BoE to extend settlement day: BoE has announced the CHAPS and CREST settlement day will be extended from summer 2016 to 18:00. Customer cut-off times set by banks and other financial institutions may be earlier than this. (Source: BoE to Extend Settlement Day)
BoE publishes RFR meeting minutes: BoE has published the minutes from the 2 June meeting of its working group on Sterling RFRs. The minutes detail the various RFR workstreams and show that at the 2 June meeting the working group concluded:
- it would primarily consider secured and unsecured RFRs;
- it would apply additional effort to enhance credibility and robustness of existing SONIA and RONIA benchmarks; and
- that the Bank Rate should be a fallback, and other options were disregarded.
The minutes set out the positive and negative factors relating to each category of RFR considered, showing how the working group reached its conclusions. (Source: Working Group on Sterling RFRs – Minutes from 2 June Meeting)