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Home > Markets and Payments > Sterling Money Markets Liaison Committee

Sterling Money Markets Liaison Committee

The Money Markets Liaison Committee (MMLC) was established in 1999. The MMLC was previously known as the Money Markets Liaision Group prior to April 2015. 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 MMLC can be found below:

Terms of Reference

In addition, an MMLC Cleared Term DBV Sub-Committee 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-committee can be found below:

MMLC Cleared Term DBV Sub-Committee

Wholesale Money Market Codes

On 26th May 2016, the Foreign Exchange Working Group of the BIS released the first phase of a global code of conduct for wholesale foreign exchange markets and principles for adherence to the new standards. The complete global code and the adherence mechanisms, which aim to promote the integrity and effective functioning of foreign exchange markets, will be released in May 2017.
When published in its final format, in the UK it will replace the current Non-Investment Products Code (NIPs Code) in relation to the foreign exchange markets.
For non-foreign exchange market products in the UK market, a project to update and revise the current Code is being led by a joint Sub-Committee of the Money Market Liaison Committee and the Securities Lending and Repo Committee. This Sub-Committee is co-Chaired by, and constituted of, senior market participants.  The new UK code will be a voluntary code, written by the market participants; it will incorporate revised relevant sections of the NIPs Code, and also a revision and update of the Gilt Repo Code and Securities Borrowing and Lending Code.  Publication of the new UK Securities Lending, Repo and Money Markets Code is expected in mid-2017.
The Bullion element of the NIPs Code is being replaced by a new code which will be established by the London Bullion Markets Association (LBMA). Further information on the bullion code can be found on the LMBA website.
For further information on the UK Securities Lending, Repo and Money Markets Code please contact:
The Secretariat
Codes Joint Sub-Committee of MMLC and SLRC
Sterling Markets Division
Bank of England
Threadneedle Street
London EC2R 8AH


The Sterling Money Market Survey is conducted by the Bank of England on behalf of the MMLC. 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.
The MMLC 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 Committee Contingency Matrix 

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

MMLC 4 July 2012 test exercise report 

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.

Meeting documents