ICMA News Archive
 
ICMA Bail-in Working Group’s latest discussion letter to the ECB

20 December 2016
Click here to see the ICMA Bail-in Working Group’s latest discussion letter to the ECB. The letter sets out thoughts on two issues: (1) assessing and pricing bank credit risk and (2) governance and the rights of noteholders, in each case from the buy-side point of view, and which will be explored further in 2017.



Results of the consultation on the ICMA Buy-in Rules

30 November 2016

ICMA published the results of the consultation on its Buy-in Rules, along with discussion points and proposed drafting amendments to the Rules.
The results and proposals can be found here.

A member call was held on December 2nd 2016 to discuss the proposed amendments to the Rules. A note of the call can be found here.



ICMA ERCC responds to ESMA’s consultation paper on SFTR

30 November 2016

The ICMA ERCC has submitted a detailed response to ESMA’s consultation paper on Draft Regulatory and Implementing Technical Standards under the EU SFT Regulation. This is the second and final consultation on SFTR technical standards, following up on an ESMA discussion paper issued earlier this year to which the ICMA ERCC responded in April 2016. Alongside the response the ERCC submitted some specific comments on the list of proposed reporting fields.  

To view the response, click here.
To view the specific comments on the reporting fields, click here.



Participate in the ICMA European Repo and Collateral Council's 32nd European repo market survey

All European repo market participants are invited to submit data on their repo business outstanding at close of business on Wednesday, 7 December 2016.



8th UK-China Economic and Financial Dialogue – Policy Outcomes

The UK’s Chancellor of the Exchequer Phillip Hammond and Chinese Vice Premier Ma Kai concluded the eighth UK-China Economic and Financial Dialogue on 10 November 2016, in London. The Policy outcomes which include mentions of ICMA’s work on Panda Bonds and Green Finance have been published here.



Review: ICMA Asset Management and Investors Council (AMIC) Conference

07 November 2016

The AMIC meeting in November included expert views from the cross-border asset management industry on Brexit and the practical implications for capital markets; liquidity in secondary bond markets and coping in a negative interest rate environment. To read the AMIC Review click here.



Launch of Green Bond Principles Resource Centre providing transparency in a standardised and simplified form for the Green Bond market

02 November 2016

The online GBP Resource Centre is now operational and contains standardised disclosure templates on green bonds from issuers and external reviewers, as well as other relevant market resources. To read the Press release click here.



Updated guide to best practice for EU corporate debt private placement market launched in Brussels

25 October 2016
(Brussels, Belgium)
A European Corporate Debt Private Placement (ECPP) Joint Committee coordinated by the International Capital Market Association (ICMA) has launched an updated version of the European Corporate Debt Private Placement Market Guide.

To access the guide, click here.



AMIC responds to European Commission consultation on the review of the EU macro-prudential policy framework

24 October 2016
ICMA's AMIC has submitted its response to the European Commission's consultation paper on whether the existing EU macro-prudential framework is functioning optimally. AMIC raised concern about expanding the mandate and powers of the European Systemic Risk Board (ESRB) to non-banking under the current governance framework of the ESRB. AMIC recommends much greater integration of securities markets supervisory expertise in the macro-prudential policy framework. AMIC also suggests that already reported data is better used to understand financial markets from a holistic perspective.



ICMA Quarterly Report Fourth Quarter 2016

12 October 2016

The latest edition of the ICMA quarterly report is now available.

To access the report, click here.



ICMA joins industry effort to highlight importance of securitisation

10 October 2016

ICMA has joined seven other leading European trade associations representing investors, originators, issuers and other market participants in signing a paper highlighting the importance of securitisation for jobs and growth in Europe, and underlining their commitment to supporting a safe and sustainable market that serves the real economy. ICMA, led by an investor working group run by the Asset Management and Investors Council (AMIC), joins the Association for Financial Markets in Europe (AFME), the Dutch Securitisation Association (DSA), Eurofinas, the European Banking Federation (EBF), the European Fund and Asset Management Association (EFAMA), Leaseurope and Pensions Europe in signing the paper and make the following key points:
  • Securitisation can support SMEs and households in many different ways;
  • A revival of sound securitisation can help diversify risks, thereby making the financial system more stable;
  • A well-designed STS framework will deliver “simple”, “transparent” and “standardised” securitisations;
  • Transparency and disclosure standards are already robust– further requirements should build on existing infrastructure and be carefully calibrated;
  • The lessons of the crisis have been learned and reflected in EU regulations;
  • Investor due diligence is important, but unnecessary duplication should be avoided as it disincentivises investment;
  • Risk retention is important: the existing rules ensure alignment of interests and sufficient “skin in the game” for those who securitise;
  • Tranching is common across all debt markets and is an essential feature of the securitisation technique to meet investors’ needs.
To view the document, click here.



GDP-Linked Bonds: A New Design for Sovereign Debt Markets

3 October 2016

ICMA is conducting a consultation on the new London Term Sheet with interested members of ICMA’s Asset Management and Investors Council (AMIC). 

For more information, click here.



ICMA submits response to the IOSCO Consultation Report: Examination of Liquidity of the Secondary Corporate Bond Markets

30 September 2016

ICMA was pleased to submit its response to the IOSCO Consultation Report: Examination of Liquidity of the Secondary Corporate Bond Markets.

ICMA very much welcomes IOSCO’s interest in the functioning and liquidity of the corporate bond markets and the resulting Consultation Report, as well as the opportunity to provide suggestions and data to assist IOSCO in further refining its analysis. While the general conclusions of ICMA’s analysis of the European corporate bond market and IOSCO’s more global perspective may differ in a number of respects, based on its own work, ICMA fully appreciates the challenges of sourcing comprehensive and meaningful data, as well as identifying and assessing the relevant indicators and metrics.  

ICMA was therefore pleased to provide, in consultation with the members of its Secondary Market Practices Committee, a number of constructive and targeted recommendations designed to expand and enrich IOSCO’s analysis.

The response can be found here.



Latest ICMA survey sets baseline size of the European repo market at EUR 5,379 billion

29 September 2016 (London, UK)
The European Repo and Collateral Council of the International Capital Market Association (ICMA) has released the results of its 31st semi-annual survey of the European repo market. The survey, which calculates the amount of repo business outstanding on 8 June 2016 (prior to the Brexit vote in the UK) from the returns of 67 offices of 63 financial groups, mainly banks, sets the baseline figure for market size at EUR 5,379 billion, a 4.1% decrease on the December 2015 figure of EUR 5,608 billion and a year on year decrease of 1.6% from the survey in June 2015.

To view the press release, click here.
To download the survey report, click here.



Save the Date – ICMA AGM & Conference 2017

Please save the date for the 2017 ICMA AGM and Conference, which will be held at the Luxembourg Congrès from 3rd to 5th May 2017.

We look forward to welcoming you to Luxembourg for this major capital market event, open to ICMA members and to other financial market participants.

Meanwhile, if you would like to be associated with this event please contact shannelle.rose@icmagroup.org for sponsorship opportunities.



ICMA ERCC report published on the trade registration models used by European CCPs for repo transactions

The ICMA European Repo and Collateral Council has sponsored a short study, authored by John Burke, on the trade registration models used by European central counterparties (CCPs) for repo transactions.  This focuses on a specific issue (“the counterparty gap”) that emerged from a broader analysis of CCPs’ trade registration models.  The issue relates to risk borne by market participants arising from different trade registration models and the different timings and procedures used by the CCPs to manage trade acceptance and trade rejection scenarios.  The analysis covers trades that are executed via automated trading systems, traded bilaterally or executed on a name give-up basis via voice brokers.

