BoE minutes: money markets smooth, RTGS/CHAPS hours under review

• Money markets continued to function smoothly, with ample liquidity and stable funding conditions.
• Members discussed proposed changes to the leverage ratio framework and deposit competition.
• Bank staff updated members on plans to extend RTGS and CHAPS settlement hours.

Action

The Bank of England published minutes of the Money Markets Committee meeting for September 2026 on 13 October 2026.

BoE minutes: money markets smooth, RTGS/CHAPS hours under review

The meeting was held on 25 September 2026 at the Bank of England, 20 Moorgate, London. Members discussed market conditions, leverage ratio proposals and RTGS and CHAPS settlement hours.

Respondents

The minutes name the Money Markets Committee, Bank staff and committee members. They also refer to the Monetary Policy Committee, HM Treasury, Euroclear UK & International and the Sterling Money Markets Code Sub-Committee.

Effective

Bank staff said work continued on plans to extend RTGS and CHAPS settlement hours. 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

The minutes did not report any penalty or enforcement action.