An institution must satisfy the following general criteria to apply to participate in any of the Bank's SMF Facilities.

• It must have the operational capability to participate in and efficiently to settle transactions with the Bank.
• It must act in a way consistent with the Bank's objective on fair and competitive sterling markets.
• It must contribute to the Bank's market intelligence work in support of its functions as a monetary authority.
• There must be no objection to the institution's admission to or participation in the Bank's operations under the Sterling Monetary Framework from the Financial Services Authority or by any other relevant UK or overseas regulatory body.
• It needs to satisfy the Bank that the legal documentation underpinning its operations with them is, and remains at all times, fully valid and robust in all relevant jurisdictions.
• None of the Events of Default (as defined in the Bank's legal Documentation) have occurred.

In addition, there are specific eligibility criteria for each of the facilities. The Bank may, in its absolute discretion, waive, add to or vary any or all of the eligibility requirements. For full details please see the Eligibility Criteria listed in the SMF Documentation as amended by the Market Notice of 13 November 2009.

• Reserves scheme
• Open markets operations (OMOs)
• Operational Standing Facilities
• Discount Window Facility

The diagram below shows how access to the different facilities are related. Click image to enlarge.

To apply to become a participant it is necessary to complete an Application.