Bank of England committee says money markets stayed smooth in September

• Members said money markets continued to function smoothly and funding conditions remained stable.
• The committee discussed plans to extend RTGS and CHAPS settlement hours.
• Industry engagement continued on Euroclear UK & International’s proposed MiniCREST contingency arrangement for an extreme but plausible cyber-attack scenario.

Action

The Bank of England’s Money Markets Committee met on 25 September 2026 in London and recorded updates on market conditions, settlement hours and other sterling money market issues.

Bank of England committee says money markets stayed smooth in September

Members said money markets continued to function smoothly. They said funding conditions remained stable, even during recent increased bond market volatility.

Bank staff also updated members on plans to extend RTGS and CHAPS settlement hours to support innovation, cross-border payments and liquidity management.

Respondents

The minutes name the Money Markets Committee, Bank staff, members, the Monetary Policy Committee, the Financial Policy Committee and HM Treasury in the discussion.

Members also discussed Euroclear UK & International’s proposed MiniCREST contingency arrangement for an extreme but plausible cyber-attack scenario.

Effective

The minutes are dated 25 September 2026 and were published on 13 October 2026.

Feedback to the May 2026 Consultation Paper was broadly supportive, with respondents generally favouring an extension of existing operating days before adding further operating days.

The Sterling Money Markets Code Sub-Committee is preparing the next update to the Code, with publication planned for 2027 in line with the three-year review cycle.

Penalty

No penalty was reported.