Wholesale Digital Markets Champion

Action Group 1: Primary

Focus on primary issuance (DIGIT, tokenised bonds using DIGIT framework, other digitally native or tokenised securities), interoperable platforms for bookbuilding, standards for issuance documentation.

Chair: Dame Julia Hoggett, CEO, London Stock Exchange

Deputy Chairs: John O’Neill, Managing Director, Digital Assets & Currencies, HSBC; and Matt Ong, CEO, Ctrl Alt

Members:
Archax Association of Corporate Treasurers Barclays Bloomberg  BPX  Deutsche Bank Goldman Sachs	J.P. Morgan Morgan Stanley NatWest Ripple  Standard Chartered UBS

Action Group 1a: Funds

Through the Investment Association's (IA's) Investment Fund 3.0 (IF3) Lab, develop funds use cases to: (i) establish common operational and market practices; and (ii) demonstrate scalability.

Chair: Catriona Kellas, International Legal Lead, Digital Projects, Franklin Templeton

Members:
Aviva Investors Baillie Gifford  BlackRock  Calastone  Fidelity International Invesco  Jefferies	Legal & General Asset Management Mobius Schroders Vanguard Union Invest Other IF3 Lab members

Action Group 2: Secondary

Focus on secondary market liquidity, open / interoperable platforms, messaging protocols, test cross-border trading (international interoperability).

Chair:  John Newman, Global Head of FX and Rates, Head of Markets UK and Europe, Standard Chartered

Deputy Chairs: Jonathan Peberdy, CEO of NatWest Markets; and Emma Lovett, ED, Markets DLT, J.P. Morgan

Members:
Archax Bank of America Bloomberg  BNP Paribas  BPX  Cboe Global Markets Citadel Securities Citi	GFO-X  Goldman Sachs  HSBC Kaiko Jane Street Morgan Stanley TradeWeb UBS

Action Group 3: Collateral & Prudential Standards

Focus on secondary market liquidity, open / interoperable platforms, messaging protocols, test cross-border trading (international interoperability).

Chair:  Peter Left, Head of Digital Assets, Lloyds Banking Group

Deputy Chair: Ben Santos-Stephens, CEO, ClearToken  

Members:
Aberdeen Ava Labs Aviva Investors BNY Mellon Coinbase Digital Asset / Canton  Euroclear UK & International (CREST) HSBC Intercontinental Exchange (ICE) J.P. Morgan Kraken (Payward)	LME Clear LCH Nationwide NatWest Northern Trust Ripple Santander SLIX Standard Chartered State Street

Action Group 4: FMI & Cash Leg

Focus on settlement finality, interoperable payment rails, API, Reference data models, shared token standards.

Chair:  Scott Lucas, Head of Digital Assets, Barclays

Deputy Chair: Richard Baker, CEO, Tokenovate

Members:
Circle Clearstream Euroclear UK & International (CREST) Fnality GFO-X HSBC Kinexys	Kraken (Payward) LME Clear LSEG Montis State Street tGBP

Action Group 5: Tax and Accounting Standards

Support all action groups in their delivery, produce best practice guides for tax treatment and accounting standards for the repo use case.

Chair:  Roger Exwood, Group Tax Expert, Pictet Group

Deputy Chair: Ian Ahkong, Tax Director, Deloitte

Members:
Alpine Edge Baker Mackenzie BlackRock EY HSBC	Jane Street KPMG PwC Standard Chartered TheCityUK

Action Group 6: Legal

Support all action groups in their delivery and produce best practice guides.

Chair:  Jan Putnis, Partner, Slaughter & May

Deputy Chair: Chris Allen, Global General Counsel, HSBC

Members:
Addleshaw Goddard LLP Agant Barclays Bloomberg BNY Mellon Clifford Chance DLA Piper Eversheds Sutherland Freshfields GFO-X Linklaters Hogan Lovells	Norton Rose Fullbright Ripple Robinhood Schroders Shepherd and Wedderburn Shoosmiths State Street Squire Patton Boggs Sullivan & Cromwell Travers Smith LLP UBS TheCityUK

Action Group 7: Financial Crime Compliance & Identity

Develop solutions and best practice for compliance frameworks and digital verification.

Chair:  Anna Wallace, CEO, CFIT

Deputy Chair:  James Rochford, Head of Anti Financial Crime Operations, Deutsche Bank and Chair of FMSB Digital Identity Group

Members:
Chainalysis Chainlink Labs Deloitte Deutsche Bank HSBC KPMG Monee	NatWest Platform D Schroders TECHT Labs UBS UK Finance Veda

Action Group 8: Resilience

Deliver a coordinated testing and resilience programme for cross-network components and produce a best practice guide.

Chair:  Andrew Douglas, Chair, HMT Accelerated Settlement (T+1) Taskforce Technical Group
Deputy Chairs: David Raw, Managing Director, Markets & Commercial Finance, Resilience, and International, UK Finance; and Pardeep Cassels.

Members:
Agant Chainlink Labs Credit Agricole CIB DLA Piper FIA Fireblocks Gates Foundation GLEIF Global Digital Finance (GDF.io) Hedera Hogan Lovells IA IBM Promontory KPMG	LMA Next Generation Holdings State Street Swift TheValueExchange Tradeweb UK Finance Value Exchange Visa World Federation of Exchanges Dr Ian Hunt Dr Robert Barnes Prof Sarah Green

Action Group 9: Communications

Facilitation across the Action Group members, Industry Taskforce, HM Government, regulators to promote UK as leading digital assets centre.

Chair:  Rebecca Park, Partner, FSG Global
Deputy Chair: Luke Likes, Media Officer, City of London Corporation

Membership for this group is in the process of finalising and will be updated here once confirmed.