Bank of England code sub-committee to start review in October

• Nine firms have attested to the UK Money Market Code in 2026.
• The committee agreed to start the review process in October.
• The next update to the code is due to be published in 2027.

Action

Bank of England’s UK Money Markets Code Sub-Committee agreed to begin a review of the code in October. The committee said the next update is due in 2027.

Bank of England code sub-committee to start review in October

It also said the review should be “light touch but thorough”, with an emphasis on material developments in UK money markets, clarifications and futureproofing.

Respondents

Nine firms attested to the UK Money Market Code in 2026, including two banks that attested since the last Code Sub-Committee meeting in June.

The committee said 234 firms have signed the Statement of Commitment since the code was launched in April 2017. It said no firms have withdrawn from that list.

Effective

The meeting took place on 8 September 2026 at the Bank of England in London and ran from 3.30pm to 5pm. The committee said the minutes of the last meeting, held on 9 June 2026, were published on the Bank’s website.

It also asked the secretariat to do further analysis on the potential population of firms within scope. The committee said this could support a more targeted engagement approach for wider adoption of the code.

The committee discussed whether the revised code could include a proportionate, voluntary expectation for existing signatories to encourage relevant market participants to support wider adoption.

It said clearer wording on jurisdictional coverage would be added consistently across the Terms of Reference, the code and the Explanatory Notes.

The committee noted Euroclear UK & Ireland’s contingency arrangements for a CREST outage, known as “mini-CREST”, and said it will monitor the development.