Payments update proposed for UK money markets
The Bank of England today revealed plans to renovate the UK money market's payments technology, with an executive director at the central bank, Chris Salmon, urging market participants to embrace the change.
At the centre of the payments overhaul is a new system for centrally clearing and settling sterling general collateral repurchase agreements (gilt repos), of which around £250 billion ($396 billion) worth are settled each day.
The UK's secured money market operates a deliver-by-value (DBV)
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