On 3 December 2025 the UK Money Markets Code Sub‑Committee met in a hybrid format to discuss recent developments. The committee confirmed that the FCA has formally re‑recognised the updated Money Market Code as an industry standard for three years, until 3 November 2028. Thirty firms have re‑attested to the Code, and the secretariat is exploring social‑media promotion to increase further re‑attestations. An update on the Bank of England’s Short‑Term Repo (STR) facility highlighted a planned change to the Designated Beneficiary Value (DBV) allocation method, prioritising bonds with the lowest haircut; the change is slated for the April 2026 release to encourage broader STR participation. Euroclear’s CREST Transformation project was also reviewed, with progress on a new web GUI, Tri‑Party proof‑of‑concept, and a transition from DBV to an automated collateral management system, targeting completion of the collateral stream by end‑2028. The next Sub‑Committee meetings are scheduled for 17 June and 9 December 2026.
© Governor and Company of the Bank of England.
Summary adapted from the Bank of England website (https://www.bankofengland.co.uk ).
https://www.bankofengland.co.uk/minutes/2025/december/money-markets-sub-committee-minutes-december-2025
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