Bank of England hosts FXJSC meeting on settlement innovation

The Bank of England hosted an FXJSC Operations Sub-Committee meeting on 16 June 2026 covering wholesale FX innovation, T+1 settlement, Swift messaging changes, GFXC and CLS updates.

• Members agreed the 18 March 2026 meeting minutes and heard updates on FX market developments, digital assets in FX, and GFXC work including the 2027 FX Global Code review and FX settlement data collection.
• The Bank of England presented on wholesale FX innovation and the T+1 securities settlement move in the UK and Europe; CLS reported a major technical cutover of CLS data centers at the end of June and progress toward US dollar/Chinese yuan (offshore) CLS settlement; Swift and ISDA said FX Category 3 messaging changes would be part of the November 2027 transition.