Market Notice – Operational Arrangements – 19 September 2022 Bank Holiday

Market Notice

Sterling Payment Systems

In line with normal bank holiday arrangements, and as confirmed on the Bank’s website, CHAPS – the UK’s high value payment system operated by the Bank – will be closed on 19 September.

Similarly, the Bank’s Real Time Gross Settlement (RTGS) service – which is used by other market infrastructures for final settlement and is where reserves accounts are held – will also be closed. 

Further details have been communicated to CHAPS Direct Participants and other users of RTGS separately.

Sterling Operations

Operations undertaken by the Bank in sterling markets will follow market convention for bank holidays; this includes settlement and maturity processes.

Accordingly, the Sterling Monetary Framework (SMF), including all liquidity facilities, will not be in operation on 19 September.

Due to the revised timing of the Monetary Policy Committee’s September meeting, the current Maintenance Period – i.e. the period over which interest is calculated on reserves balances – will now end on Wednesday 21 September. The subsequent Maintenance Period will begin on Thursday 22 September.

As a consequence, SMF Reserves Account Holders will now be paid accrued interest at the start of business on Thursday 22 September, rather than Thursday 15 September.

The Bank has already confirmed that the sale of corporate bonds held by the Asset Purchase Facility will start in the week commencing 26 September, rather than the week commencing 19 September as had previously been announced.

Foreign Exchange Operations

Foreign currency market operations undertaken by the Bank on its own account or as agent for HM Treasury that are affected by the bank holiday will settle in accordance with the modified following business day convention.


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