• 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 > Sterling Monetary Framework > Sterling Money Markets Liaison Group

Sterling Money Markets Liaison Group

The Money Market Liaison Group (MMLG) was established in 1999. It comprises representatives from market participants, trade associations and the authorities. It provides a forum for discussion of structural issues concerning money markets. The terms of reference and future dates of meetings of the MMLG can be found below:

Terms of Reference

Dates of Future Meetings (171KB)

In addition, an MMLG Cleared Term DBV Sub-Group was established in January 2013 with the end objective of ensuring a smooth market adoption of a cleared Term DBV product that is fit for purpose. A link to more information on the sub-group can be found below:

MMLG Cleared Term DBV Sub-Group


The Sterling Money Market Survey is conducted by the Bank of England on behalf of the MMLG. The Money Market Survey gathers quantitative and qualitative information on developments in the sterling money market. The survey has been undertaken biannually since May 2011. Survey results were published for the first time on a standalone basis in January 2013 but prior results were presented in the Bank’s Quarterly Bulletin.

Results from the MMLG Sterling Money Market Survey

The MMLG maintains a contingency matrix (below), which summarises how the main infrastructure providers would respond to different operational contingencies and how different decisions will be taken.  

Money Markets Liaison Group Contingency Matrix  (177KB)

Related to that contingency matrix, the MMLG Operations Sub-Group led a test exercise designed to simulate the impact of an extreme failure of the UK payment and settlement infrastructure (below).

MMLG 4 July 2012 test exercise report (208KB)

In 2003, the MMLG published a review of voluntary guidelines for issues by authorised institutions in the UK of certificates of deposit.

Issue of Certificate of Deposit - Voluntary Guidelines  (105KB)

Dematerialisation and settlement of Money Market Instruments in CREST was agreed in 1999 and completed in 2003. For more detail about this process see: Money Market Instruments: Dematerialisation and Settlement in CREST.

A practical guide for all prospective issuers of Eligible Debt to Securities, published by Euroclear UK & Ireland Limited (formerly CRESTCo) and the terms of issuance required to constitute securities and to enable them to be issued into CREST can be found below:

Factsheet for issuers (70KB)
Pro forma terms for the issuance of eligible debt securities corresponding to "government guaranteed" CD/CP (51KB)
Pro forma terms for the issuance of eligible securities corresponding to CD/CP (240KB)
Explanatory Notes to the pro forma terms of issuance  (166KB)
Guidance on the timetable for the allocation of ISINS to CD Issues (111KB)

Top of Page

Minutes of meetings

March 2014 (90KB)

December 2013 (89KB) 
October 2013 (54KB)
July 2013 (119KB)
March 2013 (52KB)


December 2012 (13KB)
September 2012 (62KB)
June 2012 (12KB)
March 2012  (63KB) 

December 2011  (23KB)
September 2011  (16KB)
June 2011  (54KB)
March 2011  (66KB)

December 2010  (25KB)
September 2010  (25KB)
June 2010  (24KB)
March 2010  (21KB)

December 2009  (30KB)
September 2009  (23KB)
May 2009  (20KB)
February 2009  (18KB)

October 2008  (18KB)
June 2008  (16KB)
April 2008  (26KB)

November 2007  (29KB)
June 2007  (172KB)
April 2007  (33KB)
February 2007  (36KB)

October 2006 (35KB)
July 2006 (115KB)
March 2006 (89KB)

November 2005 (105KB)
June 2005 (25KB)
March 2005 (21KB)

December 2004 (132KB)
September 2004 (36KB)
April 2004 (21KB)

December 2003 (76KB)
October 2003 (95KB)
July 2003 (119KB)
March 2003 (97KB)

December 2002 (120KB)
October 2002 (88KB)
Rates Sub-group: Background And Recommendations
June 2002 (83KB)
Rates Sub-group: minutes
October 2002 (106KB)
June 2002 (115KB)
April 2002 (15KB)

December 2001 (18KB)
October 2001 (105KB)

Top of Page