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 (122KB)
An MMLG Operations Sub-Group also exists and meets on an ad-hoc basis / as needed basis; typically in response to requests from MMLG, although members may also raise issues themselves. The sub-group comprises representatives from the operations and treasury areas in a range of sterling money market participants, together with representatives from key supporting infrastructure providers. The terms of reference can be found below:
Terms of Reference
Money Markets Liaison Group Contingency Matrix
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.
(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)
Minutes of meetings held in 2013
October 2013 (54KB)
July 2013 (119KB)
March 2013 (52KB)
Minutes of meetings held in 2012
December 2012 (13KB)
September 2012 (62KB)
June 2012 (12KB)
March 2012 (63KB)
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