London FXJSC Operations Sub-Committee Meets on FX Clearing and Resilience
On 18 March 2026, the Operations Sub-Committee of the London Foreign Exchange Joint Standing Committee (FXJSC) convened at the Bank of England, with James Kaye from HSBC presiding. Ellie McCormack (FCA) and Hendrik van der Merwe (Northern Trust) joined as new members, succeeding Oliver McCausland and Nikki Woodley. Adam Jukes from Deutsche Bank participated as an observer. Apologies were received from Claire Forster-Lee (Morgan Stanley), Fiona O’Riordan (Citi), and Jermain Nooks (Investment Association). The committee reviewed the minutes from the November 2025 meeting, discussed emerging risks, and received updates on FX clearing. Loic Moreau (LSEG) provided insights on LCH FX clearing trends, while Andrew Cooper (CLS) reported record CLS settlement values and mentioned GFXC's upcoming FX Global Code review in H2 2026.
Key facts
- Meeting held 18 March 2026 at Bank of England, Threadneedle Street.
- James Kaye (HSBC) chaired; new members Ellie McCormack (FCA) and Hendrik van der Merwe (Northern Trust) joined.
- No material operational issues identified despite high FX volumes and volatility.
- LCH FX clearing shows growth in cleared volumes and client participation.
- Swift Category 3 messages go live November 2026; structured data adoption ongoing.
- GFXC FX Global Code review to begin H2 2026 with survey.
- CLS settlement values reached new highs; USD/CNH PvP settlement progress subject to regulatory approval.
- Second test of resilience communication framework planned for 2026.
Entities
Institutions
- Bank of England
- HSBC
- FCA
- Northern Trust
- Deutsche Bank
- Morgan Stanley
- Citi
- Investment Association
- LSEG
- LCH
- Swift
- ISDA
- GFXC
- CLS
- IMM
- UBS
- GFXD
- Citadel
- Goldman Sachs
- NatWest Markets
- Royal Bank of Canada
- Insight Investment
- JP Morgan
- MillTech FX
- MUFG
- Barclays
Locations
- London
- United Kingdom