BoE money markets code gets ISLA approval
28 April 2017 London
Image: Shutterstock
The International 麻豆传媒 Lending Association (ISLA) has thrown its weight behind the Bank of England鈥檚 (BoE) new voluntary UK Money Markets Code.
The new code was written by market participants and incorporates revised relevant sections of the non-investment products code, and also a revision and update of the gilt repo code and the securities borrowing and lending code.
According to the BoE, the new code sets out best practice expected from participants in the securities lending, repo and deposits markets. It supersedes existing guidance in the incorporated codes of conduct.
By bringing these together, it will more clearly establish the framework for transacting in UK money markets in order to promote counterparty trust, fairness and overall market transparency.
The new code was also endorsed by the UK鈥檚 Money Markets Committee, a senior-level forum for market participants and the public authorities.
All UK money market participants have to commit to the principles of the code by 1 January 2018.
Commenting on the new code, ISLA CEO Andy Dyson said: 鈥淭he code is a principles-based code that will provide a conduct based framework that market participants will adhere to.鈥�
w
鈥淲e fully endorse and support this new code which firms will need to be compliant with from 2018.鈥�
The new code was written by market participants and incorporates revised relevant sections of the non-investment products code, and also a revision and update of the gilt repo code and the securities borrowing and lending code.
According to the BoE, the new code sets out best practice expected from participants in the securities lending, repo and deposits markets. It supersedes existing guidance in the incorporated codes of conduct.
By bringing these together, it will more clearly establish the framework for transacting in UK money markets in order to promote counterparty trust, fairness and overall market transparency.
The new code was also endorsed by the UK鈥檚 Money Markets Committee, a senior-level forum for market participants and the public authorities.
All UK money market participants have to commit to the principles of the code by 1 January 2018.
Commenting on the new code, ISLA CEO Andy Dyson said: 鈥淭he code is a principles-based code that will provide a conduct based framework that market participants will adhere to.鈥�
w
鈥淲e fully endorse and support this new code which firms will need to be compliant with from 2018.鈥�
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to 麻豆传媒 Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to 麻豆传媒 Finance Times
