Bank of England committee reviews money market code, repo, and CREST updates
The Bank of England's UK Money Markets Code Sub-Committee met on December 3, 2025, to review updates on the re-recognized Money Market Code, changes to the Short Term Repo Facility, and Euroclear's CREST Transformation project.
Code re-recognized, wider promotion planned
The UK Money Market Code has been formally re-recognized by the Financial Conduct Authority (FCA) as an industry standard for a period of three years, until November 3, 2028.
Following this re-recognition, the Bank of England published a press notice.
Thirty firms have re-attested to the updated Code since its last revision.
The Committee suggested promoting the Code via social media, in addition to existing avenues, to reach a wider audience and encourage more firms to re-attest.
The secretariat will explore potential options for this outreach.
Repo facility changes and CREST modernization
Euroclear UK & Ireland (EUI) plans to change the allocation method for the Bank of England's Short Term Repo (STR) Facility's DBV, prioritizing bonds with the lowest haircut from April 2026.
This change, driven by market feedback, aims to reduce operational frictions and encourage DBV usage for STR. Additionally, Euroclear updated the Committee on the CREST Transformation project, which seeks to modernize its infrastructure.
The collateral stream aims to transition from DBV to Tri-party by the end of 2028, and a new CREST web GUI is rolling out to all users throughout 2026.