Information for participants

Schedule of operations

The table below outlines when our market operations will normally take place.

We reserve the right to change our schedule of operations if required. This could be, for example, in light of bank holidays, developments in market conditions or for operational reasons.

• Full calendar of open market operations for 2024 (PDF)

Schedule of Indexed Long-Term Repo operations

Schedule of Short-Term Repo operations

Unless otherwise specified, Short-Term Repo (STR) operations take place each Thursday with a 7-day term and will settle on a T+0 basis. For confirmed dates, please see Full calendar of open market operations for 2024.

Schedule of US dollar repo operations

We keep the frequency and maturity of our US dollar operations under review in light of market conditions. The following table contains a schedule of the latest operations:  

Schedule of APF gilt sale operations

APF gilt sales auction calendar – April to June 2024

The following table contains the current quarterly schedule of APF gilt sale operations.

Participating in gilt sales

All GEMMs, non-GEMM dealer(s) in their groups, and/or end-users intending to participate in the Bank’s auctions should apply directly to the Bank for the allocation of a unique identifier. Applications may be made by email to clientidentifiers@bankofengland.co.uk, or Bloomberg message. Applicants will be required to provide the Bank with the participant entity name and its legal entity identifier (LEI), where an LEI is available. New applications for unique identifiers should be made to the Bank as soon as possible. In any event, such applications must be made by 5pm on the London business day before any gilt sale auction.  End-users will be responsible for sharing their unique identifier with relevant GEMMs.

In exceptional circumstances, GEMMs may submit bids from non-registered clients under the code ‘NEWC’. This will be permitted once for each new client. In the event this process is used, GEMMs should contact the Bank immediately via email to clientidentifiers@bankofengland.co.uk to identify the new bidder and its bids. GEMMs should also request that the relevant end-user client applies directly to the Bank for a unique identifier, as outlined above.

For further information, please see Asset Purchase Facility: Gilt Sales – Market Notice 1 September 2022, Asset Purchase Facility: Gilt Sales – Market Notice 22 March 2024 and Asset Purchase Facility Sales Operating Procedures.

APF gilt sale operations are confirmed each Thursday for the week ahead. For the latest announcement, please see APF gilt sale operations schedule

Latest market notices

• Market Notice - Asset Purchase Facility: Gilt Sales - 15 December 2023
• Market Notice - Asset Purchase Facility, 21 September 2023
• Market Notice - Asset Purchase Facility, 6 June 2023
• Market Notice - Asset Purchase Facility, 12 May 2023
• Market Notice - Changes to the provision of U.S. dollar repo operations from 1 May 2023
• Market Notice - Asset Purchase Facility, 6 April 2023
• Market Notice - Asset Purchase Facility, 24 March 2023

Indexed Long-Term Repo

• Market Notice, 1 October 2019
• Market Notice, 1 September 2022

Short Term Repo

• Market Notice, 1 September 2022

Contingent Term Repo Facility

• Contingent Term Repo Facility Market Notice

APF Gilt Operations

• Asset Purchase Facility: Gilt Sales - Market Notice 23 June 2023
• Asset Purchase Facility: Gilt Sales – Market Notice 24 March 2023
• Asset Purchase Facility: Gilt Sales – Market Notice 16 December 2022
• Asset Purchase Facility: Gilt Sales – Market Notice 20 October 2022
• Asset Purchase Facility: Gilt Sales – Market Notice 29 September 2022
• Asset Purchase Facility: Gilt Sales – Market Notice 22 September 2022
• Asset Purchase Facility: Gilt Sales – Market Notice 1 September 2022

APF Corporate Bond Purchase Scheme Operations

• Asset Purchase Facility: corporate bond sales programme – Market Notice 6 June 2023
• Asset Purchase Facility: corporate bond sales programme – Market Notice 12 May 2023
• Asset Purchase Facility: corporate bond sales programme – Market Notice 6 April 2023
• Asset Purchase Facility: corporate bond sales programme – Market Notice 9 September 2022
• Asset Purchase Facility: corporate bond sales programme – Market Notice 18 August 2022

Liquidity Facility in Euros (LiFE) Operations

• Market Notice, 5 March 2019

US Dollar Operations

• Changes to the eligibility criteria for Short-term non-sterling liquidity facilities from August 2022
• Changes to the provision of US dollar repo operations from July 2021
• Consolidated Market Notice for USD Repo Operations

Latest operational announcements

• Latest SMF operational announcements
• Latest APF operational announcements

Operational Standing Facilities

Our Operational Standing Facilities (OSFs) allow firms to deposit reserves with or borrow reserves directly from us. Currently we apply the following rates to these two facilities:

• borrowing through OSF lending: 5.50%
• placing reserves with us through OSF deposits: 5.00%

In the event of an operational disruption to the CREST settlement system, we may use OSFs in a process known as Non-Standard CREST Closure (NSCC).

