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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 to the MMCG Secretariat at the latest by end October. 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
17 September 2025
11 June 2025
13 March 2025
2024
2023
2022
2021
2020
1 December

Agenda
Summary


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

Agenda
Summary


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

Agenda
Summary



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

Summary

31 March

Summary

24 March

Agenda
Summary


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

Summary

17 March

Summary

13 March

Summary

9 March

Summary

2019
2018
2017
4 December

Agenda
Summary


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
AgendaSummary 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
AgendaSummary 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
AgendaSummary Item 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
2013
2012
2011
2010
2009
2008
2007
2006

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