Information for participants

Further information about our facilities for participants

Schedule of operations

The table below outlines when our market operations will normally take place.

We reserve the right to change the dates or frequency of these operations in light of bank holidays or developments in market conditions or for operational reasons.

Operation

Day 

Time

Indexed Long-Term Repos

Tuesday (usually once per month, currently once per week)

10am to 10:30am

Operational Standing Facilities

Monday to Friday (on demand)

Until 6:10pm (6:20pm on the last day of the maintenance period)

Discount Window Facility 

Monday to Friday (on demand)

Participants are advised to contact us by noon if they wish to make a drawing on the same day

7 Day US Dollar Repo

Wednesday (once per week)

8:15am to 8:45am

Alternative Liquidity Facility (ALF)  Thursday (once per week) Until 1pm

Schedule of Indexed Long-Term Repo operations

Operation date Settlement date Maturity date
03 May 2022 05 May 2022 03 November 2022
10 May 2022 12 May 2022 03 November 2022
17 May 2022 19 May 2022 03 November 2022
24 May 2022 26 May 2022 03 November 2022
31 May 2022 01 June 2022 03 November 2022
07 June 2022 09 June 2022 08 December 2022
14 June 2022 16 June 2022 08 December 2022
21 June 2022 23 June 2022 08 December 2022
28 June 2022 30 June 2022 08 December 2022

Schedule of US dollar repo operations

We keep the frequency and maturity of our US dollar operations under review in light of market conditions. The following table contains a schedule of the latest operations: 

Operation date Term Settlement date Maturity date
04 May 2022 7 days 05 May 2022 12 May 2022
11 May 2022 7 days 12 May 2022 19 May 2022
18 May 2022 8 days 19 May 2022 27 May 2022
25 May 2022 5 days 27 May 2022 01 June 2022
31 May 2022 8 days 01 June 2022 09 June 2022
08 June 2022 7 days 09 June 2022 16 June 2022
15 June 2022 7 days 16 June 2022 23 June 2022
22 June 2022 7 days 23 June 2022 30 June 2022
29 June 2022 7 days 30 June 2022 07 July 2022
06 July 2022 7 days 07 July 2022 14 July 2022
13 July 2022 7 days 14 July 2022 21 July 2022
20 July 2022 7 days 21 July 2022 28 July 2022
27 July 2022 7 days 28 July 2022 04 August 2022

Operational Standing Facilities

Our Operational Standing Facilities (OSFs) allow firms to deposit reserves with or borrow reserves directly from us. Currently we apply the following rates to these two facilities:

  • borrowing through OSF lending: 1.00%
  • placing reserves with us through OSF deposits: 0.50%.

In the event of an operational disruption to the CREST settlement system, we may use OSFs in a process known as Non-Standard CREST Closure (NSCC).

NSCC quick reference guide

Further information on Asset Purchase Facility (APF) operations 

Issuer and security eligibility for corporate bond sales

We have published a list of the individual sterling corporate bonds held in the Asset Purchase Facility, as at 5 May 2022. We are open to expressions of interest for debt buy-backs of any bond listed, while those that will be available for sale via auctions are marked separately:

We have also published a breakdown of the maturity profile of the stock of corporate bonds held in the Asset Purchase Facility. See the results and usage page.

Expressions of interest – eligible bonds buyback requests

The Bank is currently open to receiving expressions of interest from issuers who may want to buy back their own bonds – as per the list of bonds held in the Corporate Bond Purchase Scheme above.

Issuers interested in undertaking debt buybacks of their own issuance, at this time and throughout the sales programme, should fill in and submit to us an indication of the bonds using the following form:

You should send your expression of interest, either directly or via a dealer, to: APF_CorporateBond_DealersInfo@bankofengland.co.uk.

Approach to market engagement on APF gilts

The MPC has asked Bank of England staff to work on a strategy for UK government bond sales, and will provide an update at its August 2022 meeting. This will allow the Committee to make a decision at a subsequent meeting on whether to commence sales.