The study contains recommendations from the ICMA ERCC on a number of changes to market best practice that, when adopted, could reduce the risk to market participants arising from the counterparty gap issue.  By working together now to clarify the position regarding the counterparty gap issue, market participants and infrastructure providers will achieve an enhanced operating and risk management environment for CCP cleared business and ensure that any future increase in CCP activity e.g. for Dealer to Client trades, can be managed more comfortably.

Click here to view the report

Published September 2016



ICMA ERCC responds to ESMA Call for Evidence on Asset Segregation and Custody Services

23 September 2016

ICMA ERCC submitted its formal response to the ESMA Call for Evidence on Asset Segregation and Custody Services. The ICMA ERCC’s response flags the importance of repo and collateral markets; and highlights that these already face significant stress which is bearing on the liquidity of the market. It then observes that there is a risk to make this worse with the asset segregation requirements and expresses full support for ISLA’s more detailed response to this Call for Evidence.

To view this ERCC response, click here.



ICMA AMIC responds to FSB consultation on proposed policy recommendations to address structural vulnerabilities for asset management activities

ICMA’s AMIC has submitted its response to the Financial Stability Board’s (FSB) consultation paper on proposed policy recommendations to address structural vulnerabilities for asset management activities.

AMIC welcomed the FSB’s focus on activities instead of designating individual companies as systemically risky. However, AMIC cautions against returning to the designation debate. AMIC also encourages the FSB to consider a wider group of market participants than simply asset managers when assessing risk and formulating policy recommendations. AMIC also notes that any effort to harmonise leverage calculation should not impact the existing methods to calculate fund leverage established through European legislation.

To view the document, click here.



Bank of England publishes Press Notice on the eligibility and sectors under the Corporate Bond Purchase Scheme

12 September 2016
The Bank of England published a press notice providing further details on the eligibility and sectors under the Corporate Bond Purchase Scheme. The notice can be downloaded here.

This expands on the Market Notice published on 4 August 2016, and available here.



Green Bond Principles win GlobalCapital award for Most Valuable Innovation for the Green Bond/SRI Market

ICMA was very pleased to accept an award for the GBP at the GlobalCapital Sustainable and Responsible Capital Markets Forum in Amsterdam.

For more information on ICMA's work on green bonds, click here.

For a full list of of award winners, click here.

Nicholas Pfaff of ICMA accepts the award on behalf of Green Bond Principles




ICMA AMIC Bail-in Working Group sends discussion letter to ECB

7 September 2016

The ICMA AMIC Bail-in Working Group has sent a discussion letter to the ECB. The letter highlights observations on the operation of the bail-in regime, from the buy-side point of view, and builds upon, and reflects evolutions in thinking since, a letter sent to the ECB on 31 July 2015, also on the bail-in mechanism.

To view the discussion letter, click here.



ICMA launches a consultation on the Buy-in Rules

5 September 2016

Today, ICMA is launching a consultation to review and potentially update the ICMA Buy-in Rules under the Secondary Market Rules & Recommendations. This is in response to feedback from members with respect to the efficiency of the existing buy-in process in the current market environment.
 
The key areas for possible enhancement include:
  • The requirement (or not) to appoint a buy-in agent
  • Flexibility in the timing of the buy-in
  • The potential for buy-in auctions
More information is available in the linked background paper.
 
The period for the consultation is 5 September 2016 through 14 October 2016.
 
To complete the consultation and submit your response, please use the below link. Note that there are 14 questions in total (also allowing for additional comments), although it is not mandatory to respond to all of these.
 
https://www.surveymonkey.co.uk/r/ICMAbuyinrules
 
Please ensure that this consultation request is shared with the appropriate people within your firm (in most cases this will be the relevant fixed income trading desks). It is possible for firms to submit multiple responses. All responses will be treated in confidence, and will not be shared unless in aggregated and anonymized form.

 
CSDR-Mandatory Buy-ins

ICMA is aware that CSDR, which was passed into law in August 2014, introduces a harmonized buy-in regime across the EU, and that this is expected to come into force by early 2019. Once implemented, this is expected to supersede the ICMA Buy-in Rules in the case of trades that are in scope of the EU regulation. Meanwhile, it is important that the ICMA Buy-in Rules continue to serve as an efficient and practical remedy available to participants in the cross-border bond markets in the event of settlement fails.

If you have any questions related to the consultation, please contact Andy Hill at ICMA. The anonymized and aggregated results of the survey will be shared with the membership in October 2016, giving members the opportunity to provide further comments ahead of any proposed changes being put to the SMPC in November 2016.



ASIFMA and ICMA release guide to infrastructure financing in Asia

31 August 2016

ASIFMA and ICMA have released the “Guide to Infrastructure Financing in Asia”, which is the first comprehensive guide of its kind that outlines how infrastructure projects can be financed in Asia including through the capital markets.

To view the press release, click here.
To view the guide, click here.



ICMA is pleased to welcome the following new members in August 2016:

ACTIAM N.V., Utrecht
China Central Depository & Clearing Co., Ltd., Beijing
Ernst & Young Hua Ming LLP, Beijing
PT Kliring Penjaminan Efek Indonesia (KPEI), Jakarta
RCB Bank Ltd, Limassol
Reaal Schadeverzekeringen N.V., Zoetermeer
SRLEV N.V., Alkmaar
The State Treasury of the Republic Finland, Helsinki
VIVAT N.V., Utrecht
Willkie Farr & Gallagher (UK) LLP, London

ICMA now has 517 members in approximately 60 countries. Click here to view the full list of ICMA members.



ICMA Quarterly Report Third Quarter 2016

12 July 2016

The latest edition of the ICMA quarterly report is now available.

To access the report, click here.



ICMA ERCC responds to BCBS consultation on the leverage ratio framework

6 July 2016

The ICMA ERCC has submitted a detailed response to the BCBS’s consultation on proposed revisions to the design and calibration of the Basel III leverage ratio framework.

To view the response, click here.



Liquidity in the secondary European corporate bond market. ICMA publishes second study on state and future evolution of the European corporate bond market

6 July 2016

The International Capital Market Association (ICMA) has today published a study entitled ‘Remaking the corporate bond market’ exploring the evolution of the European investment grade corporate bond market and updating an earlier study published in 2014.

To view the press release, click here.
To view the report, click here.



Implications for ICMA members of the UK vote to leave the EU

For nearly 50 years, ICMA has represented the international capital markets and encouraged international capital market integration.

ICMA is an international body headquartered in Switzerland with more than 500 members based in nearly 60 different countries. As such, it is not aligned to any specific financial centre, and does not favour one over another.

Following the UK vote on 23 June to leave the EU, ICMA will work actively with all its members, large and small, sell side and buy side, through its Market Practice and Regulatory Policy Committees, Regional Committees and other Working Groups, as appropriate, to help them prepare for the international capital market implications of Brexit. ICMA’s mission continues to be the promotion of resilient and well-functioning international capital markets.

ICMA provides standard market documentation and guidance on market practices, which are widely adopted in many areas of the international capital markets. They may potentially need adjustment as the details of the UK’s withdrawal from the EU become clearer. ICMA will continue to review its standard market documentation and guidance in the light of future developments and will ensure they are amended as and when needed in consultation with our members.

