The Bank of England has published the UK Money Markets Code (the Code). The Code is voluntary and sets out the standards and best practices expected from participants in deposit, repro and securities lending markets. The Code is underpinned by the key principle that participants should always act in a manner to promote the integrity and effective functioning of these markets. The Code also outlines six high-level principles encompassing: (i) ethics; (ii) governance; (iii) risk management; (iv) confidentiality; (v) execution; and (vi) settlement. It is expected that the Code should be embedded by the market by January 2018.

The Code supersedes and updates existing guidance for participants in the deposit, repo and securities lending markets provided by the Non-investment Products Code, the Gilt Repo Code and the Securities Borrowing and Lending Code. It will align with the Global FX Code and Precious Metals Code, which will be published at the end of May.

View BoE launches UK Money Markets Code, 26 April 2017