The Bank of England (BoE) has announced that it is widening access to its Sterling Monetary Framework (SMF) to accept broker-dealers and central counterparties (CCPs).

Those broker-dealers deemed critical to the stability of the UK financial system (PRA designated investment firms) and CCPs that operate in UK markets and are either authorised under EMIR or recognised by the European Securities and Markets Authority, are eligible to apply for participation in the SMF, including the Discount Window Facility.

The changes are set out in an updated version of the ‘Red Book’ which sets out the framework for the BoE’s operations in the sterling money markets.

View Widening access to the Sterling Monetary Framework: broker-dealers and central counterparties, 5 November 2014