As the markets adapt to the UK withdrawal from the EU, ICMA will continue to work with the authorities in the UK, the EU, the euro area and elsewhere, to ensure that our members’ views in the international capital markets are well represented.

ICMA will keep its members up to date with its assessment of relevant new developments: for example, through conference calls, round tables and other events, the ICMA Quarterly Report and the ICMA website. The ICMA Helpdesk and ICMA’s staff are available to answer members’ questions.

ICMA has posted on its website a working document on Brexit: Implications for Capital Market Regulation dated 24 June 2016.

ICMA will be holding a teleconference for ICMA members at 12.00 London time on Tuesday, 28 June on the capital market implications of the UK vote to leave the EU.



ICMA ERCC responds to Commission consultation on NSFR

24 June 2016

The ICMA ERCC has submitted a detailed response to the Commission service’s targeted consultation on further considerations for the implementation of the Net Stable Funding Ratio (NSFR) in the EU.

To view the response, click here.



2016 update of the Green Bond Principles creates online resource for voluntary issuer information on Green Bond alignment and introduces guidance for issuers of Social Bonds

The 2016 edition of the GBP benefits from the input of GBP members and observers, from working groups and the wider Green Bond stakeholder community, and also takes into account recent market developments. While the 2016 update continues to be framed by the same four core components (use of proceeds, process for project evaluation and selection, management of proceeds and reporting), a particular effort has been made to recommend best practice on reporting and external reviews, including the use of templates designed to be made available publicly to the market through a GBP Resource Centre hosted by ICMA. It is expected that this will add significantly to market transparency and clarify further the process of Green Bond issuer alignment with the GBP.

To view the press release click here.
To view the Green Bond Principles, click here.



Participate in the ICMA European Repo and Collateral Council's 31st European repo market survey

All European repo market participants are invited to submit data on their repo business outstanding at close of business on Wednesday, 8 June 2016.



ICMA membership at 508 in 58 countries, a 15 year high

ICMA is pleased to welcome the following new members in June 2016:

A&L Goodbody, Dublin
Banco Finantia SA, Lisbon
BPCE, Paris
Burgan Bank A.Ş., Istanbul
China Foreign Exchange Trade System (CFETS), Shanghai
Citigroup Global Markets Inc., New York
Dagong Global Credit Rating (Hong Kong) Co., Ltd., Hong Kong
Dechert LLP, Philadelphia
Japan Post Bank Co., Ltd., Tokyo
Kerman & Co LLP, London
Mirova, Paris
Murex S.A.S., Paris
TD Bank N.V., Amsterdam

Click here to view the full list of ICMA members.



CBIC responds to Review of the Covered Bond Label Harmonised Transparency Template - 2016

23 May 2016

In the absence thus far of enhanced rules on mandatory pool disclosure on a Europe wide basis from the European Commission, industry led initiatives are essential to the continued good operation and standing of the covered bond market. The ICMA AMIC Covered Bond Investor Council welcomes the fact that the Harmonised Transparency Template (HTT) is to be reviewed and enhanced on a regular basis and are taking the opportunity of this review to comment on its effective implementation to date and to provide comments from members on possible features to consider as part of the review process.
 
The CBIC response is based on the information available on the Covered Bond Label website as well as issuers’ website. In addition, we reviewed the various responses the CBIC has written over the years regarding enhancing transparency in the covered bond market.

To view the response, click here.



ICMA publishes further thoughts on the ECB’s CSPP following the announcement of details of the Programme on 21 April

29 April 2016

ICMA has today published a briefing note entitled 'Further thoughts on the ECB’s Corporate Sector Purchase Programme', following the announcement of details of the Programme on 21 April.

To view the briefing note, click here.



ICMA ERCC responds to ESMA consultation on SFTR

22 April 2016

The ICMA ERCC has submitted a detailed response to ESMA’s Discussion Paper on Draft Regulatory and Implementing Technical Standards under the EU SFT Regulation.

To view the response, click here.



ICMA publishes briefing note on ECB Corporate Sector Purchase Programme

21 April 2016

The announcement by the ECB on March 10 to extend its Asset Purchases Programme to include investment grade non-bank corporate bonds took the market by complete surprise. This briefing note is an attempt to outline the various considerations that the ECB may need to review as it puts together the final details of its soon to be launched Corporate Sector Purchase Programme, as well as the possible implications for market liquidity and investor and issuer behaviour.

To view the briefing note, click here.



Harriett Baldwin, Economic Secretary of UK Treasury to speak at Shanghai Free Trade Zone Bond Seminar in London on 26 April

Harriett Baldwin, Economic Secretary of UK Treasury will be giving a keynote speech on Offshore RMB market development and Offshore RMB Pricing at the Shanghai Free Trade Zone Bond Seminar in London on 26 April. There are still a few places available for those who have not yet registered.

For more information and to register, click here.



ICMA report shows innovative technologies and new market entrants shaping the electronic bond trading landscape in Europe

20 April 2016
(London, UK)
A new report, from the International Capital Market Association, shows that the way bonds are traded in Europe is undergoing a period of intense, evolutionary change in response to pressure from regulation and Fintech developments. The report identifies new strategies that are emerging for both buy and sell side participants trading in this market and the options available to platforms and technology providers in the new environment.

To view the press release, click here.
To view the report, click here.



ICMA ERCC responds to the FSB consultation on Collateral Re-use Measures

18 April 2016

The ICMA ERCC has submitted its response to the FSB's consultative proposals on Possible Measures of Non-Cash Collateral Re-use.

To view the response, click here.



New fund liquidity report from EFAMA and ICMA outlines tools available to manage liquidity risk

The International Capital Market Association’s (ICMA) Asset Management and Investors Council (AMIC) and the European Fund and Asset Management Association (EFAMA) have published today a report on the legislative requirements and market-based tools available to manage liquidity risk in investment funds in Europe. The report also offers some recommendations to further improve the general liquidity management environment.

To view the press release, click here.
To view the report, click here.
To view an executive summary, click here.



Five Industry Associations Publish SFTR Information Statement

13 April 2016
(London)
The Association for Financial Markets in Europe (AFME), FIA, the International Capital Market Association (ICMA), the International Swaps and Derivatives Association, Inc. (ISDA) and the International Securities Lending Association (ISLA) have jointly published a statement that can be used to help market participants comply with new requirements under the European Union’s Securities Financing Transaction Regulation (SFTR).

To view the press release, click here.
To view the information statement, click here.



ICMA publishes the 2016 legal opinions for the Global Master Repurchase Agreement

12 April 2016

ICMA has today published the 2016 legal opinions which support the Global Master Repurchase Agreement (GMRA), the standard agreement used for international repo transactions. The 2016 opinions support the use of the GMRA in over 65 jurisdictions worldwide.

Find out more here.



ICMA ERCC Operations Group responds to the Eurosystem consultation on RTGS services

4 April 2016

The ICMA ERCC Operations Group has submitted a response to an ECB consultative report on the services provided to market participants as part of its Real Time Gross Settlement System (RTGS). The consultation focuses on potential synergies between the TARGET2 and TARGET2-Securities platforms and is the first consultation launched in the context of the Eurosystem’s broader initiative to develop a Vision for the future of Europe’s financial market infrastructure.

