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.