The 2014 H2 report covers sterling money market transactions that took place during November 2014. The value of total sterling money market transactions was broadly unchanged since the previous survey in May 2014. Secured activity made up three quarters of total reported transactions, an increase from two thirds in the previous two surveys. The majority of both secured and unsecured activity continued to be carried out at overnight maturities. Perceptions of the functioning of the unsecured sterling money market remained negative on balance and have worsened since the previous survey, while perceptions of the secured market deteriorated but were deemed neutral overall.