To view the response, click here.



ICMA is pleased to welcome the following new members in March 2016:

Credit Suisse (Luxembourg) S.A., Luxembourg
RBC Investor Services Bank S.A., Luxembourg
«REGION Broker Company» LLC, Moscow
RHB Bank Berhad, Kuala Lumpar
Squire Patton Boggs (UK) LLP, London
Swiss National Bank (SNB), Zurich

ICMA now has 496 members in approximately 60 countries. Click here to view the full list of ICMA members.



ICMA launches its 2nd European IG Corporate Bond Secondary Market Study

Following the seminal study published in 2014, ICMA is pleased to announce the launch of its 2nd study into the current state and ongoing evolution of the European investment grade corporate bond secondary market. The new study is intended to be more forward looking and focused on potential solutions to the identified risks to market quality and liquidity, as well as re-highlighting the sources of these risks. We intend to complete the study over the coming months, with a view to publishing the final report at the end of June.
 
As in the previous study, ICMA will rely on the active participation and input of its member firms, including broker-dealers, asset managers and investors, corporate and financial issuers, as well as platform providers and intermediaries. Over the coming weeks we will reach out with surveys and/or requests to interview (on an anonymized basis). If you or your firm is happy to participate in the study, we would be delighted to hear from you.
 
We are pleased to attach the Terms of Reference for the study, which was drafted with input and guidance from both sell-side and buy-side members of the Secondary Market Practices Committee (SPMC). If you would like to play an active role in steering the study during the research and writing stages, please do not hesitate to contact us directly.
 
We would like to thank you in advance for your generous cooperation and participation, as it is this that makes the ICMA study truly representative of the state and evolution of the European IG corporate bond market.

Note that an ICMA Asian corporate bond secondary market study will be conducted in parallel. This will be led by Mushtaq Kapasi (Chief Representative, ICMA Asia Pacific), in close coordination with Andy Hill, and will be based on the same approach. The intention is to publish both studies on the same date.

Click here to view the terms of reference for this study.

Click here to see the 2014 study 'The current state and future evolution of the European investment grade corporate bond secondary market: perspectives from the market'.



ICMA publishes ‘Q&A’ briefing note on the regulatory technical standards of MAR

21 March 2016

ICMA has published a ‘Q&A’ briefing note on the regulatory technical standards of MAR with respect to the presentation of investment recommendations and associated disclosure obligations.

It is likely that this will have far-reaching implications for investment firms and their employees for the way in which investment recommendations are presented to their clients, as well as how they are recorded and subsequently made available for clients. In turn, this could have an impact on the frequency and form of investment recommendations provided to buy-side firms.

The regulation is projected to come into force on 3 July 2016.

To view the briefing note, click here.



ICMA briefing note on ECB Corporate Sector Purchase Programme

ICMA has today published a briefing note on how ICMA intends to respond to the Corporate Sector Purchase Programme, and to work with its members, across committees and the regions, to help ensure that the CSPP achieves its objective without compromising resilient and well-functioning European corporate bond markets.

To view the briefing note, click here.



Buy and sell side join forces in support of STS securitisation

3 March 2016

Today four leading European trade associations representing investors, issuers and other market participants have come together for the first time to support the new framework for securitisation regulation. AFME, EFAMA, ICMA and Insurance Europe have issued a joint paper backing efforts by EU policymakers to develop a robust and successful framework for simple, transparent and standardised (STS) securitisation.

To view the press release, click here.



Presentation for the ICMA Aged-Fails Auction Initiative

23 February 2016

ICMA has today published a presentation for its Aged-Fails Auction Initiative.

For more information, click here.



Results of 2016 ICMA ERCC Committee elections

The governing board of ICMA’s European Repo and Collateral Council (ERCC) is the ICMA ERCC Committee consisting of 19 individuals drawn from council member firms and elected annually by ICMA’s ERCC. The election period for the 2016 ICMA ERCC elections closed today (12 February 2016). The names of the 2016 – 2017 ICMA ERCC Committee can be found here.



Overall repo market outstandings in Europe remain stable despite decline in repo books of G-SIFIs says ICMA Survey

11 February 2016
(London, UK)
The European Repo and Collateral Council of the International Capital Market Association (ICMA) today released the results of its 30th semi-annual survey of the European repo market. The survey, which calculates the amount of repo business outstanding on 9 December 2015 from the returns of 72 offices of 68 financial groups, mainly banks, sets the baseline figure for market size at EUR 5,608 billion, broadly unchanged from the June 2015 survey figure of EUR 5,612 billion.

To view the press release, click here.
To download the survey report, click here.



ICMA publishes overview of CSDR Mandatory Buy-ins Final Regulatory Technical Standards

1 February 2016
ESMA published the draft regulatory technical standards for CSDR settlement discipline, including mandatory buy-ins.
 
ESMA has clearly made every effort to negate the adverse market impacts and the inherent flaws of a deeply contentious and widely opposed regulatory initiative. ESMA should be commended for pushing the interpretation and papering over the flaws of the Level 1 as far as legally possible, and for recognizing the potentially negative impacts of mandatory buy-ins on the smooth and orderly functioning of Europe’s capital markets.
 
However, despite the good work by ESMA, the regulation still remains highly problematic. Firstly, the RTS do not correct an explicit asymmetry in the direction of the payment of the price differential for the buy-in or cash-compensation. This creates unpredictable and unmanageable risks for liquidity providers and intermediaries and in many instances would render the buy-in process unfit for purpose. Secondly, turning buy-ins into an obligation rather than a right, particularly with a cash compensation resolution, not only creates additional risks for liquidity providers and intermediaries, but it also creates unpredictable and unmanageable risks for investors. Therefore, it remains highly questionable whether the adverse market impacts of mandatory buy-ins will justify any potential benefit.  
 
Ultimately, settlement inefficiencies in the European capital markets are primarily the result of fragmented and inefficient settlement systems and processes, rather than the behavior of dealers and other liquidity providers. Accordingly, fixing Europe’s back-office should be the primary focus of market and regulatory initiatives, while the implementation of mandatory buy-ins is postponed for as long as possible.
 
The Final Report and draft RTS can be found here.
 
Click here for an overview of the draft RTS.



ICMA is pleased to welcome the following new members in February 2016:

Axis Bank Limited, Mumbai
Banco Continental S.A., Lima
Citibank Europe plc, Dublin
McCann FitzGerald, Dublin
MPS Capital Services S.p.A., Firenze
Standard Chartered Bank (Hong Kong) Limited, Hong Kong

ICMA now has 492 members in approximately 60 countries. Click here to view the full list of ICMA members.



ICMA updates briefing note on MiFID II/R trade transparency requirements in respect of bonds

28 January 2016

ICMA has updated its briefing note on MiFID II/R trade transparency requirements in respect to bonds, in light of the draft regulatory technical standards published by ESMA in September 2015. These RTS are still to be approved by the co-legislators and could be subject to further change.

To view the briefing note, click here.

For more information about MiFID II, click here.



