Quick Find:
  • News

Newsletter

Thin Button

ICMA primary market handbook
ICMA members register
ICMA rule book
ICMA legal opinion
ICMA legal queries

ICMA Executive Education

News in brief

ICMA Press Releases & Media
Click on the links below to access ICMA's press releases and the Media section of the website. Press Releases | Media
ICMA is pleased to welcome the following new members in December 2014:
APG Asset Management N.V., Amsterdam
AxeTrading Limited, London
BlackRock Investment Management (UK) Limited, London
Malayan Banking Berhad (trading as Maybank), Kuala Lumpar
MN Services N.V., The Hague
Morgan Stanley Asia Limited, Hong Kong
Kommunalbanken AS, Oslo
Shearman & Sterling LLP, New York

ICMA has admitted 43 new members in 2014, to view the list of new members, please click here.
ICMA now has 472 members in 54 countries.
Pan-European Private Placement Working Group supports exemption from withholding tax on interest on private placements contained in HM Treasury’s Autumn Statement
5 December 2014 The Pan-European Private Placement Working Group (PEPP WG) welcomes the new exemption from withholding tax for interest on private placements contained in HM Treasury’s Autumn Statement, which was released on 3 December 2014. We believe that this exemption will help unlock new financing opportunities for UK businesses.
To view the press release, click here.
Liquidity in the European secondary bond market: perspectives from the market. ICMA publishes survey on current state and future evolution of the European corporate bond market
25 November 2014 A new study from the International Capital Market Association (ICMA) identifies the main causes of the potential crisis facing liquidity in the corporate secondary bond markets in Europe and calls for constructive and coordinated action from all market stakeholders to find solutions.
To view the report, click here.
To view the press release, click here.
A recording of the ICMA briefing call held on 3 December is available here (ICMA Members only)
Participate in the ICMA European Repo Council's 28th 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, 10 December 2014.
PARTICIPATE
ICMA is pleased to welcome the following new members in November 2014:
Loyens & Loeff N.V., Amsterdam
Macfarlanes LLP, London
Click here to view the full list of ICMA members.

ICMA now has 466 members in 54 countries.
Eurepo index to be discontinued on 2 January 2015
3 November 2014 (Brussels) The European Money Markets Institute (EMMI) and the ICMA European Repo Council (ERC) announce the discontinuation of the Eurepo index as of 2 January 2015.
To view the press release, click here.
AFME-ICMA Capital Markets and Growth Roundtable and Dinner Discussion
AFME and ICMA held a roundtable at the European Parliament in Brussels on 30 September 2014. The event was held under the Chatham House Rule. Participants were from both the official sector and the private sector. Click here to view the summary notes.
ICMA’s European Repo Council reports successful migration of the European bond markets to T+2
15 October 2014 (London, UK) ICMA and the ICMA ERC report that the initial feedback from members and operations working groups indicates that that the transition to settlement at T+2 for the European fixed income markets has been largely successful with few issues. To view the press release, click here.
To view the report, click here.
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.
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 is pleased to welcome the following new members in August 2014:
Banco Santander S.A, Montevideo
ICICI Bank UK Plc, London
Notenstein Privatbank AG, St. Gallen
Société Générale Securities Services S.p.A., Milan
Stifel Nicolaus Europe Limited, London
Click here to view the full list of ICMA members.
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.
ICMA Internship Programme
18 August 2014 - ICMA welcomes applications from those who are interested in a 3 to 6 months unpaid internship within the marketing and communications department.
For more details, contact: Shannelle Rose, Head of Events.
Broad support for Green Bond Principles confirmed, as Initial Executive Committee is established
7 August 2014 (London, UK) In line with the Governance framework for the Green Bond Principles (GBP), published in April 2014, an Initial Executive Committee was established in June 2014 with representatives from 18 organisations comprising a balanced distribution of leading Green Bond practitioners. To view the press release, click here.
ICMA and Rule Financial Target 2 Securities (T2S) survey
3 July 2014 Given the far-reaching impact that T2S will have on Cash Bond and Repo trading practices, ICMA’s  European Repo Council (ERC) has commissioned a survey to assess market preparedness for, and industry attitudes towards, T2S. Click here for more information.
ICMA is pleased to welcome the following new members in June:

E D & F Man Capital Markets Limited, London

HSBC Securities (USA) Inc., New York

Nomura Financial Products & Services, Inc., Tokyo

Sberbank (Switzerland) AG, Zurich

Sberbank CIB (UK) Limited, London

Sberbank Europe AG, Vienna

Scotiabank (Ireland) Limited, Dublin

SIB (Cyprus) Limited, Nicosia

Philippines Bureau of Treasury, Manila

 

Click here to view the full list of ICMA members.
Trade bodies join forces to promote EU Private Placement market

12 June 2014 The development of a European Private Placement market is underway as leading trade bodies join forces to establish a guide to best market practice.

ICMA is taking the lead in coordinating the work of the Pan-European Private Placement Working Group (PEPP WG).

