The Bank of England's FXJSC Operations Sub-Committee met on 16 June 2026, where a key discussion point was the planned transition to T+1 securities settlement in the UK and Europe. Bank of England representatives Dhruv Manocha and Holly Snaith provided an overview of the move from a back office perspective, highlighting the impact on settlement lifecycles and the need for earlier trade processing.
The Committee discussed the potential implications of T+1 securities settlement on the foreign exchange (FX) market. While limited systemic concerns were noted, the importance of preparedness and operational clarity was emphasised.
In other updates, Swift's Dean Chard reported on collaboration with the International Swaps and Derivatives Association (ISDA) to revise FX Category 3 messaging standards. These updates are anticipated to be part of the November 2027 transition.