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.
Date: 8 September 2026
Time: 3.30pm – 5pm | Location: Bank of England / Hybrid
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 No firms have withdrawn from that list.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. This agenda item provided the opportunity for members to review and update the Terms of Reference to ensure that it was up to date and remained relevant. The Committee briefly discussed the definition of jurisdictional coverage of transactions captured by the Code, and it was agreed that a clearer definition would be helpful. This would be updated and applied consistently across the Terms of Reference, Code and Explanatory Notes. 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 Terms of Reference states that the Code Sub-Committee will deliver a full review of the Code approximately every three years. An updated version of the Code was published in June 2024. The next update is due to be published in 2027, and the Committee agreed to begin the review process in October. 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. Antony Baldwin - LCH Andrew Welch - LGIM Ina Budh-Raja (Co-Chair) - ISLA James McKerrow - Insight Investment Ned Taylor - HSBC Philip Chilvers - TP ICAP James Winterton - Association of Corporate Treasurers Alessandro Cozzani - BofA Iain de Weymarn - DMO Mimi Yan (Observer) - FMSB Ian Mair - LMMA Hamish Thornton - Lloyds Bank Corporate Markets Nic Erevik (Co-Chair) - Newcastle Building Society Simon Dolan Kpakpo Brown Gordon Lowson - Aberdeen Standard Investments Denisa Sokolova - Barclays Helen Willingale - BlackRock Veronica Iommi - IMMFAMinutes
Item 1. Introduction & Minutes of last meeting
Item 2. Attestation Update
Item 3: Ratifying the Terms of Reference for the UK Money Market Code Sub-Committee
Item 4: Review of the UK Money Market Code
Item 5: AOB
Committee attendees
Attendees (in-person)
Attendees (Virtual)
Bank of England
Apologies
