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 theapplication form and relevant documentation by 21 November 2025. To further enhance the diversity of our contact group, we particularly encourage institutions to nominate female representatives.
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
2025
- 3 December 2025
Main Developments in Money Markets
Enhancing the functioning of euro money markets- 17 September 2025
Main Developments in Euro Money Markets & ECB Policy Outlook
Money market and liquidity implications from the move to T+1 settlement for transactions in transferable securities
The (potential) impact of stablecoins on money markets- 12 June 2025
Euro money markets developments
USD funding market developments
Impact of AI on money markets- 13 March 2025
Money Market developments
ESG developments
Operational readiness to access Eurosystem operations (I)
Operational readiness to access Eurosystem operations (II)
Intermediation capacity survey results
Intermediation capacity
2024
- 4 December 2024
Money Market developments
Choice of HQLA buffer composition- 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
2023
- 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
2022
- 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
SummaryMain 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
2021
- 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)
2020
- 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
2019
- 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
2018
- 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 RepaymentsItem 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 FundingItem 3: Functioning of the Euro Area Repo Markets
Item 4: Working Group on Euro Risk Free Rates – Determine mandate and governance
2017
- 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
- AgendaSummaryItem 1 (i): Market Expectations ForECB Monetary PolicyItem 1 (ii): Expectations for the September quarter endItem 3 (i): CCY Basis – Executive Summary &Call for DiscussionsItem 4 (i): Intraday LiquidityItem 4 (ii): Excess Liquidity: drivers and costs - An Italian PerspectiveItem 5 (i): Net Stable Funding Ratio / Repo Asymmetry and Intragroup ImplicationsItem 5 (iv): NFSR – A few Aspects to considerItem 6: Update on interest rate benchmarks
- 13 June
- AgendaSummaryItem 2: Arrangements for interaction with the market on financial market infrastructures and paymentsItem 3 (i): Market Expectations For ECB Monetary PolicyItem 3 (ii): Market outlook for the forthcoming quarter-end. Role of the Eurosystem securities lending facilityItem 4: Developments in the FX swap market – MMSR perspectiveItem 4 (ii): MMCG survey on FX swap market functioningItem 5: Eonia / Euribor Past, Present and Future
- 14 March
- AgendaSummaryItem 4 (ii): Recent developments in the euro area repo markets: main driversItem 4 (iv): Impact of political developments in Europe on the euro area money marketItem 5 (i): Intraday liquidity management: A short voyage on the regulatory and supervisory frameworkItem 5 (ii): Intraday liquidity management: market perspectiveItem 5 (iii): Eurosystem strategic review on the future of its Financial Market Infrastructures (FMIs)
2016
- 12 December
- AgendaSummaryItem 1.2: Update on ECB’s Money Market Statistical Reporting (MMSR)Item 2: Review of the latest market developments and other topics of relevanceItem 2 (i): Recent trends in the evolution of the repo rates in the euro areaItem 2 (ii): Market preparations for the upcoming year-end and expectations for the money market liquidityItem 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
- AgendaSummaryItem 2: Review of the latest market developments and other topics of relevanceItem 2 (i): The impact of the outcome of the UK referendum on the money market and the outlook going forwardItem 2 (iii): Expectations of participation in the future operations in the TLTRO II seriesItem 2 (iv): The outlook on the evolution of excess liquidity and the expected impact on money market rates and market activityItem 3: Recent trends in the evolution of the repo rates in the euro area: possible drivers and implications for banks’ liquidity managementItem 4: Structural changes in the French CP market: introduction of the NEU CP market, the impact on investor demand and market developmentsItem 5: Update on the ECB’s Money Market Statistical Reporting Regulation
- 9 June
- AgendaSummaryItem 1: Latest market developmentsItem 1 (iii): FX swap market and the US money market fund reformItem 2 (ii): Update on the ECB’s Money Market Statistical Reporting RegulationItem 3: Update on money market benchmarks and the on-going reform process
- 15 March
- AgendaSummaryItem 1: Recent structural developments in the US money marketItem 2 (i): Market reaction to the ECB Governing Council meeting on 10 March 2016Item 2 (ii): Impact of the negative interest rate environment on banks and money market activityItem 2 (iii): Developments in the FX swap marketItem 3: Distribution of excess liquidity in the euro areaItem 5: Update on the ECB’s Money Market Statistical Reporting Regulation
