Minutes of the London FXJSC Operations Sub-Committee Meeting – 18 March 2026

Time: 14:00 – 16:00 | Location: Bank of England, Threadneedle Street, EC2R 8AH

James Kaye (Chair, HSBC) welcomed new Committee members: Ellie McCormack (FCA) replacing Oliver McCausland, and Hendrik van der Merwe (Northern Trust) replacing Nikki Woodley.

Adam Jukes (Deutsche Bank) was welcomed as an observer.

Apologies were noted from Claire Forster-Lee (Morgan Stanley), Fiona O’Riordan (Citi) and Jermain Nooks (Investment Association).

Item 2 – Minutes of the November 2025 Meeting and Feedback from the November 2025 Main FXJSC Committee Meeting

The minutes from the 24 November 2025 combined FXJSC Operations and Legal Sub-Committee meeting were agreed.

The Chair provided an overview of the November 2025 Main Committee meeting. Members had discussed recent foreign exchange (FX) market developments, including growth in the FX options market. The Main Committee also discussed the Bank for International Settlements (BIS) 2025 Triennial Survey turnover results.

Item 3 – Emerging Risks to FX Market Stability: Geopolitical and Cyber Threats

The Chair introduced the agenda item and provided context on the geopolitical backdrop and elevated FX volumes, including increased reliance on core FX market infrastructure and operational resilience. The Chair opened the discussion and members collectively noted that, despite increased FX volumes and market volatility, there had been no material operational issues identified.

Loic Moreau (LSEG) provided an overview of FX clearing developments in 2026. The presentation covered trends in LSEG’s cleared volumes and market penetration across key FX products. The presentation also highlighted continued growth in cleared activity, increased client participation, and recent developments in product scope, connectivity and clearing infrastructure.

Item 5 – Update on Committee Communications Around Resilience Issues