What changed
On 13 November 2026, the Bank of England, Monetary Authority of Singapore and Bank of Thailand released results from Project Meridian FX APAC. The initiative trialled coordinated FX settlement across three test environments using distinct technologies: conventional gross settlement platforms and ledger-based systems. The exercise covered multiple currencies, infrastructures and time zones. A prototype coordination layer built by Partior enabled atomic transfers that either complete together or fail together. The banks also tested netting arrangements to improve liquidity efficiency. Legal, supervisory and operational aspects for linking diverse wholesale environments were assessed, with Australia's and the Philippines' central banks contributing as observers.
What to watch
The outcomes support the Bank of England's 2028 target for deploying a live coordination service. Three documents—an overview, a technical analysis and a policy assessment—detail the findings. Further efforts may add participants, jurisdictions, currencies and use cases, alongside refining practical legal frameworks.
Sources
Keep researching
Compare FX brokers · Explore prop firm profiles · Suggest a correction