Corporate bond market liquidity: important meeting of the SMPC on 4 February

ICMA Members only:
Sell-side and buy-side members active in the European corporate bond secondary markets are invited to join the next meeting of the ICMA Secondary Market Practices Committee, to be held at ICMA's offices in London on 4 February at 2 p.m. Jonathan Haynes of DG FISMA will also join the meeting to present on and discuss the European Commission’s work on corporate bond market liquidity. Mr Haynes is part of the core team working on the European Commission’s Capital Markets Union Action Plan and who is leading the Commission’s work on corporate bonds. This will be a fantastic opportunity for ICMA members to engage directly with the Commission in discussing issues related to European corporate bond secondary market liquidity and potential initiatives to improve market liquidity, efficiency, and performance.

The full agenda and details of the meeting can be found here.
Places are limited, if you are interested in attending please contact Leonie Scott.



AFME and ICMA publish joint paper on “T2S Wave 1 – Review and Request for Action Following Migration of Italian Market to T2S"

20 January 2016

AFME and ICMA have published a joint paper on “T2S Wave 1 – Review and Request for Action Following Migration of Italian Market to T2S”, which also includes a short section on specific repo impacts.

To access the report, click here.



ICMA responds to European Commission’s Call for Evidence on cumulative impact of regulation

20 January 2016

ICMA has submitted its response to the European Commission’s Call for Evidence on the cumulative impact of regulation. The response focuses principally on the issue of market liquidity within the context of rules affecting the ability of the economy to finance itself and grow. It draws on much of the work and research ICMA has undertaken previously related to both European corporate bond secondary market liquidity and collateral and repo market liquidity, and which highlights the real economy impacts of reduced market liquidity on both investors and capital raisers.  

ICMA hopes that this ‘call for evidence’ is the first step in a continual process of consultation with market stakeholders to support the ongoing refinement and improvement of the European regulatory process, and to ensure the successful attainment of intended outcomes, while promoting resilient and well-functioning European capital markets.

To view the response, click here.
For more information on Capital Markets Union, click here.



ICMA CBIC responds to European Commission consultation on covered bonds

06 January 2016

The ICMA AMIC Covered Bond Investors Council (CBIC) has responded to the European Commission’s consultation on Covered bonds in the European Union. The consultation was launched on 30 September 2015. The CBIC noted the underlying assumption in the economic analysis that the extreme convergence of covered bond spreads before the crisis should be the norm and that subsequent events point to a sub-optimal fragmentation of markets within the European Union. However, CBIC members argued that markets prior to 2007 had mispriced risks inherent in the securities and that a return to that condition was not necessarily a desirable outcome. Particularly in the absence of implicit state support for the banking system, different covered bonds do reflect different underlying risk characteristics and it is the job of the market to identify and price these risks appropriately.

With regard to the main question in the consultation, the two options for covered bond harmonisation, the CBIC noted that there was insufficient detail in the consultation to give a definitive view. Some CBIC members believed that voluntary convergence of national regimes would suffice, particularly if backed by measures like capital requirements referencing the best practice guidelines. Other CBIC members expressed a preference for an EU legal framework with minimum standards based on current best practice.

To view the response, click here.



New - Official rules for Chinese Green Bond market

06 January 2016

ICMA is pleased to make available to the market English versions of the Green financial bond rules of the People’s Bank of China (PBOC). The documents include the PBOC Announcement and the Preparation Instructions on Green Bond Endorsed Project Catalogue (2015 Edition). These translations have been coordinated and made available by ICMA for information only. In case of any discrepancy between these translations and the original Chinese version, please refer to the Chinese version as the official document.

ICMA has made amendments to the following areas of the ICMA Primary Market Handbook

22 December 2015

  • Appendix A1 ICMA Agreement Among Managers version 1 Introduction and New York law Schedule for Non Equity-Related Issues Governed by New York Law;
  • Appendix A7 ECP documentation for investment grade issuers (previously titled "ECP documentation");
  • Appendix A11 Paying agents and ICSDs;
  • Appendix A12 Pre-sounding, bookbuilding and allocations;
  • Appendix A17 Withholding tax (previously titled "Withholding tax and EU Savings Tax Directive"); and
  • Appendix B1 Reader’s guide.
To view these amendments, click here.
For more information on the ICMA Primary Market Handbook, click here.



ICMA ERCC Ops Group publishes overview on SFT reporting regulations and impact analysis

22 December 2015

ICMA’s ERCC Operations Group has published an updated overview of relevant regulatory initiatives on the identification and reporting of SFTs, as well as a supplementary set of slides which analyse and illustrate the operational impacts of the various requirements on the repo lifecycle.

For further information and to access both documents, click here.



ICMA ERCC Ops Group publishes standardised Trade Matching and Affirmation template for repo

8 December 2015

ICMA’s ERCC Operations Group has published a standardised template for trade matching and affirmation of repo transactions. The ‘TMA Template’ sets out recommended mandatory and optional matching fields, working alongside a Glossary of terms defining each of the matching fields.

For further information on the initiative and to access both, TMA Template and Glossary, click here.



ICMA European Repo Council changes its name to reflect increasing focus on collateral

7 December 2015

The European Repo Council (ERC) was established by ICMA in December 1999, to represent the cross-border repo market in Europe. Since then it has continued to consolidate and codify best market practice, supporting the development of a robust European repo market with measures including the development of the Global Master Repurchase Agreement (GMRA) and the publication of the ICMA ERC Guide to Best Practice in the European Repo Market; dissemination of market data through semi-annual surveys of the European repo market; and provision of education through courses on repo and collateral.

The repo market is the main means by which collateral is sourced, priced and circulated. In the current environment, where post-crisis regulation has encouraged the increased use of high quality collateral to reduce risks in the financial system, the ERC has increasingly focused its efforts on working with the authorities to create an efficient collateral market. In recognition of this evolution of the market and the way in which the ICMA ERC now operates, the ICMA Board has changed the name of the ICMA ERC to the ICMA European Repo and Collateral Council (ERCC) with immediate effect.

Contact: ercc@icmagroup.org.



New ICMA ERC Operations Group webpage launched

24 November 2015

ICMA’s ERC Operations Group has launched its new webpage today, which will serve as a central information hub for the important work of the Group in the post-trade space.

To visit the new page, click here.



Post crisis regulation is driving radical change in the European repo market says new ICMA study

18 November 2015
(Zurich, Switzerland)
The European Repo Council (ERC) of the International Capital Market Association (ICMA) has today launched a new study: ‘Perspectives from the eye of the storm: the current state and future evolution of the European repo market’, which looks at how the repo market in Europe is changing in response to regulatory pressures.

To view the press release, click here.
To view the study, click here.



AFME and ICMA welcome G20 Infrastructure recommendations

16 November 2015

The Association for Financial Markets in Europe (AFME) and the International Capital Market Association (ICMA) have welcomed the G20 Infrastructure and Investment recommendations made this weekend at the Antalya summit.

To view the press release, click here.



ICMA Announces Publication of 2015 Universal Resolution Stay Protocol with Securities Financing Transaction Annex

12 November 2015
(Zurich, Switzerland)
The International Capital Market Association (ICMA) today announced the publication of a Securities Financing Transaction Annex (“SFT Annex”) that forms part of the ISDA 2015 Universal Resolution Stay Protocol also published today (the “Protocol”). The Protocol builds on the version developed in 2014 in close co-ordination with the Financial Stability Board which focused on amending ISDA Master Agreements for OTC bilateral derivatives to improve the effectiveness of cross-border bank resolution actions.

To view the press release, click here.
For more information, click here.



ICMA publishes MiFID II/R and Repo Q&A

11 November 2015

ICMA has published a Q&A paper on MiFID II/R and Repo.

