Regulatory News
Bank of England minutes flag FX definitions, T+1 and CHAPS plans
The Bank of England released June minutes from the FXJSC legal, operations and main committees, covering FX Definitions 2026, T+1 securities settlement, SWIFT, CLS and RTGS/CHAPS.
- Legal sub-committee approved its 17 March 2026 minutes and discussed FX Definitions 2026 implementation.
- Operations sub-committee agreed its 18 March 2026 minutes and reviewed wholesale FX innovation, T+1 settlement and SWIFT changes.
- Main committee approved its 26 March 2026 minutes and heard updates on RTGS and CHAPS hours, GFXC work and FCA/FMSB items.
Action
The Bank of England published minutes from FXJSC legal, operations and main committee meetings held in June 2026.
The legal sub-committee discussed the 2026 FX Definitions, competition law guidance, its terms of reference and future topics including AI in FX markets.
The operations sub-committee covered wholesale FX innovation, T+1 securities settlement, SWIFT updates, GFXC work, CLS activity, GFXD issues and FCA developments.
The main committee heard updates on market conditions, GFXC activity, near 24/7 RTGS and CHAPS settlement, sub-committee work, and regular FCA and FMSB updates.
Respondents
The legal sub-committee minutes name Sharon Blackman as chair. Guest attendees included Ann Battle and Jonathan Martin of ISDA.
The operations sub-committee minutes name James Kaye as chair. Presenters included Bank of England, Swift, CLS, FCA and UBS representatives.
The main committee minutes name Andrea Rosen as chair. Guest presenters included Erik Norland of CME Group, Michael Metcalfe of State Street, Anna Koch, Richard Lewis and Cameron Brooks of the Bank of England.
Effective
The legal sub-committee meeting took place on 16 June 2026 at the Bank of England, Threadneedle Street, London.
The operations sub-committee met on 16 June 2026 at the Bank of England’s Moorgate Building in London.
The main committee met on 24 June 2026 in virtual format.
The main committee said the Bank of England plan is to move towards near 24/7 RTGS and CHAPS settlement.
Penalty
No penalty, charge or fine was reported in the minutes.
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