Money Market Reform
Information for participants
This page contains the key information for those institutions that are intending to participate in the reformed system. Further information about the implementation of the new framework will be added as it becomes available.
Categories
- Forthcoming Deadlines
- List of Key Documents
- Timetable
- Applications
- Communications
- Familiarisation and Dress Rehearsal Exercises
- Legal and Operational Documentation
- Policy Framework
- Other Policy Papers
- Earlier Consultative Papers
- Other Earlier Papers
Main Documents
Announcement
of aggregate reserves target for the first maintenance period
(13k)-
List
of reserves scheme members and standing facilities participants.
(69k)
-
Explanations of Bank's wire serve announcements for its operations.
(110k)
-
List
of key documents (22k)
- News Release
confirming launch date
26 April 2006 - News Release
on launch date
29 March 2006 -
Detailed
notice on launch date and transitional arrangements
(37k)
29 March 2006 -
Notice
on timetable for launch (December 2005) (33k)
-
List
of contacts at the Bank of England (15k)
-
Contact with participants in the Bank's reformed operations in the sterling money markets (June 2005) (37k)
Familiarisation and Dress Rehearsal Exercises
-
Ensuring
readiness for launch (February 2006) (32k)
-
Pro
forma letter confirming readiness for launch (February 2006)
(19k)
Reserves familiarisation
-
Information for participants note (43k)
-
Daily schedule (25k)
-
Scripts (63k)
-
Reserves
familiarisation Q&A (55k)
OMOs and Standing Facilities familiarisation
-
Terms
and Conditions for the practice trades (18k)
-
Operational
contacts and settlement details form (14k)
-
Useful
information for OMO practice trades (15k)
-
Useful
information for standing facility practice trades
(15k)
Dress Rehearsals
-
Minutes of EDR summary meeting on 12 April (88k)
-
External
Dress Rehearsal Q&As (123k)
-
Detailed
arrangements for External Dress Rehearsal (161k)
-
Notice on dress rehearsals (December 2005) (104k)
Legal and Operational Documentation
Main MMR Documentation
-
Documentation
for Participants: Full Document (437k)
-
Introduction
and Contents (22k)
-
Eligibility
criteria and Terms and Conditions (128k)
-
Operating
Procedures (295k)
-
Pro
forma Admission Letter (16k)
-
Pro
forma legal opinion (capacity issues only) (17k)
-
Pro
forma legal opinion (country and capacity issues) (20k)
-
Pro
forma guarantee (40k)
-
Pro
forma legal opinion on the guarantee (17k)
- RTGS
Account Mandate - Terms and Conditions (62k)
- RTGS Account Mandate - Reserve Accounts Annex (16k)
RTGS Documentation (for reserves only)
-
Reserves quick reference guide (323k)
-
Reserve
accounts user guide (761k)
- RTGS Enquiry Link user guide
(Document on the secure RTGS website) - RTGS reference manual
(Document on the secure RTGS website)
Standing Facilities
-
The
Framework for the Bank of England's Operations in the Sterling
Money Markets (the 'Red Book')
May 2006 (241k) -
April
2005 Paper on New Framework (284k)
-
Short
Notice to Market on Long-Term Repos (41k)
-
Detailed
Notice to Market on Long-Term Repos (17k)
-
Notice
to Market on March 2005 Interim Reforms (18k)
Background Documents
Other policy papers
-
Quarterly Bulletin article on the new framework (249k)
-
Quarterly Bulletin article on modelling the new framework (Winter 2005) (594k)
-
'Managing the Central Bank's Balance Sheet: Where Monetary Policy Meets Financial Stability' (395k)
Lecture by Paul Tucker, Executive Director, Markets (July 2004)
-
Transitional arrangements (August 2005) (127k)
-
November 2004 paper on the new framework (242k)
-
May 2004 paper on the new framework (492k)
- Announcement of review (October 2003)
-
Previous version of legal and operational documentation (31 October 2005) (672k)
-
Near-term milestones and Overall Timetable (September 2005) (96k)
-
Lead times for Enquiry Link and indicative costs (April 2005) (15k)
Questionnaire - external participants preparations (April 2005) (41k)-
Pro forma letter of intent for prospective reserve account holders (April 2005) (73k)
