Bank of England Securities Lending Committee Minutes: T+1, Tokenisation and AI on the Agenda
On 15 September 2026, the Bank of England convened the Securities Lending Committee at 20 Moorgate, London, from 2.30pm to 4.30pm. The committee members addressed the recruitment of early-career professionals in securities finance and highlighted operational challenges stemming from holding-period regulations and record-date stipulations. They cautioned that the implementation of T+1 accelerated settlement could worsen these challenges and advocated for tax harmonisation. While participants were preparing for the October 2027 T+1 rollout, their levels of readiness differed. Discussions also encompassed central counterparty usage, collateral efficiency, and digital assets. Various working groups focused on repo, collateral mobility, and legal frameworks, with AI adoption aimed at enhancing efficiency amid ongoing governance and data security issues. Nina Moylett from M&G chaired the meeting, attended by representatives from leading firms and observers from AIMA and Barclays.
Key facts
- The Securities Lending Committee met on 15 September 2026 from 2.30pm to 4.30pm at the Bank of England, 20 Moorgate, London EC2R 6DA
- Nina Moylett of M&G chaired the meeting
- Industry participants are broadly on track for T+1 implementation in October 2027, but readiness differs significantly between firms
- The Tax & Regulations sub-committee flagged operational challenges from holding-period rules and record-date requirements across national tax regimes
- The Committee discussed tokenisation programmes, digital collateral and multiple industry working groups on repo, collateral mobility, payments and digital securities issuance
- AI adoption was described as primarily efficiency-driven rather than fully autonomous decision-making
- A legal case on re-characterising a securities financing transaction as a secured loan could affect repos, securities lending and contractual certainty
- Attendees included representatives of BlackRock, Clifford Chance, Goldman Sachs, HSBC, ICMA, JP Morgan, Morgan Stanley, MUFG, State Street Global Markets, ISLA, Norges Bank IM and the Bank of England
Entities
Artists
- Nina Moylett
- Tim McLeod
- Habib Motani
- Johanne Armita
- Jamie Anderson
- Godfried de Vidts
- Harpreet Bains
- Krishan Chada
- Tim Smollen
- Simon Dunderdale
- Matt Neville
- Davina Stickland
- Caroline Dawson
- Shikha Kalra
- Adrian Dale
- Christy Stagemeyer
- Simon Dolan
- Trinity Frost
- Kirstine McMillan
- Adam Jacobs-Dean
- Devi Aujeet
- Ina Budh-Raja
- Morten Gevoll
- David Roberts
Institutions
- Bank of England
- Securities Lending Committee
- M&G
- M&G Plc
- BlackRock
- Clifford Chance
- Goldman Sachs
- HSBC
- ICMA
- JP Morgan
- Morgan Stanley
- MUFG
- State Street Global Markets
- ISLA
- Norges Bank Investment Management
- AIMA
- Barclays
- Treasury Select Committee
- SLC Tax and Regulations sub-committee
- EU Market Integration and Supervision Package (MISP)
Locations
- London
- United Kingdom
- 20 Moorgate
- EU