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Money market contact group (MMCG)

The MMCG is a forum for interaction between the ECB and industry-wide market professionals involved in the money markets. The objective of the MMCG is to discuss developments in money markets and share ideas and experiences on the structure and the functioning of the money markets.

Members and composition

The chair is the Deputy Director General Market Operations of the ECB.

The MMCG is composed of representatives of the ECB as well as different financial institutions with a prominent role in the euro area money market.

The composition of the group is reviewed at the end of the calendar year. Money market participants are welcome to express their interest in joining the Contact Group by submitting the application form and relevant documentation at the latest by end October. To further enhance the diversity of our contact group, we particularly encourage institutions to nominate female representatives.

List of members in 2024

Observers

Representatives from the euro area national central banks, which have the status of observer, may follow the discussions in the group.

Other market contact groups

3 December 2025
17 September 2025
11 June 2025
13 March 2025

4 December 2024

18 September 2024

Money Market developments
Money market structure
Tokenisation in money markets

12 June 2024

Money Market developments 1
Money Market developments 2
Money market structure
Instant payments and TIPS 1
Instant payments and TIPS 2
Instant payments and TIPS 3
AOB MMSR wave 2 and €STR

14 March 2024

Market expectations
Demand for central bank reserves (I)
Demand for central bank reserves (II)
Liquidity redistribution in the euro area

5 December 2023

Market expectations
Main developments in money markets
Role of non-banks (MMFs)
Role of non-banks (bank)
Role of non-banks (CCP)
Operational framework I
Operational framework II

20 September 2023

Market expectations
Main developments in money markets
New technologies for wholesale central bank money settlement
Applying DLT into financial plumbing

21 June 2023

MMCG survey: Interest rate expectations

Main developments in money markets
Main developments in money markets
Funding after TLTRO
EMMS 2022
Interbank market

17 March 2023

2 March 2023

Drivers of interest rate expectations
Recent developments
Recent developments, MMF view
Review collateral scarcity
Developments in the ECB framework
Bank funding strategy

7 December 2022

Main developments in the money markets
Expectations for the ECB policy outlook
Collateral scarcity
Collateral scarcity and MMFs
Banks response to monetary policy normalisation

14 September 2022

Agenda
Summary Main developments in the money markets
Main developments in the money markets
Expectations regarding the transmission of potential future ECB policy rate hikes to money
Impact of historically high levels of interest rate volatility on money markets

15 June 2022

Main developments in the money markets
Main developments in the money markets
Main developments in the money markets
Expected evolution of excess liquidity
TLTRO III repayment considerations
Level as of which short-term rates become reactive to changes in central bank reserves
The growing role of NBFIs

16 March 2022

Item 1 (a) Main developments in the money markets
Item 1 (b) Main developments in the money markets
Item 1 (c) Main developments in the money markets
Item 2 (a) German Collateral Scarcity and its Impacts
Item 2 (b) Money Market Fund view on year-end

28 February 2022

7 December 2021

Item 1 Money market OIS
Item 2 (i) Money market secured
Item 2 (ii) Money market FX Swap
Item 2 (iii) Money market unsecured
Item 3 (a) Climate change on collateral
Item 3 (b) Climate change on collateral
Item 4 SMA update

15 September 2021

Item 1 ECB strategic review
Item 2 Exit from non-conventional monetary policy
Item 3 (a) Digital euro investigation phase
Item 3 (b) New forms of digital money

16 June 2021

Item 1 (a) Secured segment developments
Item 1 (b) Monetary Policy Expectations and developments in OIS and FX swap segments
Item 2 (a) TLTRO assessment and expectations
Item 2 (b) TLTRO participation
Item 3 (a) Considerations on MMF reforms
Item 3 (b) MMF regulatory reforms

16 March 2021

Item 1 (a) Monetary Policy Expectations
Item 1 (a) Monetary Policy Expectations and TLTRO Participation
Item 1 (a) TLTRO Participation (ECB)
Item 1 (b) Developments in Repo Markets
Item 1 (c) Developments in FX Swap Markets
Item 2 Role of Non-Banks in Euro Money Markets
Item 3 Brexit Impact on Short Term Securities Issuance
Item 4 Benchmark Transition
Item 4 Benchmark Transition (ECB)

