The 2012 H2 report covers sterling money market transactions that took place during November 2012. The value of total sterling money market transactions was slightly higher than in the previous survey in May 2012. This was due to an increase in the value of secured transactions (some 70% of the overall money market). The value of unsecured transactions remained roughly similar to that in May. The majority of transactions continued to take place at overnight maturity. Perceptions of sterling money market functioning improved slightly, although the perceived functioning of the unsecured market remained markedly less positive than that of the secured market.