2015
- 8 December
- AgendaSummaryItem 1: Main results of the quarterly MMCG euro money market surveyItem 2: Latest market developmentsItem 2 (ii): Excess liquidity and impact on market turnover
- 9 September
- AgendaSummaryItem 3 (i): Market functioning in the environment of large excess liquidityItem 3 (ii): Drivers of divergences in repo market rates and the spread to the ECB deposit facilityItem 3 (iii): FX swap market and drivers of volatility. The expected impact of the US monetary policy tightening on the FX swap marketItem 3 (iv): Implications of US monetary policy tightening expectations for euro area financial marketsItem 4: Update on the ECB’s Money Market Statistical Reporting Regulation
- 29 June
- Summary
- 17 June
- AgendaSummaryItem 1 (i): Review of the latest market developmentsItem 1 (ii): The drivers of recent market volatility and re-pricing of the euro money market ratesItem 1 (iii): The initial market experience with negative three-month Euribor ratesItem 1 (iv): Market expectations of future money market ratesItem 2 (i): A focus on the Italian repo marketItem 2 (ii): Spanish repo marketItem 2 (iii): Repo market for German government bondsItem 3: An update on the ECB’s Money Market Statistical Reporting Regulation
- 18 March
- AgendaSummaryItem 1: An update on the Money Market Statistical Reporting RegulationItem 3 (i): Review of the latest market developmentsItem 3 (ii): Recent developments and main drivers of the cross-currency swap marketItem 3 (iii): The impact of the Eurosystem public sector purchase programme on the money market and banks' liquidity managementItem 4: Update on STEP market developmentsItem 5: Update on regulatory developments for Money Market Funds
2014
- 21 November
- AgendaSummaryItem 1 (i): Review of the latest market developmentsItem 1 (ii): Market expectations for the TLTRO participationItem 3: An update of regulatory developments and impact on banks’ regulatory complianceItem 4: Spanish Banking System - European ComparisonItem 5: T2S countdown – 7 months, 3 days to go live
- 9 September
- AgendaSummaryItem 2 (i): Review of the latest market developmentsItem 2 (ii): Market expectations of TLTROsItem 4: FX swap market overview
- 16 June
- AgendaSummaryItem 1: Review of the latest market developmentsItem 3: Regulation on reporting and transparency of securities financing transactions (SFT)Item 4: EUREPO: the secured benchmark evolution
- 18 March
- AgendaSummaryItem 1: Update on the current status of regulatory workItem 2: Review of the latest market developmentsItem 3 – (i): Update on developments in SpainItem 3 – (ii): Update on developments in Italy
- 18 February
- AgendaSummary
2013
- 10 December
- AgendaSummaryItem 2: Review of the latest market developmentsItem 4: Update on the current status of regulatory workItem 5b: Update on the STEP+ initiative
- 3 September
- AgendaSummaryItem 1: Review of the latest market developmentsItem 4: Eurex Clearing’s Risk Management FrameworkItem 5: Main developments in the EONIA OIS market
- 17 June
- AgendaSummaryItem 1: Review of the latest market developmentsItem 2 – (i): Position limits for Italian repo marketItem 2 – (ii): Spanish repo marketItem 3: Eurepo and new alternative secured market benchmarks
- 18 March
- AgendaSummaryItem 1 – (i): Main findings of the quarterly MMCG money market surveyItem 1 – (ii): Review of the latest market developmentsItem 1 – (iii): Update on the STEP market developmentsItem 2 – (i): Financial transaction tax proposalItem 2 – (ii): Financial transaction tax – potential impact on the money market
2012
- 10 December
- AgendaSummaryItem 1 – (i): ICMA ERC: Establishing a loan repo systemItem 1 – (ii): Syndicated loan marketItem 4: European money market: a proposal for a more efficient unsecured marketItem 5: Review of latest market developments
- 18 September
- AgendaSummaryItem 2: Review of the latest market developmentsItem 3: Results of the ECB Euro Money Market Survey 2012Group picture
- 25 June
- AgendaSummaryItem 1 - (ii): The MMCG Survey on Banks’ Risk Management PracticesItem 2: Review of the latest market developmentsItem 3: Update on the Short Term European Paper (STEP) developments
- 21 March
Item 4: postponed
AgendaSummaryItem 1 - (i): The Eurosystem's collateral frameworkItem 1 - (ii): Temporary expansion of collateral eligibility criteria - an Italian perspectiveItem 1 - (iii): New Eurosystem's measures on collateral - impact on French banksItem 1 - (iv): Changes to the Eurosystem's collateral framework - a Spanish perspectiveItem 2: Review of the latest market developmentsItem 3: Proposals for the enhancement of the Euro Money Market Survey- 1 March - Teleconference
- Summary
2011
- 14 December
