MMLG SUB GROUP ANNIVERSARY

On 25th February 2014, the MMLG Sub Group will convene for its monthly meeting, almost a year to the day when the first meeting was held at the Bank of England to begin work in over-seeing the development of a new Cleared Term DBV product for the gilt repo market.

The initiative, which was jointly instigated by the LMMA, LCH.Clearnet and EUI, has made significant progress in the last year. A launch date has been finalised – 20th August 2014 – and the development work within LCH and EUI is on track. Just as importantly, the necessary development work within financial institutions who operate in the gilt repo market is also under way.

The LMMA has presided over several open meetings to inform the market of developments and to provide the opportunity for continuous debate about the technical and market practice changes that will be required. The Bank of England has given widespread support to the initiative and the Cleared Term DBV Sub Group reports into the Bank’s Money Market Liaison Group.

The market also supports the new product which will help reduce operational and liquidity risks. The LMMA and the Bank of England have produced a good market practice guide which the market supports and the close working relationship between all parties has resulted in the project showing good progress towards the revised launch date of 20th August 2014.

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