Money Markets Committee and UK Money Markets Code

Money Markets Committee

The Money Markets Committee (MMC) is a senior-level forum for market participants and the relevant UK public authorities to discuss issues concerning the UK unsecured deposits and funding market, the securities lending market and the repo market.

The MMC is chaired by the Bank of England.

The committee meets quarterly and also has two permanent sub-committees: the UK Money Markets Code Sub-Committee and the Securities Lending Committee.

Objectives of the Money Markets Committee

• To discuss important domestic and global market or structural developments affecting the UK money, repo and securities lending markets.
• Where appropriate, to propose responses to any issues identified.
• To aid understanding and enhance monitoring of the functioning of the UK money markets.
• To endorse and facilitate continuing market-wide adoption of the UK Money Markets Code, a voluntary code of good practice for the money and securities financing markets.
• To identify and address any high-level issues concerning contingency planning in the UK money markets and payment systems, having regard to international developments.

Increasing diversity in our committees

The UK Money Markets Code includes an expectation that market participants will promote the development of a diverse and inclusive within their money market teams. This includes working to create a diverse pipeline of potential future Committee members. 

We also aim for diversity within the Money Markets Committee and its Sub-committees, in order that they can best represent the people of the United Kingdom. Diverse membership means that these Committees benefit from diversity of thought, which bring different viewpoints and help to ensure well-informed decision-making. 

We work with members from the Money Markets Committee to diversify its membership. As part of this, we provide opportunities for members to bring observers to Committee meetings, in order that these observers can gain a better understanding of the Committee, and to help identify potential future diverse candidates. 

You can find out more about ‘Meeting Varied People’ –  our initiative to increase the diversity of the market contacts that we engage with – on the Market intelligence page.

UK Money Markets Code Committee

The project to update and revise the former codes for non-foreign exchange market products in the UK market  led by a sub-committee of the Money Markets Committee. The UK Money Markets Code Sub-Committee is a permanent sub-committee of the MMC, and is co-chaired by, and made up of, senior market participants. The sub-committee meets regularly to ensure that the code remains relevant and up to date as markets evolve.

UK Money Markets Code Committee minutes

Securities Lending Committee

The Securities Lending Committee (SLC) is a sub-committee of the Money Markets Committee. The SLC is chaired by a market participant. It is a forum for market participants and the relevant UK public authorities to meet to discuss issues concerning the UK securities lending market, including all collateral activities.

Objectives of the Securities Lending Committee

• To discuss important domestic and global market or structural developments affecting the UK securities lending market.
• To discuss legal, regulatory, trading, settlement, infrastructure, tax, disclosure and other related developments in this market.
• Where appropriate, it will propose responses to these issues.
• To aid the understanding and enhance the monitoring of the functioning of this market.

Working Group on Settlement Efficiency

The Bank of England Securities Lending Committee has established a Working Group to examine the issue of settlement failure in the UK securities lending market. It provides a senior-level forum for market participants to meet to identify root causes for settlement issues in the UK securities lending market and suggest best practices.

The Working Group will examine drivers and impact of fails and determine potential solutions to settlement failure in the UK securities lending market.  Part of this work will be to advocate best practice in the securities lending market.

Membership of the group will reflect a diverse group of market participants with relevant expertise, perspective and knowledge. It is chaired by Tim McLeod (Blackrock, Inc.). The Bank of England will participate as Ex-Officio members and provide administrative support.

Please note that views and outputs of the Working Group do not constitute guidance or legal advice from, and are not necessarily endorsed by, the Bank of England (including the Prudential Regulation Authority (PRA)). 

Securities Lending Committee Settlement Efficiency Report - June 2024

Securities Lending Committee minutes

Money Markets Liaison Committee and Securities Lending and Repo Committee

The Money Markets Committee was formed in March 2017 to replace previous markets committees, the Money Markets Liaison Committee (MMLC) and Securities Lending and Repo Committee (SLRC). 

Please see the National Archives for historic MMLC and SLRC minutes.

The National Archives

UK Money Markets Code

The UK Money Markets Code is a voluntary code written by market participants. It incorporates revised relevant sections of the Non-Investment Products (NIPs) Code, and also a revision and update of the Gilt Repo Code and Securities Borrowing and Lending Code.

The UK Money Markets Code was published on 26 April 2017.

Voluntary codes of best practice can help to establish the basis on which financial markets function, ensuring trust between participants. This in turn creates an environment so that a fair, effective and transparent market can flourish and in which, by adhering to such codes, high standards of behaviour can be assured.

The code sets out such standards and the best practice expected from participants in the deposit, repo and securities lending markets in the UK. It supersedes previous guidance for participants in these markets provided by the NIPs Code, the Gilt Repo Code and the Securities Borrowing and Lending Code. By bringing these together it will more clearly establish the framework for transacting in UK money markets. The code is endorsed by the Money Markets Committee and will be updated regularly.

The Money Markets Committee has also established a Public Register of Institutions who have signed a Statement of Commitment or a Statement of Support to the Code. The purpose of the Register is to further restore trust in financial markets by making it easier to see which institutions have taken the important step of committing to the principles set out in the Code.

UK Money Markets Code: Public Register

The UK Money Markets Code Committee and the Association of Corporate Treasurers have produced this guide to promote and encourage wider adherence to the Code among the Corporate sector.

The UK Money Markets Code, along with the FX Global Code and the Global Precious Metals Code, replaces the Non-Investment Products Code.

FX Global Code

Global Precious Metals Code

For further information on the UK Money Markets Code please contact UKMoneyMarketsCode@bankofengland.co.uk.