Minutes of the London FXJSC Legal Sub-committee – 21 June 2023
Time: 3pm – 4.30pm | Location: Bank of England, Threadneedle Street, London EC2R 8AH (Hybrid Meeting held via Teams)
Minutes
Minute 1 – Introduction and Minutes
The minutes of the meeting of 28 February 2023 were approved.
Minute 2 – Meeting Varied People
Sumita Ghosh, Sandeep Tayal and Joshua Plank from the Bank of England gave a presentation on the Bank’s Meeting Varied People (MVP) initiative which was launched in 2021. Its main objectives are to diversify the Bank’s market intelligence contact base, and provide a diverse future pool of candidates for various Markets committees chaired by the Bank.
Minute 3 – Discussion on International Swaps and Derivatives Association Inc’s FX Initiatives
Katherine Darras from International Swaps and Derivatives Association, Inc. (ISDA) gave a brief overview of ISDA and ISDA’s FX initiatives. ISDA recently published a market survey in relation to the 1998 FX & Currency Option Definitions (the “FX Definitions”) and related documentation which received over 50 responses. Following the feedback from the survey, ISDA took note that they need more buy-side input as only 10% of responses were from buy-side institutions. There was broad support to, amongst other things, continue work on disruption events, streamline the EMTA templates and increase consistency between those terms and the broader definitions, upstream the FX Definitions to reduce inconsistency and consolidate existing supplements and additional provisions to the existing FX Definitions. ISDA intends to provide a detailed proposal for further information and clarification.
Katherine also provided an overview of ISDA’s new legal working group, the ISDA FX Legal Steering Committee which was set up earlier this year.
Minute 4 – Discussion on potential changes to the Sub-Committee’s Terms of Reference
Matthew Hartley from the Bank of England presented the amendments made to the Legal Sub-Committee’s Terms of Reference. These amendments were broadly made to align with recent amendments made to the FXJSC Committee and FXJSC Operation Sub-Committee’s Terms of Reference. The changes set out the Legal Sub-Committee’s commitment to ensuring that membership of the Legal Sub-Committee is broadly representative of the wholesale FX market in the UK which includes taking into account individuals’ race, gender or disabilities. Other changes include the addition of confidentiality, interpretation and data protection provisions. The updated terms will be circulated to the Legal Sub-Committee members for their comments.
Minute 5 – Any other business
Sharon Blackman mentioned that she would look to arrange individual meetings with all members of the Legal Sub-Committee before the next meeting.
Attendees
Sharon Blackman (Chair) – Citigroup
George Johnston (Secretary) – Bank of England
Sunil Samani – XTX Markets
Rowland Stacey – Goldman Sachs
Mayank Patel – Bank of America
David Harris – Financial Conduct Authority
Simon Goldsworthy – Deutsche Bank
Rakesh Shah – Standard Chartered
Tamsin Rolls – JP Morgan Chase
Nimisha Kanabar – Morgan Stanley
Krisha Somaiya – UBS
Harkamal Singh Atwal – HSBC
Stephanie Cayer – Natwest Markets
Navin Mathur – London Stock Exchange Group
FXJSC Legal Sub-Committee Secretariat
Matthew Hartley – Bank of England
Hana Mori – Bank of England
Ayodele Cameron – Bank of England
Guest attendees
Katherine Darras – ISDA
Sumita Ghosh – Bank of England
Sandeep Tayal – Bank of England
Joshua Plank – Bank of England
Apologies
Gaynor Wood – CLS
Simon Helm – Tullet Prebon
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