Scope
Reference
HMT011
Description
HM Treasury (the Authority) intends to issue DIGIT using Distributed Ledger Technology on a platform within the Digital Securities Sandbox which was established by the Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023, and which came into force on 8 January 2024.
The proposal requires Supplier(s) to develop and provide the necessary services to allow HM Treasury, to issue, distribute and settle DIGIT as a digitally native note within the DSS and accommodate subsequent lifecycle events. The proposal also includes requirements that concern interoperability functionality and connectivity.
This contract is exempt from the Procurement Act 2023 in line with Schedule 2 to that Act, therefore the provisions of the Procurement Act 2023 do not apply to this procurement or contract.
Contract 1. Provision of Services for HM Treasury for a Pilot Digital Gilt Instrument (DIGIT) issuance
Supplier
Contract value
- £0 excluding VAT
- £0 including VAT
Below the relevant threshold
Date signed
10 February 2026
Contract dates
- 10 February 2026 to 10 February 2029
- Possible extension to 10 February 2030
- 4 years, 1 day
Description of possible extension:
To ensure completion of the project to enable the Pilot Digital Gilt Instrument (DIGIT) issuance.
Main procurement category
Services
CPV classifications
- 48000000 - Software package and information systems
- 66150000 - Financial markets administration services
- 72000000 - IT services: consulting, software development, Internet and support
Contract locations
- UK - United Kingdom
Key performance indicators
| Name | Description | Reporting frequency |
|---|---|---|
| Contract Management Review | A series of ongoing monthly meetings setting out progress of the various phases of the project and contract deliverables. |
1 months |
Procedure
Procedure type
Open procedure
Supplier
HSBC BANK PLC
8 Canada Square
London
E14 5HQ
United Kingdom
Email: bernardo.cardoso@hsbc.com
Website: http://www.hsbc.com
Region: UKI42 - Tower Hamlets
Small or medium-sized enterprise (SME): No
Voluntary, community or social enterprise (VCSE): No
Contract 1. Provision of Services for HM Treasury for a Pilot Digital Gilt Instrument (DIGIT) issuance
Contracting authority
HM Treasury
- Public Procurement Organisation Number: PGJQ-4844-JJMM
1 Horse Guards Rd
London
SW1A 2HQ
United Kingdom
Email: Digit@hmtreasury.gov.uk
Region: UKI32 - Westminster
Organisation type: Public authority - central government