Date: 9 June 2026 Time: 3.30pm – 5pm | Location: Bank of England / Hybrid Minutes Item 1.
Introduction & Minutes of last meeting The Co-Chair welcomed members of the Committee to this hybrid meeting (the first of 2026) and noted that the minutes of the last UK Money Market Code Sub-Committee (Code Sub-Committee) meeting (held on 3 December 2025) are on the Bank’s website
The Co-Chair also noted that Mimi Yan (FMSB) has joined the Code Sub-Committee as an Observer. Item 2. Next Steps on Gilt Repo Resilience (Presentation by the Bank’s Gilt repo resilience team) The objective of the work being done in this area is to deliver structural improvements to the resilience of the gilt repo market.
Policy design is centred on improving liquidity supply, while recognising that different measures could either increase or reduce leverage across the system. Any policy proposal in this area will be tailored to the specific features of the gilt repo market, as well as the diverse needs and roles of different market participants. Proposals include encouraging central clearing uptake, improving margining practices in non-centrally cleared markets, and exploring mechanisms such as cross-margining and new clearing models to widen access and reduce costs.