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

Minutes

Item 1. Introduction & Minutes of last meeting

The Co-Chair welcomed members of the Committee to this hybrid meeting (the first of 2026) and noted that the minutes of the last UK Money Market Code Sub-Committee (Code Sub-Committee) meeting (held on 3 December 2025) are on the Bank’s website.

The Co-Chair also noted that Mimi Yan (FMSB) has joined the Code Sub-Committee as an Observer.

Item 2. Next Steps on Gilt Repo Resilience (Presentation by the Bank’s Gilt repo resilience team)

The objective of the work being done in this area is to deliver structural improvements to the resilience of the gilt repo market. Policy design is centred on improving liquidity supply, while recognising that different measures could either increase or reduce leverage across the system. Any policy proposal in this area will be tailored to the specific features of the gilt repo market, as well as the diverse needs and roles of different market participants.

Proposals include encouraging central clearing uptake, improving margining practices in non-centrally cleared markets, and exploring mechanisms such as cross-margining and new clearing models to widen access and reduce costs. There is no fixed policy position yet. However, the Bank noted that any likely policy changes will take years to implement and that it will continue to engage with the market throughout its thinking.

Item 3: Committee Effectiveness review

This review is focused on further enhancing the clarity, governance, and practical effectiveness of the Committee’s work. Members welcomed the opportunity to strengthen the language of Terms of Reference and clarify expectations around adherence to the code.

Members noted the importance of preserving the Code’s voluntary, principles-based nature while continuing to support consistent and effective application. There was a constructive discussion on how best to reinforce good practice and address uneven awareness of the Code across the market. Some members highlighted the potential role for clearer expectations or incentives, while emphasising the value of proportionality and alignment with existing regulatory frameworks.

Enhancing education, training and communication of the Code was seen as critical to improving the awareness of the Code. Suggestions included embedding the Code in training programmes, increasing outreach via trade associations and social media, and leveraging Committee members to broaden awareness among different segments of the market.

Item 4: UK Money Market Code Refresh

The Committee discussed initial views on the scope of the upcoming refresh of the UK Money Market Code which is due for publication in 2027 (in accordance with the Terms of Reference). The Committee agreed a wholesale review was unnecessary and that the focus of the review should be on key developments in UK Money Markets since the 2024 update.

Committee attendees

Attendees (in-person)

Andrew Welch – LGIM
Denisa Sokolova – Barclays
Ina Budh-Raja (Co-Chair) – ISLA
James McKerrow - Insight Investment
Ned Taylor – HSBC
Paul Canty (Observer) - Debt Management Office

Attendees (Virtual)

Alessandro Cozzani – BofA
Antony Baldwin – LCH
Gordon Lowson - Aberdeen Standard Investments
Hamish Thornton - Lloyds Bank Corporate Markets
Julie Joe – IMMFA

Bank of England

Simon Dolan
Kpakpo Brown
Sophie Hughes
Fatima Valdez
Minjoon Park
Annalisa Stoddart
James Tullock
Ananya Chopra

Apologies

Helen Willingale – BlackRock
Ian Mair – LMMA
James Winterton - Association of Corporate Treasurers
Nic Erevik (Co-Chair) - Newcastle Building Society
Philip Chilvers - TP ICAP
Mimi Yan (Observer) - FMSB