- AgendaSummaryItem 2: Main findings of the latest major money market surveysItem 3: Update on the most recent repo market developmentsItem 4: Review of the latest market developments
- 5 September
Item 1 - iv)- postponed
AgendaSummaryItem 1 - i) Update on Basel IIIItem 1 - ii) Findings of the MMCG SurveyItem 1 - iii) Business impactItem 2 - Recent market developmentsGroup picture- 1 June
- AgendaSummaryItem 1 - The role and the impact of CCPs in the repo market CCP procyclicalityEurex Clearing MarginingLCH MarginingItem 2 - Recent market developments
- 14 March
- AgendaSummaryItem 1 - Survey on liquidity risk governanceItem 2 - Large exposure rulesItem 3 - Autonomous factorsItem 4 - Recent market developments
2010
- 15 December
- AgendaSummaryItem 1: Update on the CCBM2 and T2S projectsItem 2: The findings of the latest ICMA repo market surveyItem 3: Review of the latest market developments
- 8 September
- AgendaSummaryItem 1: The Basel Committee’s proposal for an international liquidity risk frameworkItem 2: Initial findings of the ECB Money Market Survey 2010Item 3: Review of the latest market developmentsGroup picture
- 18 May
- AgendaSummaryItem 1 - Recent market developmentsItem 1 - Recent repo market developmentsItem 3 - Public consultation to the BCBS proposal for an international liquidity risk framework
- 7 May - Teleconference
- Summary
- 10 February
- AgendaSummaryItem 1 - Managing liquidity risk with an internal modelItem 2 - The Basle Committee's proposal for an international liquidity risk frameworkItem 3 - Recent market developments
2009
- 19 November
- AgendaSummaryItem 1 - Recent market developmentsItem 2 - Liquidity regulation in the UKItem 3 - ECB money market surveyICMA repo survey
- 1 September
- AgendaSummaryItem 1: Development of robust and internationally consistent approaches for liquidity supervision: The current state of international initiativesLarge exposure legislationItem 2: Upcoming changes to the liquidity regulation in FranceItem 4: Review of the initial phase of the ECB’s Covered Bond Purchase ProgrammeItem 5: Review of the market developments since the previous meetingGroup picture
- 19 May
- AgendaSummaryItem 1 - Review of recent market developmentsItem 3 - Update on repo market developments
- 18 February
- AgendaSummaryItem 1 - Review of recent market developmentsItem 2 a - Update on the Risk Control FrameworkItem 2 b - Update on the eligibility and the use of collateralItem 3 - Changes to banks' internal organisationsChanges to treasuries’ internal organization after the financial market turmoil - 1Changes to treasuries' internal organization after the financial market turmoil - 2
2008
- 18 November
- AgendaSummaryRecent market developmentsRepo market developmentsCP market impact of the US CPFFUpdate on the collateral framework
- 29 October - Teleconference
- Summary
- 10 October - Teleconference
- Summary
- 25 September - Teleconference
- Summary
- 16 September - Teleconference
- Summary
- 11 September
- AgendaSummaryInitial findings of the 2008 ECB Money Market SurveyUpdate on TARGET2 SecuritiesBiennial review of risk control measuresRecent market developmentsGroup picture
- 27 May
- AgendaSummaryInitiatives in the field of liquidity risk managementRepo market analysisRecent market developmentsSTEP updateStep statistics
- 17 March - Teleconference
- Summary
- 29 February
- AgendaSummaryEurex RepoUpdate on CCBM2Recent Market developments
2007
- 4 December
- AgendaSummaryThe ECB Money Market Survey 2007Recent money market developmentsThe impact of Basel II on treasury instrumentsAn update on the Eonia Swap Index
- 27 September
- AgendaSummaryGroup pictureCredit claims and ABS as Eurosystem eligible collateralUpdate on TARGET2-SecuritiesRecent money market developments
- 31 May
- AgendaSummaryRecent Money Market DevelopmentsPart I: The impact of collateral on the relationship between ECB tender rates and 1-week repo ratesPart II: The impact of collateral on the relationship between ECB tender rates and 1-week repo ratesAn update on the STEP projectThe principles of the CCBM II project
- 14 February
- AgendaSummaryRecent money market developmentsBanknotes in circulation
2006
- 23 November
- AgendaSummaryWork programme for 2007Money Markets Survey 2006TARGET2 SecuritiesRecent money market developmentsGroup picture
- 20 September
- AgendaSummaryJoint letter of the Chairmen of the MMCG and the COGESI on credit claimsUpdate on credit claimsRecent money market developmentsUpdate on the STEP market
- 17 May
- AgendaSummaryBanks' organisation of money market activities - Results of a survey among the members of the MMCGRecent Money Market Developments
- 16 February
- AgendaSummarySummary of the main findings of the comparison between the ICMA European Repo Survey and the ECB Euro Money Market StudyA comparative analysis of the ICMA European Repo Survey and the ECB Money Market DataRecent Money Market Developments