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:
- Terms of reference for SLRC
(81k) - Dates of future meetings
(11k)
Codes of Guidance
The SLRC has been responsible for producing a number of codes of guidance comprising:
- Securities Borrowing and Lending Code of Guidance
(104k)
For background, read more
- Gilt Repo Code of
Guidance
(115k)
For background, read more
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:
- Global Master Securities Lending Agreement (GMSLA) 2010
(223k) - GMSLA 2010 UK Tax Addendum
(134k) - Global Master Repurchase Agreement (GMRA)
(ICMA website)
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.
You can view the report as a complete PDF file or download in sections, show
You can view the report as a complete PDF file or download in sections, hide
- Introduction to Securities Lending (13.8mb)
Full report - Executive Summary
(1.97mb)
Chapter 1 - What is Securities Lending?
(1.63mb)
Chapter 2 - Lenders and Intermediaries
(1.14mb)
Chapter 3 - The Borrowing Motivation
(1.18mb)
Chapter 4 - Market Mechanics
(1.41mb)
Chapter 5 - Risks, Regulation and Market Oversight
1.48mb)
Chapter 6 - Frequently Asked Questions
(1.7mb)
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:
- December 2009
(21k) - September 2009
(28k) - June 2009
(30k) - March 2009
(31k)
To see the previous minutes, show
To see the previous minutes, hide
- 2008 Show results
- December 2008 (25k)
- September 2008 (39k)
- June 2008 (50k)
- SLRC 2008/09 Work Programme (12k)
- March 2008 (32k)
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- 2007 Show results
- December 2007 (34k)
- September 2007 (152k)
- June 2007 (35k)
- March 2007 (31k)
- SLRC 2007/08 Work Programme (12k)
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- 2006 Show results
- December 2006 (137k)
- September 2006 (60k)
- June 2006 (35k)
- March 2006 (revised 22 June)(48k)
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- 2005 Show results
- 2004 Show results
- December 2004 (revised 12 January 2005)(118k)
- September 2004 (112k)
- June 2004
(updated on 4 August 2004) (94k) - March 2004 (106k)
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- 2003 Show results
- December 2003 (87k)
- SLRC Proposed 2004 Work Programme (67k)
- August 2003 (173k)
- June 2003 (90k)
- March 2003 (90k)
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- 2002 Show results
- December 2002 (92k)
- October 2002 (103k)
Rates Sub-group: Background And Recommendations - August 2002 (75k)
Rates Sub-group: minutes - June 2002 (128k)
- March 2002 (80k)
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- 2001 Show results
- December 2001 (71k)
- October 2001 (82k)
- September 2001 (85k)
- June 2001 (17k)
- May 2001 (80k)
- February 2001 (32k)
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- 2000 Show results
Related Links
- Other Foreign Exchange Committee Websites
List of relevant external links. - Published
Material on Markets
Relevant material and news releases. - Speeches on Markets
Speeches given by Bank personnel on Markets.
