Setting standards internationally

The International Capital Market Association (ICMA) is a unique organisation and an influential voice for the global capital market. It represents a broad range of capital market interests including global investment banks and smaller regional banks, as well as asset managers, exchanges, central banks, law firms and other professional advisers. ICMA’s market conventions and standards have been the pillars of the international debt market for over 40 years.

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Green Bond Principles Governance Established - ICMA Appointed Secretariat
14 April 2014 A group of financial institutions that recently created the Green Bond Principles today released its governance framework. ICMA will serve as Secretariat.
For more information on the Green Bond Principles, see here.
See press release here.
ICMA publishes the 2014 legal opinions for the Global Master Repurchase Agreement
4 April 2014 ICMA has today published the 2014 legal opinions which support the Global Master Repurchase Agreement (GMRA), the standard agreement used for international repo transactions. The 2014 opinions support the use of the GMRA in 64 jurisdictions worldwide. Find out more here.
ICMA European Repo Council publishes paper on Collateral Fluidity
3 April 2014  The paper "Collateral is the new cash: the systemic risks of inhibiting collateral fluidity" from ICMA’s European Repo Council describes the increasing importance of collateral and how it effectively underpins the functioning of capital markets that provide the basis for economic growth. The paper calls for regulators to consider the impact of financial regulation on the movement of collateral, highlighting the potential systemic risks of inhibiting collateral fluidity  and the negative impact this could have on the stability and efficiency of capital markets. Click here to view the paper. 
ICMA is pleased to welcome the following new members in March:

Deutsche Pfandbriefbank AG, Unterschleissheim

GMM Global Money Managers Ltd, Strovolos, Nicosia

IHS Global SA, Zurich

JCI Capital Ltd, London

Landesbank Berlin AG, Berlin

Milbank, Tweed, Hadley & McCloy LLP, London

PGGM Vermogensbeheer B.V., Zeist

TSB Bank plc, Edinburgh

Click here to view the full list of ICMA members.
ICMA European Repo Council publishes best practice guide for the repo market
5 March 2014 ICMA’s European Repo Council (ERC) has launched its updated guide to best practice in the European repo market, setting out standards for the orderly trading and settlement of repos. Much repo trading in Europe is between banks in different countries, making it essential to have consistent, internationally-recognised standards. Click here to view the guide.

Market Practice & Regulatory Policy

ICMA ERC responds to BCBS Consultative Document on the NSFR
11 April 2014 The ICMA European Repo Council has submitted its response to the BCBS's Consultative Document on the Net Stable Funding Ratio. To see the response, click here.
ICMA ECP responds to BCBS Consultative Document on the NSFR
11 April 2014 The ICMA ECP Committee has submitted its response to the BCBS's Consultative Document on the Net Stable Funding Ratio.

To see the response, click here.

ICMA Quarterly Report Second Quarter 2014
9 April 2014 The latest edition of the ICMA quarterly report is now available. Some of the topics in this quarterly report have been discussed on 11 April during the Quarterly Briefing Call for ICMA Members (ICMA members only). A recording is available here. To download the report, click here.
AMIC responds to the new FSB/IOSCO consultation
8 April 2014 AMIC responds to the FSB/IOSCO consultation on the assessment methodologies for identifying non-bank non-insurer Global Systematically Important Financial Institutions (‘NBNI G-SIFIs’). The response is available here.
AMIC responds to FCA consultation CP13/17 on the use of dealing commission rules
The proposals are intended to clarify the criteria for research under the rules to help firms make better judgements about what can be paid for with dealing commission charged to the fund. The response is available here.
AMIC responds to ESMA consultation on diversification of collateral
31 January 2014 The AMIC has responded to ESMA’s consultation on the ‘Revision of the provisions on diversification of collateral in ESMA’s guidelines on ETFs and other UCITS issues’. See the AMIC’s response here.
ICMA Quarterly Report First Quarter 2014
8 January 2014 The latest edition of the ICMA quarterly report is now available. Some of the topics in this quarterly report are going to be discussed on 14 January during the Quarterly Briefing Call for ICMA Members (ICMA members only). Please note a recording is now available. To download the report, click here.
ICMA launches new Sovereign Bond Consultation Paper
19 December 2013 ICMA's new Sovereign Bond Consultation Paper for members is available now. Access to the consultation paper
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