• 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

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 

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 

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  

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
Pro forma terms for the issuance of eligible debt securities corresponding to "government guaranteed" CD/CP 
Pro forma terms for the issuance of eligible securities corresponding to CD/CP
Explanatory Notes to the pro forma terms of issuance 
Guidance on the timetable for the allocation of ISINS to CD Issues

Top of Page


Minutes of Meetings


September 2014 
June 2014
March 2014 

December 2013  
October 2013
July 2013
March 2013 


December 2012 
September 2012 
June 2012 
March 2012   

December 2011 
September 2011 
June 2011 
March 2011 

December 2010 
September 2010 
June 2010 
March 2010 

December 2009 
September 2009 
May 2009 
February 2009 

October 2008  
June 2008 
April 2008 

November 2007 
June 2007 
April 2007 
February 2007 

October 2006
July 2006
March 2006 

November 2005
June 2005 
March 2005

December 2004 
September 2004
April 2004

December 2003 
October 2003
July 2003
March 2003

December 2002 
October 2002 
Rates Sub-group: Background And Recommendations
June 2002
Rates Sub-group: minutes
October 2002 
June 2002
April 2002 

December 2001 
October 2001

Top of Page