The Bank’s reforms take shape

The Bank of England is in the final consulting stages of reforms to its operations in sterling money markets, which are expected to come into effect by 2006. In some respects these will be the most far-reaching reforms for one hundred years and will have widespread effects on the functioning of London's sterling money markets. This article explains what has prompted the Bank to make these changes and what it hopes the benefits of the new system will be.

The Bank's plan, which embodies a complete

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