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Enhancing the resilience of the gilt repo market ？ discussion paper feedback statement
Improving the resilience of the gilt repo market is a central priority for the Bank and the Financial Policy Committee (FPC). The gilt repo market plays a critical role in enabling market-based funding, government cash management, and supporting UK financial stability and economic growth. Previous episodes of stress, including the March 2020 ‘dash for cash’ and the September 2022 liability-driven investment (LDI) episode, have shown the importance of strengthening the resilience in the gilt repo market to reduce the risk of market dysfunction and tightening of financial conditions in stress, which can have broader consequences for the real economy. Additionally, in recent years, the structure of the gilt cash and repo markets has evolved significantly, with multinational, leveraged hedge funds increasing their participation while more traditional investors, such as pension funds, becoming less active. In the face of these developments, the Bank’s view is that further action is needed to deliver structural improvements to the resilience of the gilt repo market. As such, the Bank is considering potential reforms to enhance the resilience of liquidity provision in stress, in collaboration with the Financial Conduct Authority (FCA), with input from HM Treasury and the UK Debt Management Office (DMO).
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