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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News in brief

ICMA is pleased to welcome the following new members in September 2014:
Clydesdale Bank plc, Glasgow
Nomura Fixed Income Securities Private Limited, Mumbai
Northern Bank Limited, Belfast
Northern Trust Global Services Limited, London
SIA S.p.A., Milan
The Bank of Tokyo-Mitsubishi UFJ, Ltd., Tokyo
Click here to view the full list of ICMA members.

ICMA now has 466 members in 54 countries.
6th UK-China Economic and Financial Dialogue
16 September 2014 On September 11, as part of the 6th UK-China Economic and Financial Dialogue, Vice-Premier Ma Kai and Chancellor of the Exchequer George Osborne agreed a number of areas of cooperation between the UK and China for the coming year. One of the workstreams cited is in the area of capital markets where it welcomes the formation of a working group chaired by ICMA and NAFMII composed of experts from financial institutions in London and China to share market expertise and to assist in further developing China's onshore bond market. To read more, click here.
Latest ICMA survey shows continued robustness in size of the European repo market
4 September 2014 (London, UK) The European Repo Council of the ICMA today released the results of its 27th semi-annual survey of the European repo market. The survey, which computes the amount of repo business outstanding on 11 June 2014, sets the baseline figure for market size at EUR 5,782 billion. To view the press release, click here.
To view the survey, click here.
To view the paper 'Continually Working to Develop Efficient and Effective Collateral Markets', click here.
ICMA publishes revised collective action clauses (CACs) and a new standard pari passu clause to facilitate future sovereign debt restructuring

29 August 2014 ICMA has today published revised and updated collective action clauses and a new standard pari passu clause for sovereign debt securities. The use of these new terms in government bonds is intended to facilitate future sovereign debt restructurings.

To view the press release, click here.
ICMA publishes report, Covered bond pool transparency: the next stage for investors
21 August 2014 Progress on transparency in the European Covered Bond market, ICMA report calls for further disclosure of cover pool data. To view the ICMA Transparency report click here. To view the press release, click here.

Market Practice & Regulatory Policy

ICMA ERC briefing note on CSDR Mandatory Buy-ins and the treatment of SFTs
22 September 2014 The ICMA ERC has published a briefing note on CSDR Mandatory Buy-ins and the treatment of SFTs.
Click here to view.
The AMIC responded to the IOSCO consultation paper
5 September 2014 (London, UK) The AMIC responded to the IOSCO consultation paper on Good Practices on Reducing Reliance on CRAs in asset management. To view the report, click here.
The impact of T+2 settlement on repo
To avoid confusion and fragmentation around settlement dates in the European bond markets, the ICMA ERC’s Operations Group has prepared a report on the impact of T+2 settlement on the European bond and repo markets. To view the report, click here.
CBIC respond to ESMA Consultation Paper on EMIR Clearing Obligations IRS
18 August 2014 The CBIC responded to the Consultation Paper launched by the European Securities and Markets Authority (ESMA) on 11 July 2014 on the Clearing Obligation under Regulation (EU) No 648/2012, which outlines the framework of the European Market Infrastructure Regulation (EMIR).

Click here for details.
Information on International Sanctions Against Russia
8 August ICMA is providing its members the Client Briefings of Clifford Chance containing information on the international sanctions against Russia. Click here for details.
ICMA responds to ESMA Papers on MiFID II/MiFIR

1 August 2014 ICMA has responded to an ESMA Consultation Paper and an ESMA Discussion Paper on MiFID II/MiFIR.

Click here for more information.
ICMA publishes joint supplementary observations to Bank of Italy consultation document
14 July 2014 Joint supplementary observations to Bank of Italy consultation document "Information reporting as contemplated in Article 129 of the TUB relating to the offer of financial instruments in Italy. Click here for more information.
ICMA working group develops GMRA FATCA language
14 July 2014 An ICMA working group has developed GMRA FATCA language for use with the GMRA 2000 , GMRA 2011 and the associated Equities Annexes. For more information, contact Lisa Cleary.
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