Today is an important day for the money markets in the United Kingdom.
With its initial release in April 2017, the UK Money Markets Code has proven to be a valuable set of standards and best practices for the activities in these markets by UK Market Participants.
To ensure that the Code remains relevant and up to date as markets evolve, the UK’s Money Markets Committee undertook a review of its content and the resulting revised version of the Code has been published today on the Bank of England website. To access the document, please check the following link:
ACI FMA has published a Statement of Support to the UK Money Markets Code and fully recognises its importance for the development of money markets in the United Kingdom. Therefore, we are already taking the necessary steps to update the content of our ELAC platform, in accordance with the changes and updates of the new Code, to ensure that all ELAC users will benefit from using our platform with this updated version.
“The UK Money Markets Code (‘the Code’) has been developed to provide a common set of principles in order to promote the integrity and effective functioning of the UK money markets. It is intended to promote a fair, effective and transparent market in which a diverse set of UK Market Participants, supported by resilient infrastructure, are able to confidently and effectively transact in a manner that is consistent with the highest standards of behavior.”
Source: The UK Money Markets Code, Bank of England, April 2017
“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.”
Video presenting ACI FMA and the ELAC portal: https://youtu.be/Q2RW6iQr-E0
Bank of England | The UK Money Markets Code link: https://www.bankofengland.co.uk/-/media/boe/files/markets/money-markets…