Minutes of the UK Money Markets Code Sub-Committee – June 2026

Time: 3.30pm – 5pm | Location: Bank of England / Hybrid

Item 1. Introduction & Minutes of last meeting

The Co-Chair welcomed members of the Committee to this hybrid meeting (the first of 2026) and noted that the minutes of the last UK Money Market Code Sub-Committee (Code Sub-Committee) meeting (held on 3 December 2025) are on the Bank’s website.

The Co-Chair also noted that Mimi Yan (FMSB) has joined the Code Sub-Committee as an Observer.

Item 2. Next Steps on Gilt Repo Resilience (Presentation by the Bank’s Gilt repo resilience team)

The objective of the work being done in this area is to deliver structural improvements to the resilience of the gilt repo market. Policy design is centred on improving liquidity supply, while recognising that different measures could either increase or reduce leverage across the system. Any policy proposal in this area will be tailored to the specific features of the gilt repo market, as well as the diverse needs and roles of different market participants.

Proposals include encouraging central clearing uptake, improving margining practices in non-centrally cleared markets, and exploring mechanisms such as cross-margining and new clearing models to widen access and reduce costs. There is no fixed policy position yet. However, the Bank noted that any likely policy changes will take years to implement and that it will continue to engage with the market throughout its thinking.

This review is focused on further enhancing the clarity, governance, and practical effectiveness of the Committee’s work. Members welcomed the opportunity to strengthen the language of Terms of Reference and clarify expectations around adherence to the code.