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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.read more
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...read more
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...read more
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...read more
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.read more
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...read more
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...read more
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.read more
ICMA Quarterly Report Second Quarter 2016
8 April 2016 The latest edition of the ICMA quarterly report is now available.read more
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...read more
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; and Swiss National Bank (SNB), Zurich. ICMA now has 496 members in approximately 60...read more
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...read more
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...read more
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...read more
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...read more
Presentation for the ICMA Aged-Fails Auction Initiative
23 February 2016 ICMA has today published a presentation for its Aged-Fails Auction Initiative.read more
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).read more
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...read more
ICMA publishes overview of CSDR Mandatory Buy-ins Final Regulatory Technical Standards
On 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...read more
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 and Standard Chartered Bank (Hong Kong) Limited, Hong KongICMA now has 492 members in approximately 60 countries. Click here to...read more
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...read more
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...read more
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.read more
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...read more
ICMA CBIC responds to European Commission consultation on covered bonds
The ICMA 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...read more
New - Official rules for Chinese Green Bond market
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...read more
ICMA is pleased to welcome the following new members in January 2016:
Caisse Française de Financement Local, Paris; Dinosaur Merchant Bank Limited, London; Eurofima European Company for the Financing of Railroad Rolling Stock, Basel; JB Capital Markets, S.V., S.A.U., Madrid; MFB Hungarian Development Bank Private Limited Company, Budapest; Robeco Institutional Asset Management...read more
Amendments to the ICMA Primary Market Handbook published
22 December 2015 ICMA has made amendments to the following areas of the ICMA Primary Market Handbook: 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...read more
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...read more
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.read more
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...read more
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.read more
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...read more
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.read more
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...read more
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.read more
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.read more
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.read more
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.read more
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...read more
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 KongBank of China Limited, BeijingFIMBank p.l.c., MaltaFMDQ OTC PLC, Lagos Kuwait Projects Company (Holding) K.S.C.P., SafatMorgan, Lewis & Bockius UK LLP, LondonSumRidge Partners, LLC, Jersey City NJClick here to view the...read more
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...read more
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...read more
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...read more
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.read more
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; and...read more
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...read more
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)...read more
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'.read more
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.read more
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...read more
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...read more
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),...read more
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.read more
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.read more
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.read more
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...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

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