Click here for more information.

ICMA AGM and Conference Berlin 2014

10 June 2014 ICMA held its 46th Annual General Meeting and Conference in Berlin from 4 to 6 June, 2014.  The conference was very well attended again this year with more than 650 financial market participants joining us at the InterContinental Hotel and at the evening receptions at the New National Gallery and the German Historical Museum.

Delegates heard an impressive line-up of regulators, politicians, central bankers and market participants on topics including: the importance of  capital markets in financing economic growth; the role of collateral and repo;  prospects for European banking union; and developments in Chinese and in German capital markets.

More details are available here.
New course on ICMA’s repo best market practice guide
10 June 2014 ICMA Executive Education has today launched a new course based on the Guide to Best Practice in the European Repo Market, which will be delivered by Richard Comotto. This one day course will run for the first time on 22 September in London. For more details click here.
Green Bond Principles Expands Executive Committee
4 June 2014 The Green Bond Principles has expanded its Executive Committee structure to 18 organizations representing a balanced distribution between investors, issuers and underwriters in line with its Governance framework published in April 2014, and following an application process that closed end of May. Please see here the composition of the Green Bond Principles Executive Committee and further details.
Participate in the ICMA European Repo Council's 27 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, 11 June 2014. PARTICIPATE
ICMA Scholarship programme now available
9 May 2014 ICMA is launching a limited number of new scholarships for employees of member firms who are under 25 years of age. The intention is to develop the skills of people who are at the start of their careers in financial markets by encouraging access to ICMA EE courses, particularly the Financial Markets Foundation Course (FMFC) and Securities Operations Foundation Course (SOFC). There are a limited number of scholarships available for each ICMA member firm.
Access the newsletter here.
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 Green Bond Principles, see here.

For more information on Green Bonds Principles Governance, see 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.
ICMA is pleased to welcome the following new members in January 2014:
Borsa Istanbul, Istanbul
FirstRand Bank Limited, Sandton
Indonesia Stock Exchange, Jakarta
Virgin Money plc, Newcastle upon Tyne
Click here to view the full list of ICMA members.
Latest ICMA survey shows sharp decline in size of the European repo market
22 January 2014 (London, UK) The European Repo Council of the International Capital Market Association (ICMA) today released the results of its 26th semi-annual survey of the European repo market. The survey, which computes the amount of repo business outstanding on 12 December 2013, sets the baseline figure for market size at EUR 5,499 billion. To view the press release, click here.
To view the survey, click here.
ICMA's Rene Karsenti announced as new member of ESMA's SMSG
20 December 2013 The European Securities and Markets Authority (ESMA) has appointed René Karsenti, President of ICMA, as a member of its Securities Markets Stakeholder Group (SMSG). For more information, please click here.
ICMA is pleased to welcome the following new members in December 2013:
Central Bank of Ireland, Dublin
CIMB Bank Berhad, Kuala Lumpur
Ipreo Holdings LLC, London
Latham & Watkins (London) LLP, London
Liberty Group Limited, Braamfontein
Merrill Lynch (Asia Pacific) Limited, Central Hong Kong
Oppenheimer Europe Ltd., London
Scotiabank Europe plc, London
Squire Sanders (UK) LLP, London
The Association of Corporate Treasurers (ACT), London
The Northern Trust Company, Chicago
UniCredit S.p.A., Rome
Union Investment Privatfonds GmbH, Frankfurt
United Overseas Bank Limited, Singapore

ICMA has admitted 57 new members in 2013 and expanded its geographical reach to include China, Estonia, Romania and Latvia.
Click here to view the full list of ICMA members.

Market Practice & Regulatory Policy

ICMA Secondary Market Practices Committee updated Terms of Reference
The ICMA SMPC has updated its Terms of Reference and mission statement to better reflect its role as the representative body of the European corporate bond secondary market. As well as becoming more focused on issues and developments affecting the credit market, it is also broadening its membership to include both sell-side and buy-side trader representation from ICMA members. If your firm is interested in becoming a member of the SMPC, please contact Andy Hill, secretary to the SMPC.
To view the Terms of Reference, click here.
ICMA responds to ESMA Consultation Paper on draft technical standards on the Market Abuse Regulation
15 October 2014 ICMA has responded to ESMA Consultation Paper on draft technical standards on the Market Abuse Regulation.
To view the response, click here.
AMIC: Maternity leave cover
ICMA is considering the appointment of a buy-side expert to provide maternity cover. For more information, click here.
ICMA AMIC Responds to FCA Discussion Paper DP14/3 - the use of dealing commission regime
10 October 2014 The AMIC has responded to the FCA's Discussion Paper DP14/3.
To view the response, click here.
ICMA Quarterly Report Fourth Quarter 2014
8 October 2014 The latest edition of the ICMA quarterly report is now available.
To download the report, click here.
Move to Settlement at T+2 on 6 October
On 6 October 2014 the settlement period for securities transactions in Europe migrated from T+3 (trade date plus 3 days) to T+2. The move to T+2 for many securities markets will also impact the repo and securities financing markets.
For more information click here.
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.
ICMA publishes a Sovereign Bond Consultation Paper Supplement
27 June 2014 ICMA has today published a Sovereign Bond Consultation Paper Supplement containing proposals to facilitate the orderly restructuring of sovereign debt. Click here for more information.
ICMA ERC responds to the ESMA Discussion paper on the CSD Regulation (ESMA 2014/299)
21 May 2014 The ICMA European Repo Council has submitted its response to the ESMA Discussion paper on CSD Regulation. To see the response, click here.
Faster settlement for international securities
20 May 2014 In response to the CSD Regulation and the provision to migrate the standard settlement cycle  for cash trading from T+3 to T+2, ICMA will change the standard settlement cycle for cash transactions set out in the ICMA Rules and Recommendations from T+3 to T+2 unless otherwise agreed to allow for the orderly trading of all fixed income securities traded under ICMA rules and from T+2 to T+1 for repo transactions. These changes will take effect from 6 October 2014, the date on which the majority of European markets are to make the migration. Click here for more information.
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.

