Minutes of the UK Money Markets Code Sub-Committee – June 2025

Minutes

Item 1: Introduction & Minutes of last meeting

The Co-Chairs welcomed Committee members together with Denisa Sokolova (Barclays) and Hamish Thornton (LBCM), who were invited to attend the meeting ahead of formally joining the Committee as members.

The minutes of the last UK Money Market Code Sub-Committee (Code Sub-Committee) meeting (held on 26 November 2024) has been published on the Bank’s website.

Item 2: An update from the Money Market Code Sub-Committee secretariat

The Code Sub-Committee secretariat provided members with an update since the last meeting. These included: applying for FCA recognition of the updated Money Market Code (the Code) and sending a joint letter to FX and Sterling Monetary Framework (SMF) market participants informing them of the updated Codes: the FX Global Code (FXGC) and UK Money Market Code. The letter also encouraged market participants to read and re-attest to the Code. The joint letter elicited a strong response with twenty-four firms re-attesting to the UK Money Market Code and five contacting the Bank to enquire about re-attesting to the Code.

One Committee member noted that some firms had sought clarification on whether a full re-attestation to the updated Code was required. It was noted that the Bank’s stance is that market participants should endeavour to re-attest to the updated Code in due course.

Item 3: Manufactured Coupons (Repo Transactions)

This agenda item was about the delayed, or in extreme cases non-payment of, coupons payments due on a gilt which is part of a repo transaction. Coupon payments due on gilts held as part of a repo transaction are meant to be passed on from the cash lender (the collateral holder) to the cash borrower (the collateral giver) on coupon payment dates. The ‘passing on’ of the coupon payment is a manual process as things stand. This issue has been taken on by the European Repo and Collateral Council (ERCC) Operations Working Group who are consulting with other central banks.

The Committee acknowledged this issue and supports the drive to find a solution. A potential solution involves enhancements to settlement systems either by the market or Central Securities Depositories (CSDs).

The ERCC and the European Central Bank (ECB) have also taken an interest. The Committee agreed to escalate to the Money Market Committee (MMC) and to keep the issue on its agenda.

Item 4: Diversity and Inclusion (D&I)

This is a standing agenda item. The Committee discussed some of the challenges that results from longer and less flexible working hours in the UK money markets – and the financial industry more broadly – for new entrants to the industry and for working parents. The committee discussed practices at their firms that might be beneficial for others.

Item 5: AOB

The next UK Money Market Code Sub-Committee is scheduled for 3 December 2025.

Committee attendees

Attendees (in-person)

Alessandro Cozzani	BofA
Andrew Welch	LGIM
Denisa Sokolova	Barclays (Guest)
Hamish Thornton	LBCM (Guest)
Ina Budh-Raja (Co-Chair)	BNY Mellon
James McKerrow	Insight Investment
Ned Taylor	HSBC

Attendees (virtual)

Andy Dyson	International Securities Lending Association (ISLA)
Gordon Lowson	Aberdeen Standard Investments
James Winterton	Association of Corporate Treasurers (ACT)
Nic Erevik (Co-Chair)	Newcastle Building Society

Bank of England

Simon Dolan

Tom Archer

Kpakpo Brown

Apologies

Antony Baldwin	LCH
Helen Willingale	BlackRock
Ian Mair	LMMA
Jo Whelan	UK Debt Management Office
Oliver Clark	FMSB (MTS)
Paul Johnson	Financial Conduct Authority
Veronica Iommi	IMMFA