Transactions in negotiable instruments in the London money markets have until very recently had to be settled by messenger delivery of paper securities in exchange for payment, normally in the form of Town cheques. This note describes the new settlement facilities for sterling money-market transactions provided by the Central Moneymarkets Office - a new service, inaugurated on 1 October, which allows transfers to take place by means of computerised book entries instead of physical delivery.
Published on
01 December 1990
Central Moneymarkets Office