A new voluntary UK Money Markets Code setting out the standards and best practice expected from participants in the deposit, repo and securities lending markets has been published.
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. It also outlines six high-level principles encompassing ethics, governance, risk management, confidentiality, execution and settlement.
The Bank of England’s Money Markets Committee (MMC) – comprising market participants from a wide range of banks and other financial and non-financial institutions – has endorsed the code. A sub-group of those experienced market practitioners was formed to draw up the code and will remain in place as a permanent sub-committee of the MMC to ensure that it remains relevant and up to date as markets evolve.
It is expected that the code should be embedded by the market by January 2018.
© Bank of England
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