As noted in the Governor's letter to the Chancellor in February 2022, were gilt sales judged to be appropriate in the future, these would be conducted in a predictable manner over a period of time so as not to disrupt the functioning of financial markets. The Bank will liaise with the UK Debt Management Office (DMO) in order to minimise interference with the DMO's own issuance programme, and consider the views of market participants as to how best to minimise disruption in asset markets.

The Bank will therefore be seeking views on the operational considerations relating to any future gilt sales through a range of avenues over the coming months. We are in regular dialogue with the DMO on operational matters, as we have been throughout the life of the Asset Purchase Facility. We also regularly engage with a wide range of market participants across different market sectors through our market intelligence function and will continue to gather views through those conversations. It is important that we are able to take into account feedback from the widest range of stakeholders in this process, including where we may not have existing relationships, so we are additionally inviting input via email to APFOpsFeedback@bankofengland.co.uk. Information received will be treated in line with the Bank's published Market Intelligence Charter.

Requirements for eligible counterparties

Counterparties in the Corporate Bond Purchase Scheme sales programme must submit to us quotes on eligible securities that are sent in the normal course of their business (dealer runs) as well as indications of bonds which they would like to buy or take a position in (dealer axes). Further details are provided in the APF Operating Procedures. We have a template for providing this information:

You should send your submission to APF_CorporateBond_DealersInfo@bankofengland.co.uk, preferably by close of business on a daily basis, but at least by close of business on the first working day of the week.

Cash transfers between the APF and Her Majesty’s Treasury (HMT)

The APF is operated via a subsidiary of the Bank of England known as the Bank of England Asset Purchase Facility Fund (BEAPFF) that is indemnified by HMT. BEAPFF receives interest on the gilts and corporate bonds it holds, which were purchased using a loan from the Bank. Interest income is used to pay administrative costs, and interest on the loan. The net balance is transferred between BEAPFF and HMT every quarter. More detail about this process can be found in the following document:

Lending of gilts bought in APF Gilt Purchase Operations

We have agreed that we will make a small proportion of the gilts purchased available to the UK Debt Management Office (DMO) for on-lending to the market through the DMO’s normal repo market activity. We issued a joint statement on this in 2009.

How are market operations carried out?

Our electronic tendering system, Btender, is used to carry out auction operations. All counterparties that are eligible to participate and are signed up to our auction operations must use Btender, and take reasonable steps to ensure they are able to access this system across all locations they work from. You will also require access to SWIFTnet.

During the current period of market disruption, we recognise that it may not be possible in all cases for firms to use Btender. Our preference is for use of Btender in all circumstances to minimise operational risk. Where this is not possible, firms may submit proxy bids. Firms wishing to submit proxy bids should first seek approval by e-mailing: Markets-SMDDealers@bankofengland.co.uk with the names, e-mail addresses and direct work extension telephone numbers of all dealers authorised to submit bids on their behalf. 

On each auction day, the authorised dealer should first call +44 (0) 20 3461 5000 to confirm the bid. The authorised dealer should then e-mail: proxybids@bankofengland.co.uk, including the name of the auction in the subject header field when submitting their proxy bid. Before accepting any bids, we reserve the right to take further steps to confirm the eligibility of firms, and verify the identity of submitting dealers. We accept no liability for any delays arising from such checks.  

To contact the Sterling desk, call +44 (0) 20 3461 5000 or email Markets-SMDDealers@bankofengland.co.uk.

SMF Authorised Signatory Evidence Form

As a participant in the Sterling Monetary Framework, you are required to provide an authorised signatory evidence form and documentary evidence to support the authorised signatories. This form must be completed on behalf of your organisation and responsibility is with you, the participant, to keep this up to date, and inform the Bank of any updates or amendments in a timely and efficient manner.

To update your authorised signatory evidence form, complete our pro forma:

Evidence of authority and specimen signatures are required for the individual(s) signing off the form. We encourage you to read our guidance note on supporting evidence:

Please submit the form, and supporting evidence to Applications@bankofengland.co.uk.

Contact details

This page was last updated 05 May 2022

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