To view the Q&A, click here.



ICMA concludes MoU with CMA, Sultanate of Oman

5 November 2015

ICMA has concluded a memorandum of understanding with the Capital Market Authority (CMA) of the Sultanate of Oman to enhance mutual cooperation and exchange of information relating to capital markets.

HE Sheikh Abdullah Salim Al Salmi, Executive President, signed for CMA. Martin Scheck, Chief Executive and Leland Goss, General Counsel signed for ICMA.

The MoU provides for exchange of information about the laws and regulations relating to regulation and supervision of capital markets and the practices of international and local capital markets, training and research.

The agreement will contribute to boosting and enhancing the legislative and regulatory infrastructure of the capital market whether relating to investment instruments, regulations or clearing and settlement systems and avail opportunities to benefit from the mechanisms of regulation of intermediaries and brokerage profession and other related matters to limit unsound practices.

For more information, click here.



ICMA Future Leaders holds its first event in London with over 170 in attendance

23 October 2015

ICMA Future Leaders held its first event yesterday evening in London with over 170 in attendance.

For more information and to see the photos, click here.



ICMA publishes GMRA legal opinion for Malaysia

ICMA has published a legal opinion for Malaysia covering the Global Master Repurchase Agreement (GMRA), the most widely used standard agreement for international repo transactions. The Malaysia opinion is available to ICMA members only and can be accessed here.

For Guidance on the use of the GMRA and legal opinions contact the ICMA Legal and Regulatory Helpdesk.

For more information about becoming an ICMA member please contact the ICMA membership department on +41 44 363 4222.



ICMA creates centralised source for comparison of fixed income trading platforms in Europe

8 October 2015

ICMA has launched a comparative mapping study of electronic fixed income platforms in Europe. The ICMA Electronic Platform Mapping Study compares the key features and capabilities of 22 electronic trading platforms (ETPs) and information networks that are currently available for trading fixed income in Europe.

The landscape of bond trading is changing. Driven by regulatory developments and the search for liquidity, trading is increasingly moving to a variety of different electronic trading platforms. ICMA has undertaken a mapping initiative of trading platforms for European fixed income markets, listing their features and capabilities in a standard format allowing market participants to compare and contrast ETP providers and to determine which platforms best suit their investment and/or trading strategies.  

As the market continues to evolve the study will be updated.

Click here for more information and to view the study.



ICMA's membership has now reached 493 members in 57 countries

...with the admission of the following firms in October 2015:

Bank of China (Hong Kong) Limited, Hong Kong
Bank of China Limited, Beijing
FIMBank p.l.c., Malta
FMDQ OTC PLC, Lagos
Kuwait Projects Company (Holding) K.S.C.P., Safat
Morgan, Lewis & Bockius UK LLP, London
SumRidge Partners, LLC, Jersey City NJ

Click here to view the full list of ICMA members.



ICMA ERC Operations Group responds to Bank of England’s public consultation on “A new sterling money market data collection and the reform of SONIA”

1 October 2015

The ICMA ERC Operations Group has submitted a response to the Bank of England’s public consultation on “A new sterling money market data collection and the reform of SONIA”. In line with the scope of the ERC, the response focuses on the Bank of England’s proposals in relation to the collection of data on securities financing transactions.

To view the response, click here.



Growth in the European repo market is stalled according to latest ICMA survey

29 September 2015
(London, UK)
The European Repo Council of the International Capital Market Association (ICMA) today released the results of its 29th semi-annual survey of the European repo market. The survey, which computes the amount of repo business outstanding on 10 June 2015, sets the baseline figure for market size at EUR 5,612 billion. This represents a very small (2%) increase from the headline figure of EUR 5,500 billion in December 2014 and a 2.9% decline in market size from the figure of EUR 5,782 billion recorded a year ago in the survey for June 2014.

To view the press release, click here.
To download the survey report, click here.



ICMA-NAFMII Working Group issues report on practices and procedures in the Chinese and international primary debt capital markets

21 September 2015

The ICMA-NAFMII Working Group, which brings together experts from financial institutions in China and the UK to share expertise on processes, practices, and the associated market infrastructure in debt capital markets, has issued its first report: ‘Practices and procedures in the Chinese and international primary debt capital markets’. The report is issued today as Vice-Premier Ma Kai and Chancellor of the Exchequer George Osborne meet in Beijing as part of the 7th UK-China Economic and Financial Dialogue.

To view the press release, click here.
To view the report, click here.
For more information about ICMA's work in the Asia Pacific region, click here.



ICMA publishes revised Primary Market Handbook

2 September 2015
(London, UK)
ICMA has published a substantially revised version of its recommendations, guidance and standard language for managers of new issues of syndicated international bonds - the ICMA Primary Market Handbook.

To view the press release click here.



ICMA's membership has now reached 489 members in 56 countries

...with the admission of the following firms in August 2015:

Bank Leumi Le-Israel B.M., Tel Aviv
Bankhaus Lampe KG, Bielefeld
Burgan Bank (S.A.K.), Safat
Citigroup Global Markets Australia Pty Limited, Sydney
Indonesia Financial Services Authority (OJK), Jakarta
Osler, Hoskin & Harcourt LLP, Toronto
Piraeus Bank S.A., Athens
Shanghai Stock Exchange, Shanghai

Click here to view the full list of ICMA members.



ICMA AMIC responds to European Commission consultation on central clearing of OTC derivatives

14 August 2015

ICMA’s AMIC has submitted a response to the European Commission’s consultation on the review of the European Market Infrastructure Regulation (EMIR). AMIC members have only expressed interest in certain aspects of the review: (1) the functioning of the clearing obligation in the areas of frontloading and risk compression; (2) trade reporting; and (3) the functioning of the pension scheme arrangement (PSA) transitional exemption from the clearing obligation.

To view the response, please click here.



ERC Operations Group publishes briefing note on the implication for the repo product related to the projected ‘go live’ for Monte Titoli in TARGET2-Securities

10 August 2015
 
ERC Operations Group has published a briefing note on the implication for the repo product related to the projected  ‘go live’ for Monte Titoli in TARGET2-Securities (expected at the end of August 2015). The note focuses on three key repo aspects:  (i) Off-leg rep mismatches; (ii) Term repos;  and (iii) Standard settlement instructions.

To view the briefing note, click here.



ICMA responds to ESMA consultation paper on CSDR

6 August 2015

ICMA has submitted its response to the ESMA Consultation Paper 'Regulatory Technical Standards on the CSD Regulation - The Operation of the Buy-in Process'.

To view the response, click here.



Updated ICMA ERC Guide to best practice in the European Repo Market

27 July 2015

The updated ICMA ERC Guide to best practice in the European Repo Market is now available.

Click here to view.



Buy-ins, how they work, and the challenge of CSDR - An ICMA briefing note

July 2015

As ICMA prepares its response to the ESMA Consultation Paper on the CSDR regulatory technical standards related to the operation of buy-in, it publishes a Briefing Note on the buy-in process. The paper illustrates how buy-ins work currently, and how they are proposed to work under CSDR. While CSDR does not define what a buy-in is, or what it is intended to do, it does provide for who should be responsible for, and be affected by, a buy-in, as well as the related cash-flows. The deadline for responses to the Consultation Paper is August 6th, and ICMA is currently consulting with its members for input.

To view the briefing note, click here.



