Skip to main content
  • This website sets cookies on your device. To find out more about how we use cookies please refer to our Privacy and Cookie Policy. By continuing to use the site, we’ll assume that you are content for us to set these on your device.
  • Close
Home > Markets and Payments > Securities Lending and Repo Committee

Securities Lending and Repo Committee

The Securities Lending and Repo Committee (SLRC) was formed in 1990.

It is a UK-based committee of international repo and securities lending practitioners and representatives of trade organisations, together with infrastructure providers and the UK authorities.  The committee provides a forum in which structural (including legal) developments in the relevant markets can be discussed by practitioners and the authorities. It continues to be chaired and administered by the Bank of England. The terms of reference of meetings of the SLRC can be found below:

Wholesale Money Market Codes

On 26th May 2016, the Foreign Exchange Working Group of the BIS released the first phase of a global code of conduct for wholesale foreign exchange markets and principles for adherence to the new standards. The complete global code and the adherence mechanisms, which aim to promote the integrity and effective functioning of foreign exchange markets, will be released in May 2017.
When published in its final format, in the UK it will replace the current Non-Investment Products Code (NIPs Code) in relation to the foreign exchange markets.
For non-foreign exchange market products in the UK market, a project to update and revise the current Code is being led by a joint Sub-Committee of the Money Market Liaison Committee and the Securities Lending and Repo Committee. This Sub-Committee is co-Chaired by, and constituted of, senior market participants.  The new UK code will be a voluntary code, written by the market participants; it will incorporate revised relevant sections of the NIPs Code, and also a revision and update of the Gilt Repo Code and Securities Borrowing and Lending Code.  Publication of the new UK Securities Lending, Repo and Money Markets Code is expected in mid-2017.
The Bullion element of the NIPs Code is being replaced by a new code which will be established by the London Bullion Markets Association (LBMA). Further information on the bullion code can be found on the LMBA website.
For further information on the UK Securities Lending, Repo and Money Markets Code please contact:
The Secretariat
Codes Joint Sub-Committee of MMLC and SLRC
Sterling Markets Division
Bank of England
Threadneedle Street
London EC2R 8AH

Codes of Guidance

The Securities Borrowing and Lending Code of Guidance and the Gilt Repo Code of Guidance require updating following recent changes to the regulatory environment. They have therefore been removed from the website for the time being.
Any questions relating to the Codes should be addressed to:
The Secretary, Stock Lending & Repo Committee
c/o Bank of England
Threadneedle Street
London EC2R 8AH
This Code sets out standards of good practice for gilt repo. It is drawn up on the basis of practice in existing repo markets in London observed by practitioners and regulators and is kept under review. The code was originally produced in November 1995 and was last revised in May 2008 (effective immediately). Hide

Securities Lending Guides

A group of financial trade associations published a range of educational materials, designed to enhance pension fund trustees’ understanding of the securities lending market.

The guides were produced and endorsed by the Association of British Insurers, the British Bankers Association, the ICMA European Repo Council, the Investment Management Association, the International Securities Lending Association, Local Authority Pension
Fund Forum, the National Association of Pension Funds and Thomas Murray. The FSA, Bank of England, HM Treasury and The Pensions Regulator also supported the development of these guides.

The following guides were produced:

Press Release 13 September 2010
Securities Lending: An Introductory Guide
Securities Lending: Agent Disclosure Code of Guidance
Securities Lending: Checklist for Lenders

Introduction to Securities Lending

Please see the following link for a quarterly bulletin article on developments in global securities lending markets that was published in 2011.

Developments in the global securities lending market 

Together with the Association of Corporate Treasurers, British Bankers Association, London Investment Banking Association, International Securities Lending Association and London Stock Exchange, the SLRC sponsored an Introduction to Securities Lending published in March 2004.

You can view the report as a complete PDF or download in sections:

Introduction to Securities Lending (13.5MB)

Executive Summary
Chapter 1 - What is Securities Lending?
Chapter 2 - Lenders and Intermediaries
Chapter 3 - The Borrowing Motivation
Chapter 4 - Market Mechanics
Chapter 5 - Risks, Regulation and Market Oversight
Chapter 6 - Frequently Asked Questions

Minutes of the meetings of the SLRC: