Minutes of the UK Money Markets Code Sub-Committee – September 2026

The Sub-Committee’s hybrid meeting in September 2026 reviewed the publication of minutes from the June 2026 session and noted nine firms had attested to the UK Money Markets Code in 2026, including two new signatories since June. A total of 234 firms have committed to the Code since its launch in April 2017, with no withdrawals reported. The Committee emphasised the need for a clearer understanding of firms potentially within scope to refine engagement strategies for broader adoption.

Members explored whether the revised Code should introduce a voluntary expectation for existing signatories to encourage wider adoption among relevant market participants. The Terms of Reference were reviewed and updated to reflect current relevance, while discussions also addressed the need for a clearer definition of jurisdictional coverage for transactions under the Code. These updates will be applied consistently across the Terms of Reference, Code, and Explanatory Notes.

The Committee agreed that additional instruments and securities would be addressed as part of the substantive Code review rather than in the current update cycle. The Terms of Reference mandate a full review of the Code approximately every three years, with the last update published in June 2024 and the next due in 2027.

The review process for the 2027 update will adopt a ‘light touch but thorough’ approach, focusing on material developments in UK Money Markets, clarifications, and future-proofing. The Committee also noted Euroclear UK & Ireland’s work on contingency arrangements for a potential CREST outage and will monitor its implications for gilt and repo market settlement.