Settlement of the weekly 7-day and the weekly 84-day operations will typically take place on a T+1 basis. The settlement convention for other operations will be announced if and when these are scheduled.
The Bank will not advance funds until it has confirmed the eligibility of the collateral received. Participants may deliver securities routinely eligible in the Bank’s Level A collateral set or conventional US Treasury securities initially and substitute other eligible collateral subsequently. Participants may not substitute securities held as collateral in the Bank’s USD Repo Operations on the settlement day of other USD Repo Operations, except at the Bank’s discretion.
Securities to be delivered as collateral must be confirmed to the Bank by 08.00 London time on the day of settlement in accordance with the SMF Operating Procedures.
Securities should be delivered in accordance with the SMF Operating Procedures. US Treasury securities should be delivered free-of-payment across Fedwire to the Bank of England’s account at the Federal Reserve Bank of New York (FRBNY).
The Bank reserves the right to reject any security offered for any reason at any time.
The Participant may transfer collateral held in the main collateral pool into their USD repo pool as required, providing the main collateral pool is not left under- collateralised.
Collateral provided must have an adjusted market value that is at least equal to the amount of dollar funds allocated, plus interest. Where necessary, valuations should be converted into dollars using the exchange rates published at 16.00 London time on the previous day. The Bank reserves the right to use other prices at its discretion.
On the maturity date of transactions, dollar funds should be delivered to the Bank by 14.30 London time. Subject to prior agreement with the Bank, Participants may combine payments to be made or returned on the same day into a single transaction of a net amount.