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Home > Markets and Payments > Sterling Monetary Framework - Documentation

Sterling Monetary Framework - Documentation

This page set outs the legal terms governing participation in the Bank's operations under the Sterling Monetary Framework. The following document contains the latest versions of:

  • The Eligibility Criteria for firms to become participants in the Bank's operations or facilities; and
  • The Terms and Conditions applying to participation in the Bank's facilities.

5 September 2016

The latest version of the Operating Procedures is available in the following document:

5 September 2016
For previous versions of the documentation click 'Read more'.


Loan Transaction Annex - Assignment
Loan Transaction Annex - Declaration of Trust

A loan collateral explanatory note has been provided to assist counterparties by answering some of the commonly asked questions in relation to the structure of the Bank’s documentation and legal mechanism for the provision of loan collateral under the SMF and FLS. This note will be updated in late August 2016 to reflect changes to the structure for FLS and TFS.


The legal documentation governing participation in the Bank's operations under the Sterling Monetary Framework also includes:
  • The Admission Letter sent to participants as part of the application process, containing details of information that needs to be sent to the Bank (a pro forma is available here);
  • The Commencement Letter sent to participants once they have been accepted by the Bank into the SMF; and
  • any relevant Market Notice as published by the Bank from time to time.
Country Annexes

For participants incorporated in some jurisdictions outside the UK, specific country annexes amend and supplement the Documentation. For further information please email 

Bank of England Sterling Bills

Information Memorandum
6 October 2008


Btender, the Bank's electronic tendering system is used to conduct all open market operations (OMOs). All counterparties must use Btender. Access to SWIFTnet is required.

User guide for Btender
Btender Quick Reference Guide