Securities Lending and Repo Committee

The Securities Lending and Repo Committee (SLRC) was formed in 1990.

It is a UK-based committee of international repo and securities lending practitioners and representatives of trade organisations, together with bodies such as Euroclear UK and Ireland, the UK Debt Management Office, the London Stock Exchange, and the Financial Services Authority. The committee provides a forum in which structural (including legal) developments in the relevant markets can be discussed by practitioners and the authorities. It continues to be chaired and administered by the Bank of England. The terms of reference and future dates of meetings of the SLRC can be found below:

Codes of Guidance

The SLRC has been responsible for producing a number of codes of guidance comprising:

This is a summary of the basic procedures which UK-based participants in securities borrowing/lending of both UK domestic and overseas securities observe as a matter of good practice. It is kept under review. The code was last updated in July 2009. Hide
The UK Annex, last updated in December 2004, assists market participants in applying the Code to securities traded and settled in the United Kingdom. Hide

This Code sets out standards of good practice for gilt repo. It is drawn up on the basis of practice in existing repo markets in London observed by practitioners and regulators and is kept under review. The code was originally produced in November 1995 and was last revised in May 2008 (effective immediately). Hide

Gilts Annex

The SLRC also produces the Gilts Annex to the ISMA/TBMA Global Master Repurchase Agreement (GMRA):

Legal Agreements

The following documents cover some of the key aspects of securities lending and repo market functioning:

Introduction to Securities Lending

Together with the Association of Corporate Treasurers, British Bankers Association, London Investment Banking Association, International Securities Lending Association and London Stock Exchange, the SLRC sponsored an Introduction to Securities Lending published in March 2004.

Securities Lending and Corporate Governance

In June 2005 the SLRC endorsed the publication of 'Securities Lending and Corporate Governance', a paper exploring how securities lending and good corporate governance can be arranged to minimise conflict to the overall benefit of the institutions involved. The paper was written by Mark Faulkner of Spitalfields Advisors, and was also endorsed by the Association of Corporate Treasurers, the British Bankers' Association, the London Stock Exchange and the National Association of Pension Funds.

Minutes of the 2009 meetings of the SLRC:

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