Useful External Resources – Unsecured Money Markets, Repo and Securities Lending

The UK Money Markets Code

The UK Money Markets Code is a voluntary code written by market participants. It was first published in 2017 and updated in 2021.

The code sets out standards and the best practice expected from participants in the deposit, repo and securities lending markets in the UK.  The code is endorsed by the Bank of England Money Markets Committee and will be updated regularly.

The Money Markets Committee has also established a Public Register of Institutions who have signed a Statement of Commitment or a Statement of Support to the Code. The purpose of the Register is to further restore trust in financial markets by making it easier to see which institutions have taken the important step of committing to the principles set out in the Code.

https://www.bankofengland.co.uk/-/media/boe/files/markets/money-markets-committee/uk-money-markets-code.pdf

Bank of England Money Markets Committee

The Money Markets Committee (MMC) is a senior-level forum for market participants and the relevant UK public authorities to discuss issues concerning the UK unsecured deposits and funding market, the securities lending market and the repo market.

The MMC is chaired by the Bank of England.

The committee meets quarterly and also has two permanent sub-committees: the UK Money Markets Code Sub-Committee and the Securities Lending Committee.

https://www.bankofengland.co.uk/markets/money-markets-committee-and-uk-money-markets-code

International Capital Markets Association (ICMA)

ICMA is a not-for-profit membership association, headquartered in Zurich, and offices in London, Paris, Brussels and Hong Kong, committed to serving the needs of its wide range of member firms active in the international debt capital markets.

ICMA prioritises four core fixed income market areas: primary; secondary; repo and collateral; as well as sustainable finance.

ICMA currently has more than 610 members active in all segments of the sell-side and buy-side international debt capital markets in 65 jurisdictions. Among its members are private and public sector issuers, banks and securities dealers, asset and fund managers and other investors, insurance companies, capital market infrastructure providers, central banks, law firms and others.

https://www.icmagroup.org

International Securities Lending Association (ISLA)

ISLA is a leading non-profit industry association, representing the common interests of securities lending and financing market participants across Europe, Middle East and Africa. Its geographically diverse membership of over 160 firms includes institutional investors, asset managers, custodial banks, prime brokers and service providers.

https://www.islaemea.org