The UK Money Markets Code Sub-Committee held a meeting on December 3, 2025, at the Bank of England. The session was conducted in a hybrid format. The Co-Chair welcomed participants and noted that the minutes from the previous meeting in June are available on the Bank’s website.
An update was provided regarding the UK Money Market Code, which has been re-recognized by the Financial Conduct Authority (FCA) as an industry standard until November 2028. Following this recognition, 30 firms have re-attested to the updated Code. The Committee discussed promoting the Code through social media to encourage more firms to re-attest.
EUI plans to modify its allocation method for DBV within the Bank of England’s Short Term Repo Facility by April 2026. This change will prioritize bonds with lower haircuts over those with higher values, aligning with market feedback from a discussion paper published in December 2024. This adjustment is expected to reduce operational frictions and increase DBV usage for STR.
Euroclear updated members on the CREST Transformation project aimed at modernizing infrastructure. The project includes moving from Euroclear’s DBV product to Tri-party within EUI and establishing a Collateral Management System by 2028. A new web GUI for CREST is live and will be rolled out throughout 2026.
Future meetings of the UK Money Market Code Sub-Committee are scheduled for June 17 and December 9, 2026.
