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European Commission Expert Group on Corporate Bond Market Liquidity
As part of its workstream on European corporate bond markets under the Action Plan on Building a Capital Markets Union (CMU), DG FISMA has created an Expert Group on Corporate Bond Market Liquidity.

The Expert Group is made up of 17 individuals representing a broad cross-section of corporate bond market interests and participants. The task of the Group is to assist the Commission in the preparation of analysis of market developments, policy evaluation, and definition related to European corporate bond markets.  A number of ICMA member firms are represented in the Expert Group, as well as several individuals active in ICMA committees and working groups. ICMA is also pleased to be appointed as a member of the Group. A list of the members can be found here.

The Expert Group’s mission is stated as: “With a view to improving the efficiency and resilience of corporate bond markets, the group will advise the Commission on its review of liquidity in European corporate bond markets, in the context of the Action Plan on Building a Capital Markets Union. Drawing on insights from a cross-section of market participants and end users of financial services, the participants should present an authoritative analysis of recent changes in European corporate bond markets and the principal drivers of those changes. The group should assess the strengths and weaknesses of the emerging market architecture, and its resilience under different scenarios. The group will identify actions (market-based or policy-led) that contribute to a better functioning of these markets – as a source of funding and investment opportunities – in the context of the new (post-crisis, post-regulatory reform, unconventional monetary policy) financial landscape.”  

The projected output will be a report intended to inform market evolution and policy, authored by the Group, due for publication in Q3 of 2017.

The inaugural meeting of the Expert Group was held on 14 November 2016 in Brussels, and the minutes from that meeting are available here, while the minutes from the second meeting on 23 January 2017 are available here. It was agreed that, in order to facilitate its deliverables, members of the Group would form sub-groups based on their individual expertise and interests. The foci of the sub-groups will be:
  • Issuers and issuance
  • Intermediation function and market-making
  • Demand side
  • Ecosystem and framing conditions

The third meeting of the Expert Group took place on 2 March 2017 and the minutes from this will be available soon. The next meeting will take place on 6 April 2017. In the meantime, the members will work closely within their respective sub-groups.

ICMA will continue to engage with its members in order to support the work and output of the Expert Group, primarily through the SMPC, but also through its other key committees and forums, including AMIC, PMPC, CIF, and ERCC.


Andy Hill
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Secondary Market Practices Committee.
Direct line: +44 20 7213 0335