The committee works through two specialized teams:
- Operations sub-committee (est. 2002) – handles day-to-day market functions
- Legal sub-committee (est. 2004) – tackles all the tricky legal questions
One of FXJSC’s biggest wins? Helping launch the Continuous Linked Settlement (CLS) system in 2002! This clever system reduced settlement risk by making sure both sides of a currency trade happen simultaneously.
Settlement risk? Solved! CLS ensures you get your dollars when sending euros—no more nail-biting waits or ghosted transactions.
Before CLS, you might send your euros but never receive dollars in return – yikes! 😱
The committee also champions the FX Global Code – think of it as the rulebook for fair play in currency markets. They’re constantly pushing traders to follow ethical standards and best practices. The FX Global Code was published in 2017 and consists of global principles of good practice in the FX market.
No funny business allowed!
What makes FXJSC truly special is how it connects local UK market issues with global concerns. They’re like international diplomats for the FX world, representing UK interests while collaborating with global bodies like the GFXC.
For anyone working in finance, the FXJSC’s work impacts you daily through more stable markets and clearer rules.
They might operate behind the scenes, but their influence reaches every corner of the £6.6 trillion daily FX market!
