Clearing and settlement

On 24 January 2025, the Global Foreign Exchange Committee (GFXC) issued a press release announcing that it had completed its review of the FX Global Code (Code).

This latest version of the Code will supersede the July 2021 version. Updates have been made to five of the Code’s fifty-five principles to

The Global Foreign Exchange Committee (GFXC) has issued a press release following its virtual meeting on 5–6 December 2024.

Among other things the press release notes that:

  • The GFXC considered the final version of the amendments to the FX Global Code (Code) and the GFXC membership expressed strong support for the

On 15 October 2024, the Committee on Payments and Market Infrastructures (CPMI) issued the following reports which offer insights into enhancing cross-border payments by facilitating the interlinking and interoperability of payment systems:

  • Linking fast payment systems across borders: governance and oversightfinal report. This final report informs owners and operators of

On 13 February 2024, the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report ‘Streamlining variation margin in centrally cleared markets – examples of effective practices’.

In September 2022, the Basel Committee on Banking Supervision, CPMI and

On 6 December 2022, the Global Foreign Exchange Committee (GFXC) issued a press release concerning its recent video conference meeting where, among other things, it nominated and elected a new Co-Vice Chair. Also during the meeting GFXC members also agreed to commission a Digital Proportionality Tool for facilitating FX Global Code adherence. This

On 8 November 2021, the Bank of England (BoE) issued a Consultation Paper and a draft Statement of Policy on its approach to ‘tiering’ non-UK central counterparties (CCPs) based on the level of systemic risk they could pose to UK financial stability. The consultation closes on 25 February 2022.

Under the

On 7 October 2021, the Committee on Payments and Market Infrastructures (CPMI) issued a call for ideas on payment-versus-payment (PvP) mechanisms.

As part of the G20 cross-border payments roadmap, the CPMI is developing proposals for increased PvP adoption by encouraging enhancements to existing PvP arrangements and/or the design of new public

On 18 August 2021, the Global Foreign Exchange Committee (GFXC) issued a guidance paper on ‘last look’ trading within the Foreign Exchange market. Last look is a practice used in electronic trading where a market participant has a final opportunity to accept or reject a trade request made on its quoted price. The

On 6 August 2021, the FCA published a Memorandum of Understanding between itself, the Bank of England and the United States Securities and Exchange Commission regarding consultation, cooperation and the exchange of information in the supervision and oversight of certain over-the-counter derivatives entities that operate on a cross-border basis in the United States and the

On 5 August 2021, the Committee on Payments and Market Infrastructures (CPMI) published its work programme for 2021-22. The annual work programme has been publicly released for the first time as part of the CPMI’s commitment to increased transparency. The annual work programme will focus on shaping the future of payments and