Minutes of the UK Money Markets Code Sub-Committee, September 2026
The Money Markets Committee is a forum for market participants and authorities to discuss the UK unsecured deposits and funding market and securities lending and repo markets.
The Co-Chair welcomed Committee members to the Code Sub-Committee hybrid meeting and noted that the minutes of the last meeting (held on 9 June 2026) was published on the Bank’s website.
Nine firms have attested to the UK Money Market Code (the Code) in 2026, including two banks which attested since the last Code Sub-Committee meeting in June. To date, 234 firms have signed the Statement of Commitment since the Code was launched in April 2017. No firms have withdrawn from that list.
The Committee noted that understanding the potential population of firms in scope would help future promotion of the Code. The Committee asked the secretariat to undertake further analysis on the potential population of firms within scope. This, it was argued, should allow for a more targeted engagement approach for encouraging wider adoption of the Code. The Committee also considered whether the revised Code could include a proportionate, voluntary expectation for existing signatories to encourage relevant market participants to support wider adoption of the Code.
There was a question about whether the Code should include additional instruments and securities, but it was agreed that these will be addressed as part of the substantive Code review.
The Committee agreed that the review process should be ‘light touch but thorough’ with an emphasis on material developments in the UK Money Markets, clarifications and futureproofing.
The Committee noted Euroclear UK & Ireland’s work on contingency arrangements for a CREST outage (“mini-CREST”) and the potential implications for gilt and repo market settlement. The Committee will monitor this development.
