UK Money Markets Code
The UK Money Markets Code is a voluntary agreement setting out the expectation for all who participate in the UK Money Markets to act in a manner which promotes the integrity and effective functioning of the Markets.
The Code was written by UK Market participants including our Head of Treasury, Andy Green, who sat on the Bank of England Sub-Committee representing both C. Hoare & Co. and the London Money Market Association. The Code, which has been developed to reflect what the participants believe to be best practice, promotes open, fair, effective and transparent Markets.
The Code is based on six underpinning principles:
- UK Market Participants are expected to behave in an appropriate and professional manner.
- UK Market Participants should have an applicable framework that facilitates responsible participation in the Markets and provides for comprehensive oversight of such activity at an appropriately senior level of management. There should be clear and defined internal escalation routes.
- UK Market Participants are expected to maintain a control environment to effectively manage the risks associated with their engagement in the Markets.
- UK Market Participants are expected to be clear and accurate in their communications, and to protect relevant information to support effective communication.
- UK Market Participants are expected to exercise appropriate care when negotiating and executing transactions.
- UK Market Participants are expected to put in place effective and efficient processes to promote the secure, smooth, and timely settlement of transactions.
C. Hoare & Co. adheres these to these principles and has signed up to the Code.