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Participate in the ICMA European Repo Council's 29th 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 June 2015.read more
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...read more
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...read more
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...read more
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...read more
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.read more
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.read more
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...read more
ICMA Quarterly Report Second Quarter 2015
15 April 2015 The latest edition of the ICMA quarterly report is now available.read more
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.read more
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...read more
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,...read more
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.read more
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.read more
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.read more
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...read more
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.read more
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".read more
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)...read more
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.read more
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...read more
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.read more
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.read more
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,...read more
ICMA responds to the Fair and Effective Markets Review
15 January 2015 ICMA has responded to the Fair and Effective Markets Review.read more
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".read more
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...read more
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...read more
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.read more
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.read more
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.read more
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.read more
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.read more
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.read more
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.read more
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.read more
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...read more
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.read more
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...read more
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.read more
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.read more
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.read more
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).read more
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.read more
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.read more
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.read more
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.read more
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.read more
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.read more
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.read more
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).read more
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...read more
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...read more
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.read more

Fixed Income Certficate (FIC)