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What can be gleaned from the Sterling Money Market Data published by the Bank of England?


Under the Sterling Money Market Daily (SMMD) reporting regime, the Bank of England has been collecting daily data on the number and value of transactions in the UK money market, including gilt repo. Currently, the SMMD sample is believed to be about 33 financial institutions, mainly banks. As of today, SMMD has been the sole source for Bank research on the UK repo market. UK SFTR data has not been used in any published work.

This note looks at the complete run of SMMD to date, which is from 2016 to 2023. Unfortunately, the Bank only publishes quarterly numbers, which means this analysis has to be broad-brush but at least SMMD is in one currency and largely in one type of collateral (mainly or entirely UK gilts).


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