1 December

Item 1 (i): Monetary Policy Expectations (a)
Item 1 (i): Monetary Policy Expectations (b)
Item 1 (ii): Market expectations of TLTRO changes and participation (a)
Item 1 (ii): Market expectations of TLTRO changes and participation (b)
Item 1 (iii): Year and expectations in FX and repo markets
Item 2: Publication of Liquidity management data
Item 3: Target Instant Payment Settlement (a)
Item 3: Target Instant Payment Settlement (b)
Item 4: Green finance (a)
Item 4: Green finance (b)

22 September

Item 1 (i): Banks usage of TLTRO III funds
Item 1 (ii): Banks'usage of TLTRO III funds
Item 2(i): Developments in unsecured and secured markets
Item 2 (ii): FX Swap and OIS Markets
Item 2 (ii): USD Funding Conditions
Item 3 (i): ACC Frameworks
Item 3 (i): ACC in the collateral framework
Item 4: Impact of ECB unconventional monetary policy measures
Item 4: Strategy Review under a Money Markets perspective

16 June

Item 1 (i): Developments Money Markets
Item 1 (ii): Update on Negotiable Euro Commercial Papers
Item 1 (ii) (2): STEP Market Update
Item 1 (iii): USD Funding Conditions and XCCY developments
Item 2: Impact of remote working arrangements on banks’ liquidity management
Item 3(i): Market expectations for TLTRO-III and PELTRO
Item3 (ii): Market expectations for ECB policy measures
Item 4: ECB Money Market Contact Group

4 May

31 March

24 March

Item 2(i): Money Market Outlook
Item 2(i): Main developments
Item 2(ii): ECB operations
Item 3: Development of the €STR benchmark

20 March

17 March

13 March

9 March

3 December

Item 1(i): The European Repo-Segment under the impact of Tiering
Item 1(ii): Euro money market outlook
Item 2: Update on Negotiable Euro Commercial Papers
Item 2: Update on Short-Term European Papers
Item 3: Public consultation on the EDDI initiative
Item 4: €STR - initial market reaction

24 September

Welcome address by Luis de Guindos
Item 1(i): Market Expectations for ECB monetary policy measures
Item 1(ii): FX- / XCCY Swap and FRA/OIS Markets - An Update
Item 3(i): Developments in payment systems: TARGET Instant Payment Settlement
Item 3(ii): Instant Payments - Numbers and Developments for the German Cooperative Banking Sector
Item 3(iii): Instant Payments Developments
Item 4(i): €STR Transition - Establishing a liquid €STR derivatives market
Item 4(ii): EURIBOR fallback rates - current discussions

25 June

Item 2: Market Expectations for ECB monetary policy measures
Item 3(i): Negative rates and Tiering
Item 3(ii): Profitability impacted through negative interest rates
Item 4(i): Prudential Regulation (excluding NSFR) – Impacts on the repo market for safe assets
Item 4(ii): Impact of regulation (NFSR)

12 March

Item 2(i): Recent developments in market expectations
Item 2(ii): Drivers behind the USD funding conditions at the year end
Item 2(iii): Function of the euro area repo markets
Item 4: Update on the Working Group Euro RFR

3 December

Item 1: Countdown to Brexit: Key Bank Rating Considerations
Item 2: Market Expectations Central Bank Policy: Main indicators and recent developments
Item 3: Update on developments in the FX Swap and FRA/OIS Markets
Item 5(i): Instant Payments
Item 5(ii): Instant Payment Services TIPS and RT1: Implications for Liquidity Management
Item 5(iii): Instant Payment Service: Implications for Liquidity Management

25 September

Item 2(ii): Italy on a narrow path
Item 3: Implications of Brexit for Euro money market
Item 4(i): TLTRO Repayments Item 4(ii): Italy and TLTROs – State of play
Item 4(iii): TLTRO II analysis – Spanish financial institutuions

7 June

Item 1(i): FRA / OIS Basis – An Update
Item 1(ii): Italian Repo market overview
Item 3: European MMF Reform
Item 4: Update on ECB’s development of a daily euro unsecured overnight interest rate

