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Home > Markets > 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

Dates of Future Meetings

In addition, in September 2015 the MMLC established a Term DBV Sub-Committee, with the aim of facilitating market-wide work to encourage and coordinate the migration of remaining bilateral DBV business among market participants to the Term DBV product. This followed the successful transition of all cleared DBV business to the Term DBV product, which was facilitated through a preceding MMLC sub-committee. A link to more information on the current Term DBV sub-committee can be found below:

MMLC Term DBV Sub-Committee


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.

Results from the MMLC Sterling Money Market Survey

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.

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 Minutes of Meetings




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

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