AFME and ICMA release Guide to infrastructure financing in support of the Investment Plan for Europe

24 June 2015

AFME and ICMA today release the “Guide to infrastructure financing, bank loans, debt private placements and public bonds – smoothing the pathway for effective funding”. This is the first comprehensive and practical guide to help infrastructure issuers, sponsors and project companies more easily tap various types of funding, including bank, private placement and public project bond financing in Europe.

To view the press release, click here.
To view the guide, click here.



ICMA admits 12 new members in June 2015

ICMA is pleased to welcome the following new members in June 2015:

Africa Finance Corporation, Lagos
Arthur Cox, Dublin
Association for Savings & Investment SA (ASISA), Cape Town
Continental Capital Markets Limited, London
DLA Piper UK LLP, London
ICAP Securities & Derivatives Exchange Limited (ISDX), London
International Finance Corporation, Washington DC
Municipality Finance Plc, Helsinki
SBAB Bank AB (publ), Stockholm
SNS Bank N.V., Amsterdam
Tradition (UK) Limited, London
Traiana Limited, London

Click here to view the full list of ICMA members.

ICMA now has 481 members in approximately 60 countries.



Save the Date for ICMA's AGM & Conference 2016 in Dublin on 18-20 May!

ICMA's 2016 Annual General Meeting & Conference will be held in Dublin on 18-20 May.

To view information about the 2015 AGM & Conference in Amsterdam, click here.



ICMA is pleased to welcome the following new members in June 2015

Bank of China Limited, London Branch, London and NBC Global Finance Limited, Dublin

Click here to view the full list of ICMA members.

ICMA now has 469 members in approximately 60 countries.



ICMA members elect new board and new chairman

4 June 2015
(Amsterdam, Netherlands)
Members of the International Capital Market Association (ICMA), the leading trade association for financial market participants, elected new board members and a new chairman of the ICMA Board at the ICMA AGM in Amsterdam.

To view the press release, click here.



ICMA AMIC’s Market Finance Working Group responds to FSB/IOSCO consultation

29 May 2015

AMIC’s Market Finance Working Group (formed in December 2014 to address industry concerns about regulatory focus on shadow banking) responded to a second FSB/IOSCO consultation on a methodology to identify NBNI G-SIFIs. AMIC welcomed the FSB/IOSCO’s willingness to refine its approach following the first consultation, but cautioned against including asset management companies as potentially systemically risky entities alongside investment funds.

To view the response, click here.


ICMA launches the new Fixed Income Certificate (FIC) in Barcelona

ICMA Executive Education is pleased to announce that the first classroom based Fixed Income Certificate (FIC) programme was held at the end of April 2015.

The programme is the natural evolution of the previous International Fixed Income & Derivatives (IFID) certificate programme, which has been the gold standard for financial professionals for nearly 40 years. The new course syllabus is designed to reflect the realities of today’s fixed income markets, while retaining the emphasis on developing a candidate’s practical skills for trading, investment and risk management.

The content is organised around three essential topic areas: Trading the Yield Curve with Cash Market Securities, Interest Rate Derivatives, and Credit Trading.

Each section has been expanded to include new material reflecting the evolution of products and market regulation, including:
Changes in market practice for LIBOR fixings and the calculation and application of option-adjusted spreads (OAS);
  • Inflation indexed bonds;
  • Sovereign credit risk;
  • The impact of roll yield on the performance of futures hedges and strategies;
  • The construction and analysis of conditional steepening and flattening trades using swaptions,  use of interest rate caps and floors and swaptions to trade views on correlation between forward rates and how credit default swaptions can be used to express views on the level and volatility of credit spreads;
  • Expanded treatment of the impact of Dodd-Frank and EU regulatory reforms on OTC derivatives market practice, specifically central clearing and swap execution facilities;
  • Capital requirements and other ‘firm-level’ aspects of regulation.
The recent classroom based programme attracted students from around the world with candidates travelling to Barcelona from Europe, the UK, the America’s and the Middle East. This provided those in attendance with an excellent networking opportunity in addition to obtaining a globally recognised qualification.

Fredrik Jenestrand, Head of Regulatory Strategy and Implementation at Nordea Markets FICC, said: “Even though I had high expectations before attending the course, these were quickly surpassed and I enjoyed a fantastic learning experience. It was extremely beneficial to make new connections from all over the world who operate in the same market.”

The CFA institute has accredited the FIC as a Qualified Activity under its Continuing Education Programme with candidates qualifying for 30 credit hours. It has also been included on the UK’s Financial Skills Partnership (FSP) qualifications list for ‘Advising on securities in the wholesale market place’ and ‘Advising on derivatives in the wholesale market place’.

The next classroom based course will again take place in Barcelona on 25-31 October 2015. The FIC is also available to study via our online learning platform, with the next term starting on 1 July 2015. Full details of the online programme and the learning platform can be found here.

For more information regarding any of ICMA Executive Education’s range of courses, please contact education@icmagroup.org.



ICMA responds to European Commission Consultation Document on an EU framework for simple, transparent and standardised securitisation

13 May 2015

ICMA’s AMIC and ICMA respond to European Commission Consultation Document on an EU framework for simple, transparent and standardised securitisation:

To view the AMIC response, click here.
To view the ICMA response, click here.



ICMA publishes New York governing law model collective action, pari passu and creditor engagement clauses to facilitate future sovereign debt restructuring

11 May 2015

The International Capital Market Association (ICMA) has today published collective action, pari passu and creditor engagement clauses for sovereign debt securities issued under New York governing law. The use of these new terms in government bonds is intended to facilitate future sovereign debt restructurings.

To view the press release, click here.
For more information, click here.



ICMA launches the Executive Education Scholarship Programme

ICMA Executive Education (ICMA EE) is pleased to offer a unique scholarship programme to ICMA member firms, allowing employees at the early stages of their careers to participate in our range of leading financial market qualifications at highly subsidised fees.

Aimed at candidates under the age of 25, this programme will equip the capital markets future leaders with the required knowledge and qualifications needed to meet their potential.

ICMA EE Scholarship candidates will receive a 50% subsidy applied to the existing discounted member rate for each course attended.

We are committed to making ICMA EE public courses more accessible to the younger audience of the industry. High quality financial training and executive education is highly valued by many firms and we endeavor to do everything possible to assist our members in developing their employees’ skills.

For more information on the scholarship programme and our range of courses, click here.



ICMA responds to European Commission Consultation Document on a Review of the Prospectus Directive

1 May 2015

ICMA has responded to the European Commission Consultation Document on a Review of the Prospectus Directive.

To view the response, click here.



ICMA responds to European Commission Green Paper on Building a Capital Markets Union

30 April 2015

ICMA has responded to the European Commission Green Paper on Building a Capital Markets Union.

To view the response, click here.



ICMA launches online foundation level training programmes

ICMA Executive Education is pleased to announce that our globally recognised foundation level training programmes, the Securities Operations Foundation Course (SOFC) and Financial Markets Foundation Course (FMFC), will be available to study via our online learning platform from 1 May.

As part of ICMA's commitment to providing the highest standard in executive education, the new online versions benefit from innovative interactive software and a supportive student experience. Clearly defined targets, regular monitoring and structured progress ensure that candidates have all the support required to complete the selected programme.

Candidates must register by 30 April 2015 to participate in the next SOFC and FMFC Online Programmes, both starting on 1 May 2015.


