Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department is taking steps to align the Digital Gilt Instrument programme with (a) the common domain model and (b) other international standards.

In April the government issued a market engagement notice for the pilot digital gilt instrument (DIGIT) to understand both the current landscape of services available or in development in the UK and what potential investors want to see from a DIGIT issuance. This included questions aimed at understanding how important interoperability would be for meeting the project’s objective to catalyse the growth and adoption of DLT in UK financial markets.

The department is in the process of analysing responses to inform the design of DIGIT ahead of issuing an invitation to tender in the coming months.