Bank of England Money Markets Code Sub-Committee Minutes June 2026

The UK Money Markets Code Sub-Committee met on 9 June 2026 in a hybrid format at the Bank of England. Key discussions included next steps on gilt repo resilience, a committee effectiveness review, and the upcoming refresh of the UK Money Market Code due in 2027. The Bank's gilt repo resilience team presented structural proposals to improve market liquidity, including encouraging central clearing, improving margining practices, and exploring cross-margining. No fixed policy position was reached, and implementation is expected to take years. The committee effectiveness review focused on enhancing clarity, governance, and adherence to the Code while preserving its voluntary, principles-based nature. Members emphasized education and training to improve awareness. For the Code refresh, a wholesale review was deemed unnecessary; the focus will be on key developments since the 2024 update. New observer Mimi Yan (FMSB) joined the committee.