13 March

Item 2(i): Update on developments in the FX Swap Market – 2017 year-end
Item 2(ii): US Dollar Funding Item 3: Functioning of the Euro Area Repo Markets
Item 4: Working Group on Euro Risk Free Rates – Determine mandate and governance

4 December

Item 1 (i): Recent developments in EONIA forward rates
Item 1 (ii): Update on developments in the FX swap market
Item 1 (iii): Recent developments in euro area repo markets
Item 3 (i): NEU CPs
Item 3 (ii): Money Market Contact Group - STEP market update
Item 4: Instant Payments

26 September

Agenda Summary Item 1 (i): Market Expectations For ECB Monetary Policy Item 1 (ii): Expectations for the September quarter end Item 3 (i): CCY Basis – Executive Summary & Call for Discussions Item 4 (i): Intraday Liquidity Item 4 (ii): Excess Liquidity: drivers and costs - An Italian Perspective Item 5 (i): Net Stable Funding Ratio / Repo Asymmetry and Intragroup Implications Item 5 (iv): NFSR – A few Aspects to consider Item 6: Update on interest rate benchmarks

13 June

Agenda Summary Item 2: Arrangements for interaction with the market on financial market infrastructures and payments Item 3 (i): Market Expectations For ECB Monetary Policy Item 3 (ii): Market outlook for the forthcoming quarter-end. Role of the Eurosystem securities lending facility Item 4: Developments in the FX swap market – MMSR perspective Item 4 (ii): MMCG survey on FX swap market functioning Item 5: Eonia / Euribor Past, Present and Future

14 March

Agenda Summary Item 4 (ii): Recent developments in the euro area repo markets: main drivers Item 4 (iv): Impact of political developments in Europe on the euro area money market Item 5 (i): Intraday liquidity management: A short voyage on the regulatory and supervisory framework Item 5 (ii): Intraday liquidity management: market perspective Item 5 (iii): Eurosystem strategic review on the future of its Financial Market Infrastructures (FMIs)

12 December: Agenda Summary Item 1.2: Update on ECB’s Money Market Statistical Reporting (MMSR)Item 2: Review of the latest market developments and other topics of relevance Item 2 (i): Recent trends in the evolution of the repo rates in the euro area Item 2 (ii): Market preparations for the upcoming year-end and expectations for the money market liquidity Item 3: The impact of the US Money Market Funds reform and the US enhanced prudential standards on the European banks and availability of short-term US dollar funding Item 4: Update on the repo market benchmark
27 September: Agenda Summary Item 2: Review of the latest market developments and other topics of relevance Item 2 (i): The impact of the outcome of the UK referendum on the money market and the outlook going forward Item 2 (iii): Expectations of participation in the future operations in the TLTRO II series Item 2 (iv): The outlook on the evolution of excess liquidity and the expected impact on money market rates and market activity Item 3: Recent trends in the evolution of the repo rates in the euro area: possible drivers and implications for banks’ liquidity management Item 4: Structural changes in the French CP market: introduction of the NEU CP market, the impact on investor demand and market developments Item 5: Update on the ECB’s Money Market Statistical Reporting Regulation
9 June: Agenda Summary Item 1: Latest market developments Item 1 (iii): FX swap market and the US money market fund reform Item 2 (ii): Update on the ECB’s Money Market Statistical Reporting Regulation Item 3: Update on money market benchmarks and the on-going reform process
15 March: Agenda Summary Item 1: Recent structural developments in the US money market Item 2 (i): Market reaction to the ECB Governing Council meeting on 10 March 2016 Item 2 (ii): Impact of the negative interest rate environment on banks and money market activity Item 2 (iii): Developments in the FX swap market Item 3: Distribution of excess liquidity in the euro area Item 5: Update on the ECB’s Money Market Statistical Reporting Regulation

