The Bank of England published minutes of the UK Money Markets Code Sub-Committee meeting outlining developments around the updated UK Money Market Code, operational changes affecting delivery-by-value for the Bank’s Short Term Repo facility, and progress on Euroclear’s CREST Transformation programme. The updated Code has been formally re-recognised by the Financial Conduct Authority as an industry standard for three years, through to 3 November 2028, with 30 firms having re-attested since the update. For delivery-by-value (DBV) in the Short Term Repo (STR) facility, Euroclear UK & International plans to change the allocation method from selecting the highest-value bonds in a member’s portfolio to selecting bonds that attract the lowest haircut first, aiming to support greater use of DBV and associated DvP settlement efficiencies. On CREST Transformation, Euroclear signalled increased market engagement in 2026, reported progress on a collateral-stream proof of concept for EUI-Triparty and a planned move to a Collateral Management System with an end-2028 timeline, and confirmed the new CREST web graphical user interface is live with early adopters and will roll out to all users during 2026. The DBV allocation change is targeted for EUI’s April 2026 release, and Euroclear is expected to provide a further CREST Transformation update at the next Sub-Committee meeting; meetings are scheduled for 17 June and 9 December 2026.
Bank of England 2026-01-06
Bank of England minutes note FCA re-recognition of the UK Money Market Code until 3 November 2028 and planned STR DBV allocation change
The Bank of England released minutes from the UK Money Markets Code Sub-Committee meeting, detailing updates to the UK Money Market Code, changes to Euroclear UK & International's Short Term Repo facility, and progress on Euroclear’s CREST Transformation programme. The Financial Conduct Authority has re-recognised the updated Code as an industry standard until November 2028, with Euroclear planning a new bond allocation method in April 2026 and further updates expected at the next meeting.