Over the last twenty years, the BOE has carried out a number of reforms to its operational framework which have been partly intended to reduce money market volatility. My analysis suggests that these have been successful. Overnight volatility fell by around 90% since the early 2000s and much of this can be explained by the BOE’s reforms. But I find little evidence that this affected the volatility of term rates, which are more important than overnight rates for monetary policy transmission. Therefore, central banks might consider giving less priority to money market volatility when designing their future operating frameworks.