8 December: Agenda Summary Item 1: Main results of the quarterly MMCG euro money market survey Item 2: Latest market developments Item 2 (ii): Excess liquidity and impact on market turnover
9 September: Agenda Summary Item 3 (i): Market functioning in the environment of large excess liquidity Item 3 (ii): Drivers of divergences in repo market rates and the spread to the ECB deposit facility Item 3 (iii): FX swap market and drivers of volatility. The expected impact of the US monetary policy tightening on the FX swap market Item 3 (iv): Implications of US monetary policy tightening expectations for euro area financial markets Item 4: Update on the ECB’s Money Market Statistical Reporting Regulation
29 June: Summary
17 June: Agenda Summary Item 1 (i): Review of the latest market developments Item 1 (ii): The drivers of recent market volatility and re-pricing of the euro money market rates Item 1 (iii): The initial market experience with negative three-month Euribor rates Item 1 (iv): Market expectations of future money market rates Item 2 (i): A focus on the Italian repo market Item 2 (ii): Spanish repo market Item 2 (iii): Repo market for German government bonds Item 3: An update on the ECB’s Money Market Statistical Reporting Regulation
18 March: Agenda Summary Item 1: An update on the Money Market Statistical Reporting Regulation Item 3 (i): Review of the latest market developments Item 3 (ii): Recent developments and main drivers of the cross-currency swap market Item 3 (iii): The impact of the Eurosystem public sector purchase programme on the money market and banks' liquidity management Item 4: Update on STEP market developments Item 5: Update on regulatory developments for Money Market Funds

21 November: Agenda Summary Item 1 (i): Review of the latest market developments Item 1 (ii): Market expectations for the TLTRO participation Item 3: An update of regulatory developments and impact on banks’ regulatory compliance Item 4: Spanish Banking System - European Comparison Item 5: T2S countdown – 7 months, 3 days to go live
9 September: Agenda Summary Item 2 (i): Review of the latest market developments Item 2 (ii): Market expectations of TLTROs Item 4: FX swap market overview
16 June: Agenda Summary Item 1: Review of the latest market developments Item 3: Regulation on reporting and transparency of securities financing transactions (SFT) Item 4: EUREPO: the secured benchmark evolution
18 March: Agenda Summary Item 1: Update on the current status of regulatory work Item 2: Review of the latest market developments Item 3 – (i): Update on developments in Spain Item 3 – (ii): Update on developments in Italy
18 February: Agenda Summary

10 December: Agenda Summary Item 2: Review of the latest market developments Item 4: Update on the current status of regulatory work Item 5b: Update on the STEP+ initiative
3 September: Agenda Summary Item 1: Review of the latest market developments Item 4: Eurex Clearing’s Risk Management Framework Item 5: Main developments in the EONIA OIS market
17 June: Agenda Summary Item 1: Review of the latest market developments Item 2 – (i): Position limits for Italian repo market Item 2 – (ii): Spanish repo market Item 3: Eurepo and new alternative secured market benchmarks
18 March: Agenda Summary Item 1 – (i): Main findings of the quarterly MMCG money market survey Item 1 – (ii): Review of the latest market developments Item 1 – (iii): Update on the STEP market developments Item 2 – (i): Financial transaction tax proposal Item 2 – (ii): Financial transaction tax – potential impact on the money market

10 December: Agenda Summary Item 1 – (i): ICMA ERC: Establishing a loan repo system Item 1 – (ii): Syndicated loan market Item 4: European money market: a proposal for a more efficient unsecured market Item 5: Review of latest market developments
18 September: Agenda Summary Item 2: Review of the latest market developments Item 3: Results of the ECB Euro Money Market Survey 2012 Group picture
25 June: Agenda Summary Item 1 - (ii): The MMCG Survey on Banks’ Risk Management Practices Item 2: Review of the latest market developments Item 3: Update on the Short Term European Paper (STEP) developments
21 March: Item 4: postponed
Agenda Summary Item 1 - (i): The Eurosystem's collateral framework Item 1 - (ii): Temporary expansion of collateral eligibility criteria - an Italian perspective Item 1 - (iii): New Eurosystem's measures on collateral - impact on French banks Item 1 - (iv): Changes to the Eurosystem's collateral framework - a Spanish perspective Item 2: Review of the latest market developments Item 3: Proposals for the enhancement of the Euro Money Market Survey
1 March - Teleconference: Summary