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 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
ICMA AMIC responds to the Best Practice Principles for Governance Research Providers Group
19 December 2013 The AMIC welcomes the opportunity to respond to the Best Practice Principles for Governance Research Providers Group. See the AMIC's response here.
ICMA ERC responds to FSB Consultative Proposals on Haircuts
29 November 2013 The ICMA ERC, jointly with ISLA, has submitted its response to the FSB's Consultative Proposals on Haircuts. To view the response, click here.
CBIC submits response to Moody's request for comments
21 October 2013 The Covered Bonds Investors Council has submitted a letter in response to Moody’s request for comments: "Approach to Determining the Issuer Anchor Point for Covered Bonds".
To view the response, click here.
ICMA CBIC statement regarding covered bond rating methodologies in a challenging environment
7 August 2013 The ICMA CBIC has sent a statement today to the credit rating agencies regarding covered bond rating methodologies in a challenging environment. To view the statement, click here.
ICMA responds to consultation on the European System of Financial Supervision
31 July 2013 ICMA has submitted its response to selected questions in the European Commission's consultation on the review of the ESFS. To view the response, click here.
ICMA responds to consultation on Reforming the Structure of the EU Banking Sector
11 July 2013 ICMA has submitted its response to the European Commission's Consultation Paper on reforming the structure of the EU banking sector. To view the response, click here.
ICMA responds to ESMA Consultation Paper on Draft Regulatory Technical Standards
28 June 2013 ICMA has submitted its response to ESMA's Consultation Paper on Draft Regulatory Technical Standards on specific situations that require the publication of a supplement to the prospectus. To view the response, click here.
ICMA AMIC responds to EC Green Paper on the Long-Term Financing of the European Economy
25 June 2013 The ICMA AMIC has submitted its response to the European Commission's Green Paper on the Long-Term Financing of the European Economy. To see the response, click here.
ICMA FIIF submits response to EBA on Asset Encumbrance Reporting
19 June 2013 The ICMA FIIF has submitted a response to the EBA in relation to their Consultation Paper regarding Draft Implementing Technical Standards on Asset Encumbrance Reporting. To view the response, click here.
ICMA submits comments to IOSCO regarding principles for benchmarks
16 May 2013 The ICMA has submitted a response to IOSCO’s consultation regarding principles for financial benchmarks. To see the response, click here.
ICMA ERC submits comments to CPSS/IOSCO on trade repositories
10 May 2013 The ICMA ERC has submitted comments to CPSS/IOSCO in relation to their joint consultative report regarding “Authorities’ access to trade repository data”. To see the ERC response regarding one aspect of this consultation, click here.
Economic Importance of the Corporate Bond Markets
8 April 2013 ICMA has prepared a paper for policy makers about why corporate bond markets are so important for economic growth, for investors, for companies, and for governments, around the world; and why it is therefore essential that laws and regulations that affect them avoid any unintended adverse consequences that could inhibit those markets. To view the paper, click here.
Repo FAQs
A comprehensive list of FAQs on the repo market, ranging from the simplest enquiries such as “What is a repo?” to more detailed topical discussions on specialist questions, for example “Do haircuts/margins exacerbate pro-cyclicality?”, is now available to the market from the link below. Click here to view
ICMA submits comments regarding benchmarks to IOSCO and to ESMA-EBA
11 February 2013 The ICMA has submitted responses to IOSCO and ESMA-EBA consultations regarding benchmarks. To see the responses, click here.
ICMA ERC & AMIC submit comments to the FSB on shadow banking
14 January 2013 The ICMA ERC and the ICMA AMIC have submitted comments to the FSB in relation to the FSB’s three consultative documents regarding “Strengthening Oversight and Regulation of Shadow Banking”. To see the ERC response on repo related aspects, click here.
To see the AMIC response, click here.