Information for applicants

Useful information for firms seeking to apply to our facilities

Apply to participate in the Sterling Monetary Framework

The following types of institution can apply to take part in the Sterling Monetary Framework (SMF):

  • banks and building societies that are authorised to take deposits in the UK
  • investment firms designated for prudential supervision by our Prudential Regulation Authority (referred to as ‘broker-dealers’)
  • central counterparties operating in UK markets, which are authorised under the European Market Infrastructure Regulation (EMIR) or recognised by the European Securities and Markets Authority (ESMA).

More information is available in the following document:

Each applicant for SMF facilities should complete the following application form, and provide the additional information requested on page one.

Sterling Monetary Framework application form

Applicants will need to provide a completed authorised signatory evidence form along with the application form – included in the application form on page 17. If you need to make a change to your existing form, then see the SMF Authorised Signatory Evidence Form section on the Information for participants page. We have prepared guidance for applicants on the evidence required to support your authorised signatory evidence form. 

We may need you to provide a capacity opinion or a capacity and country opinion in connection with your application:

If the applicant is not the primary entity in its group, we may require a guarantee and an associated legal opinion to be provided:

The legal documentation governing participation in our operations under the Sterling Monetary Framework also includes:

  • The Admission Letter we send to participants as part of the application process, containing details of information that you need to send us.
  • The Commencement Letter we send to participants once we have accepted them into the SMF.
  • Any relevant Market Notice, which we publish from time to time.

For queries on applying to participate in the Sterling Monetary Framework, contact the applications team via email applications@bankofengland.co.uk.

Apply to participate in APF Gilt Purchase operations

To take part in the competitive auctions, you must be:

  • a Gilt-edged Market Maker
  • a participant in our Sterling Monetary Framework

To take part in competitive auctions, you must be a GEMM and also a participant in our SMF as a gilt-purchase OMO participant.

To take part in the non-competitive element of the auction you cannot be a gilt-purchase OMO participant, but you must still be a GEMM and appropriately authorised under the Financial Services and Markets Act (or equivalent regulation)

Only one firm within a group can take part in the auctions, unless you undertake different kinds of activity, for example banking and asset management.

To apply, complete the application form and email to applications@bankofengland.co.uk.

Apply to take part in APF Corporate Bond Purchase Scheme operations

To take part in the Corporate Bond Purchase Scheme, we must be satisfied that you are a market maker in investment-grade sterling denominated corporate bonds. You must also be a participant in the Sterling Monetary Framework for open market operations.

To apply, complete the expression of interest form and email it to applications@bankofengland.co.uk.

You also need to complete the operation contacts and settlement information form and send it to BPIMarketSettlement@bankofengland.co.uk.

If your application is successful, you will have to sign an Admission Letter agreeing to the terms and conditions.

Apply to take part in Alternative Liquidity Facility (ALF) operations

The following types of institution can apply to take part in the ALF:

  • an authorised person as defined in the Financial Services and Markets Act 2000; and
  • an eligible institution (as defined in paragraph 1 of Schedule 2 to the Bank of England Act 1998); and
  • institutions that face formal restrictions from engaging in interest-bearing activities, and are therefore unable to access the Sterling Monetary Framework

More information is available in the following document:

Applicants for the ALF should complete the following application form, and provide the additional information requested on page one.

Alternative Liquidity Facility application form

For queries on applying to participate in the Alternative Liquidity Facility, contact the applications team via email applications@bankofengland.co.uk.

This page was last updated 07 April 2022

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