Bank of England Publishes Project Meridian FX APAC Technical Report on PvP FX Synchronisation

What was published

The Bank of England (BoE) has published the technical report for Project Meridian FX APAC. The page summarises the technical findings of the project and sets out the experiment's objectives, design and findings.

About the experiment

Project Meridian FX APAC was a joint experiment between the Bank of England, the Monetary Authority of Singapore and the Bank of Thailand. It explored how synchronisation can support payment-versus-payment (PvP) foreign exchange transactions.

PvP is a settlement approach in which the two currency legs of an FX transaction are linked. The source describes the work as an experiment, and the published report is a technical summary of its objectives, design and findings.

Why it matters for FX market participants

The report concerns settlement infrastructure for FX transactions and involves three central banks. It is a technical publication and not a monetary policy announcement. The source gives no details of specific outcomes, timelines or next steps, so readers who want the full findings should consult the report published by the Bank of England.

Notes for EA trading

Technical publications like this one are generally not associated with sharp market moves. Even so, volatile hours around major data releases and central bank events can bring spread widening and slippage. Consider whether to pause EAs around those times and review your risk settings in advance.