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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, 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


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