It ruled that St Margaret's failed the charity test and issued a direction for it to amend its procedures, or risk losing its charitable status.

BBC: St Margaret's logo

"It's a step in the right direction, but the bigger test will be the longer-dated auctions further down the road, " said Nick Stamenkovic, bond strategist at RIA Capital Markets in Edinburgh.

BBC: Spain and Italy's borrowing costs fall

Only one of those is moving in the right direction above the level of the test of statistical significance.

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The market continues to move in a very choppy pattern, rising to test support and resistance, but not settling on a definitive direction.

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However, the association said the lack of direction and political progress had led to the probability of an unregulated transfer test system.

BBC: Principals back selection tests