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 bodies such as Euroclear UK and Ireland, the UK Debt Management Office, the London Stock Exchange, and the Financial Services Authority. 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 and future dates of meetings of the SLRC can be found below:
Codes of Guidance
The Securities Borrowing and Lending Code of Guidance and the Gilt Repo Code of Guidance are currently under review. Copies of the 2009 Securities Borrowing and Lending Code of Guidance and the 2008 Gilt Repo Code of Guidance are available on request.
For further information please contact:
The Secretary to the Securities Lending and Repo Committee
Bank of England (HO-1)
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
The SLRC also produces the Gilts Annex to the ISMA/TBMA Global Master Repurchase Agreement (GMRA):
The following documents cover some of the key aspects of securities lending and repo market functioning:
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:
Introduction to Securities Lending
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 file or download in sections, show
You can view the report as a complete PDF file or download in sections, hide
Securities Lending and Corporate Governance
In June 2005 the SLRC endorsed the publication of 'Securities Lending and Corporate Governance', a paper exploring how securities lending and good corporate governance can be arranged to minimise conflict to the overall benefit of the institutions involved. The paper was written by Mark Faulkner of Spitalfields Advisors, and was also endorsed by the Association of Corporate Treasurers, the British Bankers' Association, the London Stock Exchange and the National Association of Pension Funds.
Minutes of the 2012 meetings of the SLRC:
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