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Home > Markets and Payments > UK Money Markets Code

UK Money Markets Code

The UK Money Markets Code is a voluntary code written by market participants. It incorporates revised relevant sections of the Non-Investment Products (NIPs) Code, and also a revision and update of the Gilt Repo Code and Securities Borrowing and Lending Code. 

The UK Money Markets Code was published on 26 April 2017.

Voluntary codes of best practice can help to establish the basis on which financial markets function, ensuring trust between participants. This in turn creates an environment so that a fair, effective and transparent market can flourish and in which, by adhering to such codes, high standards of behaviour can be assured.
The code sets out such standards and the best practice expected from participants in the deposit, repo and securities lending markets in the UK. It supersedes existing guidance for participants in these markets provided by the NIPS Code, the Gilt Repo Code and the Securities Borrowing and Lending Code. By bringing these together it will more clearly establish the framework for transacting in UK money markets. The code is endorsed by the Money Markets Committee.
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 Money Markets Code please contact:
The Secretariat
UK Money Markets Code Committee
Sterling Markets Division
Bank of England
Threadneedle Street

UK Money Markets Code Committee

The project to update and revise the former codes for non-foreign exchange market products in the UK market was led by a sub-committee of the Money Markets Committee (MMC). The UK Money Markets Code Sub-Committee is co-chaired by, and made up of, senior market participants.
The UK Money Markets Code Committee is a permanent sub-committee of the MMC, and after the code is published it will meet regularly to ensure that it remains relevant and up to date as markets evolve.

Minutes of the UK Money Markets Code Committee

Minutes of the UKMMCC Meeting – June 2017