Minutes of the UK Money Markets Code Sub-Committee – September 2026

Minutes

Item 1. Introduction & Minutes of last meeting

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.

Item 2. Attestation Update

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 No firms have withdrawn from that list.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.

Item 3: Ratifying the Terms of Reference for the UK Money Market Code Sub-Committee

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.

Item 4: Review of the UK Money Market Code

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.

Item 5: AOB

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.

Committee attendees

Attendees (in-person)

Antony Baldwin - LCH

Andrew Welch - LGIM

Ina Budh-Raja (Co-Chair) - ISLA

James McKerrow - Insight Investment

Ned Taylor - HSBC

Philip Chilvers - TP ICAP

Attendees (Virtual)

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

Bank of England

Simon Dolan

Kpakpo Brown

Apologies

Gordon Lowson - Aberdeen Standard Investments

Denisa Sokolova - Barclays

Helen Willingale - BlackRock

Veronica Iommi - IMMFA