Bank of England Begins 2027 Review of UK Money Market Code

The Bank of England's Money Markets Code Sub-Committee has begun its next review of the UK Money Market Code, with an updated version expected in 2027. The committee described the review as a light-touch but thorough process, focusing on market developments, clarifications, and measures to future-proof the code. The current version was published in June 2024.

As of 2026, nine firms have attested to the code, including two banks since the previous sub-committee meeting in June. Since its launch in April 2017, 234 firms have signed the Statement of Commitment, with no withdrawals reported so far. The committee noted that a better understanding of the potential population of firms within scope would help promote the code more effectively.

The committee also discussed Euroclear UK & Ireland’s mini-CREST contingency plans for a potential CREST outage, highlighting concerns over gilt and repo settlement operational resilience. The committee plans to monitor these developments closely.