The objects of the LMMA are to monitor the liquidity of the sterling money markets, to consider matters of policy of interest to members in the areas of money market operations, regulation and legislation, to promote good relations and close consultation with the Bank of England, the Treasury, the Prudential Regulation Authority and other bodies and to disseminate all relevant information to members. The Executive Committee of the LMMA representing the 33 member firms generally meets six times each year, providing an essential forum for money market practitioners to discuss and debate market developments and provide suggestions and proposals to the relevant authorities where appropriate. The aim is to make a difference and advise where necessary.

The LMMA has developed relationships with all the appropriate regulatory bodies in the United Kingdom, particularly with regard to the Bank of England in terms of money market operations. The Association is now represented on the Bank’s Money Market Committee (MMC) and the Securities Lending & Repo Committee (SLRC) and is also represented on other market forums.

The Executive Committee of the LMMA meets to discuss markets and market conditions, deciding on representations which might be made to the authorities where appropriate, either via MMC and SLRC or by direct communication with the relevant body.

Organisations wishing to learn more about the LMMA should in the first instance contact Ian Mair, who is the Chairman of the London Money Market Association. Ian’s email address is Ian.Mair@LMMA.org.uk


The LMMA was established in 1997 and has its origins in the London Discount Market Association (LDMA), which was disbanded when the Discount Market was abolished, also in 1997. The London Discount Market Association itself was formed in 1941 with the tacit approval of the Governor of the Bank of England and became an innovative and influential voice in the sterling money markets for many years.

Prior to the formation of the LDMA, the Discount Market had previously occupied a key position in the money market by handling bills of exchange and mopping up surplus cash in the UK monetary system. Until the LDMA was formed, discount houses had previously operated on an individual basis, though they did have a committee which met to discuss rates of deposit. Subsequently, a sub-committee was formed to liaise with the Bank of England to discuss matters of mutual importance. In turn, this developed into a weekly meeting on Thursday afternoons at the Bank and the meeting became to be known colloquially in the Discount Market as “the Governor’s tea party”.

As the sterling markets developed, the importance of the Discount Market grew, providing as it did, a direct relationship for the market with the Bank of England. However, this influence began to wane as more and more banks, both domestic and overseas, involved themselves in the sterling money markets, particularly leading up to and after Big Bang, the Stock Market deregulation of 1986.

In 1997, the Bank of England gained its independence and it introduced many changes to its money market operations, which included the Discount Market being abolished. The changes introduced by the Bank were welcomed by the markets but while individual banks could now deal directly with the Bank, a void was created in terms of direct dialogue between the sterling money market as a whole and the authorities. Several market participants observed that there was a need for a representative association to provide a platform for regular exchanges of information and a conduit to allow representations to made on market issues to the regulatory authorities, particularly to the Bank of England.

Thus the LMMA was formed in 1997 with 8 founding member firms and despite the many mergers and changes within the London market, the Association has grown from strength to strength since its inception. The LMMA now has 33 members who operate in all sectors of the wholesale financial markets industry, trading and providing liquidity on a daily basis in the sterling money markets. Member firms include UK clearing banks, European banks, building societies, asset managers, investment banks, US banks and private banks. It is this diversity which is one the major strengths of the LMMA.

The LMMA continues to review its role and purpose and will react to changes in the market place that might influence and widen further its contribution to developments in the London money markets.

Corporate Social Responsibility

The LMMA has always been a keen supporter of charitable causes and takes its responsibilities seriously in terms of helping the community where possible. An area of special interest is the promotion of education and training and the LMMA has involved itself in initiatives from other bodies such as the Corporation of the City of London, Greater London Reserve Forces and Cadets Association and London Metropolitan University.

The LMMA also organises a charity golf day each year which helps to raise funds for charity. The competition’s spiritual home is Worplesdon Golf Club which also makes its own contribution to the fund-raising efforts. Organisations which have benefitted from monies raised at the golf day are the homelessness charity SmartMove, the skin-blistering charity DEBRA, St Davids Care in the Community and St John Ambulance. For more information on these deserving charities, please use the links below.





The LMMA Golf Challenge Trophy


Recent Winners

2016 – G C MacKenzie III (Rabobank International)

2015 – B Withnell (RBC Capital Markets)

2014 – I T Mair (LMMA)

2013 – S J McMunn (The Royal Bank of Scotland)

2012 – J J Morris (C Hoare & Co)

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    London Money Market Association,
    Warnford Court, 29 Throgmorton Street, London, EC2N 2AT
    Email: Ian.Mair@LMMA.org.uk
    Telephone: 020 7947 4916 (Switchboard)
    General Enquiries/Media
    Ian Mair - Chairman
    Email - Ian.Mair@LMMA.org.uk