BoE code sub-committee starts 2027 review in October

• Nine firms have attested to the UK Money Market Code in 2026.
• The Committee agreed to begin the full review process in October.
• Euroclear UK & Ireland’s contingency work for a CREST outage was noted.

Action

The UK Money Markets Code Sub-Committee met at the Bank of England on 8 September 2026. It agreed to begin the full review process for the Code in October.

BoE code sub-committee starts 2027 review in October

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

Respondents

Nine firms have attested to the UK Money Market Code in 2026, including two banks that attested since the last meeting in June. The Committee said 234 firms have signed the Statement of Commitment since the Code was launched in April 2017, and no firms have withdrawn.

Members also discussed the Terms of Reference for the UK Money Market Code Sub-Committee. They reviewed the definition of jurisdictional coverage, and agreed a clearer definition would be updated and applied across the Terms of Reference, Code and Explanatory Notes.

Effective

The Committee said the next update of the Code is due to be published in 2027. An updated version of the Code was published in June 2024.

The Terms of Reference state that the Sub-Committee will deliver a full review of the Code approximately every three years.

Penalty

No penalty was announced.

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