   

 
Securities Operations Foundation Course (SOFC) Online Programme

An introductory programme intended for anyone entering a career in the securities operations area of the financial markets. The content provides candidates with the essential information necessary to develop a thorough understanding of both the debt and equity markets.

The course conveys numerous conceptual points, with emphasis on the practical aspects of securities operations, including the day-to-day challenges that candidates will face.

By completing the programme you will:
  • Understand the primary components of the securities trade life-cycle
  • Comprehend the similarities and differences between equities and bonds
  • Be able to demonstrate an understanding of how equities and bonds are brought to the marketplace
  • Appreciate the roles of the major securities market participants
  • Comprehend fundamentals of repo and securities lending & borrowing transactions
Click here to view the course details and to register.
  


 
Financial Markets Foundation Course (FMFC) Online Programme

An introductory level qualification intended for anyone entering into a career in the financial markets, intended to provide ‘breadth of knowledge’ to make it relevant to people pursuing careers in the front office, middle office and operations areas.

The course content places an even emphasis on introducing and explaining the key concepts of each subject area to develop candidates’ practical knowledge and skill sets.

By completing the programme you will understand:
  • Key players in the financial markets including issuers, investors and intermediaries
  • The interaction between cash and derivative markets
  • The key features of both equity and debt products
  • The structure of the FX market and how it operates
Click here to view the course details and to register.



ICMA publishes the 2015 legal opinions for the Global Master Repurchase Agreement

9 April 2015

ICMA has today published the 2015 legal opinions which support the Global Master Repurchase Agreement (GMRA), the standard agreement used for international repo transactions. The 2015 opinions support the use of the GMRA in over 60 jurisdictions worldwide.

Find out more here.



Revised 2015 Green Bond Principles update standard process for issuance in fast-growing green bond market

27 March 2015

The Executive Committee of the Green Bond Principles (“GBP”), a representative group of issuers, investors and intermediaries in the Green Bond market, with the support of ICMA, has published a second edition of the GBP. The GBP are voluntary process guidelines that recommend transparency and disclosure to promote integrity in the development of this fast growing market, by clarifying the approach for issuance of a Green Bond.

To view the press release, click here.
To view the Green Bond Principles, click here.



ICMA is pleased to welcome the following new members in March 2015:

Banco Santander (Brasil) S.A., São Paulo; Federal Reserve Bank of New York, New York; HSBC Bank Middle East Limited, Dubai; KA Finanz AG, Vienna; National Bank of Georgia, Tbilisi; Standard Advisory London Limited, London

Click here to view the full list of ICMA members.

ICMA now has 471 members in approximately 60 countries.



ICMA responds to ESMA Consultation Paper on MiFID II/MiFIR

2 March 2015

ICMA has responded to ESMA's consultation paper on MiFID II/MiFIR.

To view the response, click here.



Global standard qualification for the fixed income market revised and re-launched

ICMA Executive Education has completely revised its long established premium qualification for the fixed income market and re-launched it as the ICMA Fixed Income Certificate (FIC). The programme is available in both a classroom based and online format. Registration for both is now open.

To view the full syllabus and course details, please click here.



Bridging the growth gap

A new report  ‘Bridging the growth gap: Investor views on European and US capital markets and how they drive investment and economic growth’ has been published by AFME and BCG.

To view the report, click here.



Global standard qualification for the fixed income market revised and re-launched

ICMA Executive Education has completely revised its long established premium qualification for the fixed income market and re-launched it as the ICMA Fixed Income Certificate (FIC). The programme is available in both a classroom based and online format. Registration for both is now open.

To view the full syllabus and course details, please click here.



Bridging the growth gap

A new report  ‘Bridging the growth gap: Investor views on European and US capital markets and how they drive investment and economic growth’ has been published by AFME and BCG.

To view the report, click here.



ICMA publishes two studies which highlight the effect of regulation on capital market activity

24 February 2015
(London, UK)
The International Capital Market Association (ICMA), the trade body for participants in the cross border debt capital markets, has today published two separate studies which highlight the continuing cumulative effect of regulation on the ability of financial markets to support economic growth.

To view the press release, click here.
To view the 28th ICMA ERC European repo market survey, click here.
To view the ICMA Impact Study for CSDR Mandatory Buy-ins, click here.



ICMA responds to ESMA CSDR Regulation Level 2 Consultation Papers

19 February 2015

ICMA has submitted its formal response to the ESMA Consultation Papers on Technical Standards and Technical Advice under the CSD Regulation.

To view the response, click here.



ICMA responds, jointly with others, to BCBS/IOSCO’s consultation on "simple, transparent and comparable securitisations"

13 February 2015

ICMA has responded, jointly with the GFMA, the IIF and ISDA, to the BCBS/IOSCO Consultative Document on “Criteria for identifying simple, transparent and comparable securitisations".

To view the response, click here.



Is Japan’s revitalisation real and sustainable? Representatives from the finance industry and the capital markets in Europe and Japan discuss progress and the issues

12 February 2015
(London, UK – Tokyo, Japan)
Top representatives from the finance industry and capital markets in Europe and Japan gathered at the Mansion House in London yesterday for the Japan Securities Summit, a unique event co-organised by the Japan Securities Dealers Association (JSDA) and the ICMA.

To view the press release, click here.



ICMA ERC responds to FSB Consultative Proposals on Data Collection and Aggregation

12 February 2015

The ICMA ERC has submitted its response to the FSB's Consultative Proposals on Data Collection and Aggregation.

To view the response, click here.



Trade bodies launch guide to best practice for EU corporate private placement market

11 February 2015

The Pan-European Private Placement Working Group (PEPP Working Group) led by the ICMA has launched the Pan-European Corporate Private Placement Market Guide. The Guide sets out a voluntary framework for common market standards and best practices which are essential for the development of a Pan-European Private Placement market aimed at providing medium to long term finance to European mid-sized companies, in close alignment with the European Commission’s goal of bringing about a Capital Markets Union.

To view the press release, click here.
To download the guide, click here.



Ignazio Angeloni, ECB speaks at ICMA event

27 January 2015

Ignazio Angeloni, Member of the Supervisory Board of the European Central Bank spoke at the ICMA Capital Market Lecture series in Frankfurt.

To view Mr Angeloni's speech on Transparency and Bank Supervision, please click here.



ICMA responds to the UK FCA’s consultation on restrictions on the retail distribution of regulatory capital instruments

27 January 2015

ICMA has responded to the FCA’s consultation on restrictions on the retail distribution of regulatory capital instruments.

To view the response, click here.



ICMA is pleased to welcome the following new members in January 2015:

Adamant Capital Partners Jsc, Sofia; Ahorro Corporación Financiera, S.V., S.A., Madrid; Liquidity Finance LLP, London; Orrick, Herrington & Sutcliffe (Europe) LLP, London; Shanghai Clearing House, Shanghai

Click here to view the full list of ICMA members.

ICMA now has 466 members in 55 countries.



ICMA responds to the Fair and Effective Markets Review

15 January 2015

ICMA has responded to the Fair and Effective Markets Review.

To view the response click here.



ICMA responds, jointly with others, to EBA’s consultation on "simple, standard and transparent securitisations"

14 January 2015

ICMA has responded, jointly with AFME, the BBA and ISDA, to the EBA’s Discussion Paper on “simple, standard and transparent securitisations".

To view the response, click here.