NSCC quick reference guide

Further information on Asset Purchase Facility (APF) operations 

Corporate bonds

The Bank has now concluded its corporate bond sales programme. As shown in the table below, these sales were conducted primarily via auction and supplemented by small quantities of sales via other methods, in line with our published approach.

A small number of very short maturity bonds will continue to be held in the portfolio, maturing fully by 5 April 2024.

• Bonds held in the Corporate Bond Purchase Scheme - last updated 30 August 2023 (XLSX) 

Requirements for eligible counterparties

Counterparties in the Corporate Bond Purchase Scheme sales programme must submit to us quotes on eligible securities that are sent in the normal course of their business (dealer runs) as well as indications of bonds which they would like to buy or take a position in (dealer axes). Further details are provided in the APF Operating Procedures. We have a template for providing this information:

• Corporate Bond Purchase Scheme: Dealer axes survey (XLSX)

You should send your submission to APF_CorporateBond_DealersInfo@bankofengland.co.uk, preferably by close of business on a daily basis, but at least by close of business on the first working day of the week.

Cash transfers between the APF and HMT

The APF is operated via a subsidiary of the Bank of England known as the Bank of England Asset Purchase Facility Fund (BEAPFF) that is indemnified by HMT. BEAPFF receives interest on the gilts and corporate bonds it holds, which were purchased using a loan from the Bank. Interest income is used to pay administrative costs, and interest on the loan. The net balance is transferred between BEAPFF and HMT every quarter. More detail about this process can be found in our Quarterly Bulletin article published in May 2022 (Box D), and in the following document:

• Cash transfers between BEAPFF and HMT (PDF)

Lending of gilts bought in APF Gilt Purchase Operations

We have agreed that we will make a small proportion of the gilts purchased available to the UK Debt Management Office (DMO) for on-lending to the market through the DMO’s normal repo market activity. We issued a joint statement on this in 2009.

How are market operations carried out?

Our electronic tendering system, Btender, is used to carry out auction operations. All counterparties that are eligible to participate and are signed up to our auction operations must use Btender, and take reasonable steps to ensure they are able to access this system across all locations they work from. You will also require access to SWIFTnet.

• User guide for Btender (PDF)
• Btender quick reference guide (PDF)

Our expectation is for firms to use Btender in all circumstances to minimise operational risk. Where this is not possible, firms may submit proxy bids. Firms wishing to submit proxy bids should first seek approval by e-mailing: Markets-SMDDealers@bankofengland.co.uk with the names, e-mail addresses and direct work extension telephone numbers of all dealers authorised to submit bids on their behalf. 

On each auction day, the authorised dealer should first call +44 (0) 20 3461 5000 to confirm the bid. The authorised dealer should then e-mail: proxybids@bankofengland.co.uk, including the name of the auction in the subject header field when submitting their proxy bid. Before accepting any bids, we reserve the right to take further steps to confirm the eligibility of firms, and verify the identity of submitting dealers. We accept no liability for any delays arising from such checks.  

To contact the Sterling desk, call +44 (0) 20 3461 5000 or email Markets-SMDDealers@bankofengland.co.uk.

SMF Authorised Signatory Evidence Form

As a participant in the Sterling Monetary Framework, you are required to provide an authorised signatory evidence form and documentary evidence to support the authorised signatories. This form must be completed on behalf of your organisation and responsibility is with you, the participant, to keep this up to date, and inform the Bank of any updates or amendments in a timely and efficient manner.

To update your authorised signatory evidence form, complete our pro forma:

• Authorised signatory evidence form (PDF)

Evidence of authority and specimen signatures are required for the individual(s) signing off the form. We encourage you to read our guidance note on supporting evidence:

• Guidance on documentary evidence to support the authorised signatory evidence form (PDF)

Please submit the form, and supporting evidence to Applications@bankofengland.co.uk.

Contact details

• For information about our market operations, contact the Sterling desk, call +44 (0) 20 3461 5000 or email
  Markets-SMDDealers@bankofengland.co.uk.
• For technical/operational inquiries about reserves accounts call +44 (0) 20 3461 5999 or email
  PSCreservesteam@bankofengland.co.uk.
• For queries on applying to participate in the Sterling Monetary Framework, contact the Applications Team via email applications@bankofengland.co.uk.