14 December: Agenda Summary Item 2: Main findings of the latest major money market surveys Item 3: Update on the most recent repo market developments Item 4: Review of the latest market developments
5 September: Item 1 - iv)- postponed
Agenda Summary Item 1 - i) Update on Basel III Item 1 - ii) Findings of the MMCG Survey Item 1 - iii) Business impact Item 2 - Recent market developmentsGroup picture
1 June: Agenda Summary Item 1 - The role and the impact of CCPs in the repo market CCP procyclicality Eurex Clearing Margining LCH Margining Item 2 - Recent market developments
14 March: Agenda Summary Item 1 - Survey on liquidity risk governance Item 2 - Large exposure rules Item 3 - Autonomous factors Item 4 - Recent market developments

15 December: Agenda Summary Item 1: Update on the CCBM2 and T2S projects Item 2: The findings of the latest ICMA repo market survey Item 3: Review of the latest market developments
8 September: Agenda Summary Item 1: The Basel Committee’s proposal for an international liquidity risk framework Item 2: Initial findings of the ECB Money Market Survey 2010 Item 3: Review of the latest market developmentsGroup picture
18 May: Agenda Summary Item 1 - Recent market developments Item 1 - Recent repo market developments Item 3 - Public consultation to the BCBS proposal for an international liquidity risk framework
7 May - Teleconference: Summary
10 February: Agenda Summary Item 1 - Managing liquidity risk with an internal model Item 2 - The Basle Committee's proposal for an international liquidity risk framework Item 3 - Recent market developments

19 November: Agenda Summary Item 1 - Recent market developments Item 2 - Liquidity regulation in the UK Item 3 - ECB money market survey ICMA repo survey
1 September: Agenda Summary Item 1: Development of robust and internationally consistent approaches for liquidity supervision: The current state of international initiatives Large exposure legislation Item 2: Upcoming changes to the liquidity regulation in France Item 4: Review of the initial phase of the ECB’s Covered Bond Purchase Programme Item 5: Review of the market developments since the previous meetingGroup picture
19 May: Agenda Summary Item 1 - Review of recent market developments Item 3 - Update on repo market developments
18 February: Agenda Summary Item 1 - Review of recent market developments Item 2 a - Update on the Risk Control Framework Item 2 b - Update on the eligibility and the use of collateral Item 3 - Changes to banks' internal organisations Changes to treasuries’ internal organization after the financial market turmoil - 1 Changes to treasuries' internal organization after the financial market turmoil - 2

18 November: Agenda Summary Recent market developments Repo market developments CP market impact of the US CPFF Update on the collateral framework
29 October - Teleconference: Summary
10 October - Teleconference: Summary
25 September - Teleconference: Summary
16 September - Teleconference: Summary
11 September: Agenda Summary Initial findings of the 2008 ECB Money Market Survey Update on TARGET2 Securities Biennial review of risk control measures Recent market developmentsGroup picture
27 May: Agenda Summary Initiatives in the field of liquidity risk management Repo market analysis Recent market developments STEP update Step statistics
17 March - Teleconference: Summary
29 February: Agenda Summary Eurex Repo Update on CCBM2 Recent Market developments

4 December: Agenda Summary The ECB Money Market Survey 2007 Recent money market developments The impact of Basel II on treasury instruments An update on the Eonia Swap Index
27 September: Agenda SummaryGroup pictureCredit claims and ABS as Eurosystem eligible collateral Update on TARGET2-Securities Recent money market developments
31 May: Agenda Summary Recent Money Market Developments Part I: The impact of collateral on the relationship between ECB tender rates and 1-week repo rates Part II: The impact of collateral on the relationship between ECB tender rates and 1-week repo rates An update on the STEP project The principles of the CCBM II project
14 February: Agenda Summary Recent money market developments Banknotes in circulation

23 November: Agenda Summary Work programme for 2007 Money Markets Survey 2006 TARGET2 Securities Recent money market developmentsGroup picture
20 September: Agenda SummaryJoint letter of the Chairmen of the MMCG and the COGESI on credit claimsUpdate on credit claims Recent money market developments Update on the STEP market
17 May: Agenda Summary Banks' organisation of money market activities - Results of a survey among the members of the MMCG Recent Money Market Developments
16 February: Agenda Summary Summary of the main findings of the comparison between the ICMA European Repo Survey and the ECB Euro Money Market Study A comparative analysis of the ICMA European Repo Survey and the ECB Money Market Data Recent Money Market Developments

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