The Bank of England’s Money Markets Committee (MMC) – comprised of market participants from a wide range of banks, other financial and non-financial institutions – has launched a Public Register today (17 September).
The UK Money Markets Code (‘the Code’), is a voluntary code that sets out the standards and best practice expected from participants in the deposit, repo and securities lending markets, was published in April 2017. The Code is underpinned by the key principle that participants should always act in a manner to promote the integrity and effective functioning of these markets.
Over 100 market participants have agreed for their Statements of Commitment to the Code to be displayed on the Public Register. That includes the Bank of England, which originally published its Statement of Commitment in February 2018.
Andrew Hauser, Executive Director for Markets and Chair of the Money Markets Committee, said: ‘The UK Money Markets Code is a key step in restoring trust in financial markets. It helps fair, effective, and transparent markets to flourish. The Public Register shows not only the breadth of adherence to the UK Money Markets Code across the market, but also the importance that market participants place on it’.
Gordon Lowson of Aberdeen Standard Investments and Chair of the UK Money Markets Code Sub-Committee, said: ‘The Public Register enables market participants, their counterparties, their clients, and others to see the breadth of adherence to the UK Money Markets Code. The Code sets out clear principles and standards for the deposit, repo and securities lending market in the United Kingdom – the number of signatories already displayed on the Public Register shows clearly that it has been endorsed and embedded across UK money markets’.
The Public Register will be maintained by the UK Money Markets Code Sub-Committee, which is also responsible for ensuring the continued relevance of the Code as markets evolve.
If any institution would like their Statement of Commitment to be displayed on the Public Register please contact UKMoneyMarketsCode@bankofengland.co.uk
Notes to editors
1. The UK Money Markets Code: April 2017
2. The UK Money Markets Code Explanatory Notes: May 2018