Industry group sets November 2027 cutover to ISDA's 2026 FX Definitions at FXJSC meeting

The Bank of England-serviced FXJSC Legal Sub-Committee met in June to take a detailed ISDA briefing on the 2026 FX Definitions, the SWIFT transition timetable and the November 2027 date on which the 1998 definitions cease to apply. The minutes also cover a competition law guidance refresh, new terms of reference, a deputy chair appointment, and future topics including AI in FX markets.

• The market will transition to the 2026 FX Definitions in November 2027, after which the 1998 definitions will cease to apply.
• A SWIFT change request was submitted ahead of its 4 June deadline, with rulebook changes expected over the summer.
• Substantive changes include three default disruption events, a calculation agent standard aligned with the 2021 rates definitions, and an automated exercise option for FX options.
• The group flagged unresolved uncertainty over applying the 2026 FX Definitions to non-English and non-New York law governed agreements.
• Tamsin Rolls of JP Morgan Chase was appointed deputy chair, and non-material amendments were made to the competition law guidance.

Executive summary

The Bank of England, which provides the Secretariat to the London Foreign Exchange Joint Standing Committee, published on 7 October the minutes of the FXJSC Legal Sub-Committee meeting held on 16 June 2026 at Threadneedle Street. The committee comprises market…

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