• ISDA FX Definitions updates to be published March 2026, effective November 2027, replacing 1998 versions
• FX turnover hit record daily average in April 2025, driven by spot and options activity
• T+1 securities settlement transition in UK/EU/Switzerland to impact FX market liquidity and settlement risk

• Global FX turnover hit record $9.6T in April 2025 BIS survey, up from prior highs
• FX options market doubled since 2010, with EUR/USD and USD/CNY most active pairs
• 2026 outlook seen broadly positive for risky assets but sensitive to real rates and equity moves
• T+1 securities settlement transition to impact FX market structure per GFXC update
• ISDA reviewing 1998 FX/Currency Option Definitions with 2027 implementation target

• Published new operational guides on transfer and bail-in resolutions
• Introduced alternate approach to bail-in with non-transferable contingent beneficial interests
• Received No-Action Letter from US SEC for cross-border operability of bail-in