Money Markets Liaison Group: Terms of Reference
To provide a senior-level forum for market participants, infrastructure providers and the authorities to meet regularly to discuss issues concerning the UK money markets, including related derivative and securities markets and the associated supporting infrastructure.
- To discuss important market or structural developments affecting UK money markets and related market infrastructure and, where appropriate, propose responses to them.
- To identify and address areas where the functioning of the UK money markets could potentially be improved.
- To consider the impact on UK markets of developments in international money markets and supporting infrastructures.
- Working with the Foreign Exchange Joint Standing Committee and the London Bullion Market Association, to produce and keep up to date the Code for Non-Investment Products. Together with relevant industry associations, to consider the need for, and where necessary propose and/or aid the development of, voluntary guidelines for UK money markets.
- To identify and address any high-level issues concerning contingency planning in the UK money markets and payment systems, having regard to international developments.
- To play the co-ordination role for UK money markets and related market infrastructure in the event of a crisis, including through holding telephone conference calls.
Membership
- The Committee comprises senior practitioners from the main UK settlement banks (e.g. treasurers), other key UK money market participants, the main infrastructure providers and the UK authorities.
- Members are invited to contribute with a view to furthering the interests of the markets as a whole rather than representing the interests of their individual institutions.
- The Committee is chaired and administered by the Bank of England.
- It aims to meet quarterly.
- In a crisis, members or their alternates should have sufficient authority to speak for their organisation. Each member should nominate one or more alternate(s) who can participate in contingency arrangements if needed. Alternates may need to be at a more senior level within the organisation.
- Alternates should not usually attend meetings, except by
prior arrangement with the Chairman.
