The Bank of England (BoE) has updated its securities lending and repo committee web page.

The updated web page notes that the Foreign Exchange Working Group of the Bank for International Settlements released the first phase of a global code of conduct for wholesale foreign exchange markets and principles for adherence to the new standards. The complete global code and the adherence mechanisms will be released in May 2017.

The BoE notes that when the global code is published in its final format, in the UK it will replace the current Non-Investment Products Code (NIPs Code) in relation to the foreign exchange markets. The Bullion element of the NIPs Code is being replaced by a new code that will be established by the London Bullion Markets Association.  A new UK securities lending, repo and money markets code is expected to be published in mid-2017.

View Securities lending and repo committee, 27 May 2016