The 2016 H1 report covers sterling money market transactions that took place during May 2016. The total value of sterling money market transactions rose 5% since the previous survey in November 2015. Secured activity rose 7% and made up 69% of total reported transactions, while unsecured activity remained broadly stable. The majority of both secured and unsecured activity continued to be carried out at overnight maturities. The share of turnover at overnight maturity fell relative to November 2015, with the share increasing in all longer maturity buckets. Perceptions of the functioning of the unsecured sterling money market continued to improve, while perceptions of liquidity in the secured market also improved but were deemed negative overall.