Information for participants

Further information about our facilities 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.

Operation

Day 

Time

APF Gilt Sales - Auctions Usually Mondays and/or Thursdays, with each maturity sector once per fortnight
2.15pm to 2.45pm
Short Term Repo Thursday 10am (12.30pm on scheduled MPC days)

Indexed Long-Term Repos

Tuesday (usually once per month, currently once per week)

10am to 10.30am

Operational Standing Facilities

Monday to Friday (on demand)

Until 6.10pm (6.20pm on the last day of the maintenance period)

Discount Window Facility 

Monday to Friday (on demand)

Participants are advised to contact us by noon if they wish to make a drawing on the same day

7 Day US Dollar Repo

Usually weekly on Wednesdays

8.15am to 8.45am

Alternative Liquidity Facility (ALF)  Thursday (once per week) Until 1pm

Schedule of Indexed Long-Term Repo operations

Operation date Settlement date Maturity date
2 July 2024  4 July 2024  9 January 2025 
9 July 2024  11 July 2024  9 January 2025 
16 July 2024  18 July 2024  9 January 2025 
23 July 2024  25 July 2024  9 January 2025 
30 July 2024  1 August 2024  9 January 2025 
6 August 2024 8 August 2024 6 February 2025
13 August 2024 15 August 2024 6 February 2025
20 August 2024 22 August 2024 6 February 2025
27 August 2024 29 August 2024 6 February 2025

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:  

Operation date

Term

Settlement date

Maturity date

26 June 2024 8 days 27 June 2024 5 July 2024
3 July 2024 6 days 5 July 2024 11 July 2024
10 July 2024 7 days 11 July 2024 18 July 2024
17 July 2024 7 days 18 July 2024 25 July 2024
24 July 2024 8 days 25 July 2024 2 August 2024
31 July 2024 6 days 2 August 2024 8 August 2024
7 August 2024  7 days  8 August 2024  15 August 2024 
14 August 2024  7 days  15 August 2024  22 August 2024 
21 August 2024  7 days  22 August 2024  29 August 2024 
28 August 2024  7 days  29 August 2024  5 September 2024 
4 September 2024 7 days 5 September 2024 12 September 2024
11 September 2024 7 days 12 September 2024 19 September 2024
18 September 2024 7 days 19 September 2024 26 September 2024
25 September 2024 7 days 26 September 2024 3 October 2024

Schedule of APF gilt sale operations

APF gilt sales auction calendar – July to September 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 2022Asset Purchase Facility: Gilt Sales – Market Notice 21 June 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

Indexed Long-Term Repo

Short Term Repo

Contingent Term Repo Facility

APF Gilt Operations

APF Corporate Bond Purchase Scheme Operations

Liquidity Facility in Euros (LiFE) Operations

US Dollar Operations

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  

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 it holds (and corporate bonds it previously held), 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:

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.

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:

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:

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

Contact details

This page was last updated 16 July 2024