Regulatory News
Bank of England FXJSC minutes flag 2027 FX definitions shift
Bank of England FXJSC minutes on 16 June and 24 June 2026 covered the 2026 FX Definitions rollout, SWIFT changes and a November 2027 transition.
- The Legal Sub-Committee discussed the 2026 FX Definitions and a November 2027 transition.
- The Operations Sub-Committee heard updates on Swift messaging, CLS activity and wholesale FX innovation.
- The Main Committee reviewed market developments, RTGS and CHAPS extended hours, and sub-committee updates.
Action
The Bank of England’s FXJSC sub-committees and Main Committee met in June 2026. The minutes covered the 2026 FX Definitions, SWIFT changes, market updates and ongoing policy work.
The Legal Sub-Committee discussed the 2026 FX Definitions programme, which launched in 2024 and is now in implementation. SWIFT rulebook changes are expected over the summer, with transition to the new definitions in November 2027.
The Operations Sub-Committee heard an update on work to support innovation in wholesale FX markets and improve cross-border settlement. It also discussed the planned move to T+1 securities settlement in the UK and Europe.
The Main Committee heard updates on FX market developments, the GFXC, extended RTGS and CHAPS settlement hours, and reviews of FXJSC terms of reference.
Members
On 16 June, Sharon Blackman chaired the Legal Sub-Committee. The minutes recorded a deputy chair appointment for Tamsin Rolls, with no objections from the group.
On 16 June, James Kaye chaired the Operations Sub-Committee. The committee welcomed Adam Jukes of Deutsche Bank and Jonathan Morris of Goldman Sachs as replacements, and Adam Paris of MUFG as an observer.
On 24 June, Andrea Rosen chaired the Main Committee. The committee welcomed Sylvain Duquenoy of RBC Capital Markets and Myles McGuiness of the Financial Markets Standards Board as new members, and Edward Wicks of Legal and General Asset Management had also joined.
Effective
The Legal Sub-Committee said the transition to the new FX Definitions is expected in November 2027. The Operations Sub-Committee said updates linked to the Swift transition are expected to form part of that November 2027 transition.
The Operations Sub-Committee also noted a planned major technical cutover of CLS data centres at the end of June.
Penalty
No penalty or enforcement action was reported in the minutes.
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