The committee welcomed members to the hybrid meeting, noting that the minutes from the previous session on 9 June 2026 had been published on the Bank's website.
An update on attestations revealed that nine firms have adhered to the UK Money Market Code (the Code) in 2026, with two banks signing since the last meeting. In total, 234 firms have committed to the Code since its launch in April 2017, with no withdrawals recorded. The committee highlighted the need to understand the potential number of firms within scope to enhance promotional efforts and suggested further analysis by the secretariat for a more targeted engagement strategy. Consideration was also given to a voluntary expectation for existing signatories to encourage wider adoption of the Code.
The Terms of Reference for the UK Money Market Code Sub-Committee were reviewed and updated. Discussions included clarifying the jurisdictional coverage of transactions captured by the Code, with an agreement to update and apply a clearer definition consistently. The inclusion of additional instruments and securities was raised but deferred to the substantive Code review.
The committee confirmed that the next full review of the Code, following the update published in June 2024, is scheduled for 2027. The review process will commence in October, focusing on material developments, clarifications, and futureproofing the Code with a 'light touch but thorough' approach.
Under Any Other Business, the committee noted Euroclear UK & Ireland's contingency planning for a CREST outage and its potential impact on gilt and repo market settlement, a development that will be monitored.
Attendees included representatives from LCH, LGIM, ISLA, Insight Investment, HSBC, TP ICAP, the Association of Corporate Treasurers, BofA, DMO, FMSB, LMMA, Lloyds Bank Corporate Markets, and the Bank of England. Apologies were received from Aberdeen Standard Investments, Barclays, BlackRock, and IMMFA.
