philippe Lintern – Bank of England

Richard Bibbey – HSBC

Sally Francis-Cole – London Stock Exchange Group

Sarah Boyce – Association of Corporate Treasurers

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

Simon Manwaring – NatWest Markets

Sophie Rutherford – State Street

Stephen Jefferies – JP Morgan

Alternates

Hugo Gordon – The Investment Association

Guest attendees

Alina Ishmuratova – JPMorgan

Paul Robson – NatWest Markets

Vasileios Gkionakis – Aviva Investors

Observers

Mark Wyatt – Barclays

FXJSC Secretariat

Muna Lisimba – Bank of England

Natalie Lovell – Bank of England

Sakshi Gupta – Bank of England

Shiv Khetia – Bank of England

Apologies

Galina Dimitrova – The Investment Association