Sterling Money Market Daily Reporting

Sterling Money Market Daily (SMMD) Reporting is the dataset used by the Bank of England to calculate the daily publication of SONIA benchmark interest rates.

What is SMMD Reporting?

SMMD reporting aids the Bank of England to monitor the impact of monetary policy, setting interest rates, market financing and money market surveillance. The requirement provides much needed transparency on short-term wholesale borrowing and lending activities within the Sterling area.

Reporting institutions trading in money market products are required to report their secured and unsecured money market transactions and lifecycle events, for all maturities up to one year, relating to GBP short term borrowing and lending to the Bank of England at 7am GMT +1 from the trade date.

The requirement incorporates the following:

  • Up to 33 data fields across secured and unsecured segments depending on product
  • Trade economics, product and counterparty reference data
  • Collateral and benchmark index related fields
  • Transactional details along with trade lifecycle action types.

Take control of your SMMD reporting

The Bank of England expects firms to have the right controls in place for accurate SMMD reporting.

Our multi-award winning ReportShield™ quality assurance services are designed to help firms meet the regime’s requirements, including comprehensive Accuracy Testing of every SMMD report, reconciliations to ensure completeness, subject matter expert support on your control framework, as well as training for your staff on the requirements themselves.

Accuracy Testing

The testing gold standard, providing the maximum level of protection against regulatory challenge. Learn more

Advanced Regulatory Reconciliation

Our end-to-end reconciliation service tests for the completeness of regulatory reporting. Learn more

Control Framework

Together with data quality, a robust control framework is a key expectation of regulators. Learn more

SMMD Training

Training is an integral part of the systems and controls required for accurate reporting. Learn more

“Each reporting institution’s internal controls for SMMD Reporting should include comprehensive testing of automated processes and documented change control processes, procedures to detect failure to capture a segment of eligible transactions and failure to exclude non-eligible transactions.”

Bank of England, SMMD Reporting Instructions Version 4.6, December 2020

Is your SMMD reporting accurate, complete and timely?

To find out, or for a conversation with one of our regulatory specialists, please get in touch.

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