ICMA shares recommendations to enhance gilt repo market resilience with the Bank of England
1 June 2026 ICMA has shared with the Bank of England a report laying out recommendations to enhance the resilience of the Gilt repo market. The report is based on a closed-door industry Roundtable hosted by ICMA and builds on ICMA’s response to the Bank of England’s consultation on the gilt repo market in November 2025. In particular, the report discusses the following key recommendations:
- Deeper supervisory understanding of leveraged investor strategies and risk management frameworks
- A stocktake and gap analysis of existing regulatory reporting frameworks and supervisory data aggregation capabilities
- More targeted and decision-useful counterparty disclosures focused on leverage, concentration, and interconnectedness
- Improved coordination and information-sharing between the Bank of England and FCA
- Measures to improve access to central clearing for gilt repo, particularly for non-bank participants
- Broader and more consistent collateral eligibility frameworks
- Maintenance and modernisation of central bank market functioning and liquidity tools
- Enhancements to settlement efficiency and operational resilience
ICMA hopes that the report can serve as a platform for deeper industry engagement in this shared and important objective.
