The UK Money Market Code Sub-Committee, a forum for market participants and authorities, has agreed to initiate a review of the UK Money Market Code this month. The review process, described as 'light touch but thorough', will focus on material developments, clarifications, and futureproofing within UK Money Markets.
An updated version of the Code is anticipated for publication in 2027. The previous update was published in June 2024, with the Code Sub-Committee's Terms of Reference stating a full review approximately every three years.
During its September 8 meeting, the Committee noted that nine firms have attested to the Code in 2026, including two banks since the June meeting. This brings the total number of firms that have signed the Statement of Commitment to 234 since the Code's launch in April 2017.
The Committee also discussed the need for a clearer definition of the jurisdictional coverage of transactions captured by the Code, which will be updated across the Terms of Reference, Code, and Explanatory Notes.