New members in March
The following firms were admitted to ICMA membership in March 2019.
Advokatfirmaet BAHR AS, Oslo
African Export Import Bank, Cairo
Banca Credinvest SA, Lugano
Barclays Bank Ireland PLC, Dublin
Broadridge Financial Solutions Limited, London
Central Securities Depository (GH) Limited, Accra
CMS Hasche Sigle Partnerschaft von Rechtsanwälten und Steuerberatern mbB, Berlin
D2 Legal Technology Ltd, London
Dentons Europe LLP, Frankfurt
Industrial and Commercial Bank of China (Asia) Limited, Hong Kong
MUFG Securities (Europe) N.V., Amsterdam
Société Générale Global Solution Center Private Limited, Bangalore
Valiant Bank AG, Bern
VTB Bank (Europe) SE, Frankfurt
Bringing the total number of ICMA members
to 565 members in 62 countries.
New chair of ICMA Iberia region
We are very pleased to welcome Carlos Muñiz-Morell of Banco Santander, S.A. as the new Chair of the ICMA Iberian Regional Committee
The ICMA Primary Market Handbook, which sets out ICMA’s recommendations, guidance and standard language and documentation, generally relating to offers of syndicated international bonds in the primary market, has been updated online
. A hard-copy update will be sent to the ICMA Primary Market Handbook hard-copy subscribers in due course.
In a podcast
recorded on 21 February, ICMA’s Charlotte Bellamy introduces the changes to the EU’s prospectus regime in the new Prospectus Regulation which is due to be fully implemented in July 2019, and highlights some of the main changes which will affect the wholesale investment grade bond market.
The first ICMA Secondary Market Forum, which was held in Paris, brought together more than 100 experts from the European fixed income market, representing banks and broker-dealers, investors and asset managers, as well as trading venues and technology providers to participate in discussions on the critical issues facing the European bond markets and the key drivers of evolving market structure. Issues and topics covered included MiFID II/R implementation and its impact, the unwinding of ECB quantitative easing, the practical implications of Brexit, developments in technology and electronic trading, as well as the rapidly evolving economic and geopolitical landscape. Robert Ophèle, AMF Chairman spoke at the forum on "Trading in fragmented capital markets
Repo and collateral
The Securities Financing Transactions Regulation (SFTR) is designed to encourage greater transparency in repo and securities lending and borrowing markets. It will introduce an extensive reporting regime for these transactions in Europe. The February SFTR Update
covers the timetable for SFTR implementation and the work of ICMA’s SFTR Task Force. Alexander Westphal from ICMA's Market Practice and Regulatory Policy team gives an introductory overview to the SFTR in this podcast
NEW COURSE - We expect to launch a new one day cause on SFTR implementation shortly, the first one will be held in London on 2 July.
On 28 March ICMA’s Asset Management and Investors Council (AMIC) submitted a response
to ESMA’s consultation on liquidity stress testing in UCITS and AIFs. AMIC is supportive of ESMA’s overall approach. However, AMIC cautions that some implementation time is necessary for firms to comply with the requirements. AMIC proposes 18 months implementation time for firms. AMIC also cautions against the use of the bid-ask spread as a liquidity measure for securities and warns that a lack of data on underlying investors make redemption stress testing difficult for asset managers.
ICMA was delighted to have been able to contribute to the new Sustainability Linked Loan Principles (SLLP)
launched in March by the Loan Market Association, the Loan Syndications and Trading Association and the Asia Pacific Loan Market Association. The SLLP were developed by a working party, consisting of representatives from leading financial institutions active in the sustainable lending market, with the support of ICMA.
The sustainability linked loan product enables lenders to incentivise improvements in the borrower's sustainability profile by aligning loan terms (for example, margins) to the borrower's performance against ambitious, pre-determined sustainability performance targets. The SLLP provide a global framework that is intended to enable all market participants to clearly identify and understand the key characteristics of sustainability linked loans.
Two Green Bonds Executive Education Courses were held in Bangkok for the first time, given by ICMA and the IFC (a sister organisation of the World Bank). The courses provided a thorough and application-oriented introduction to the essentials of green bonds with the aim of helping Thai bankers, legislators and other actors to learn more about developing and offering green financial products, and help grow the green investments space in Thailand and in neighbouring countries. The course was an IFC – ICMA Initiative, part of the IFC Green Bond Technical Assistance Program to support Green Bond Market Development. Supported by SECO (Swiss State Secretariat for Economic Affairs), Sida (Swedish International Development Cooperation Agency) and the Luxembourg Ministry of Finance.
Registration is open for the 2019 Green Bond Principles and Social Bond Principles Annual General Meeting and Conference, in Frankfurt on 13 June.
The event will be co-hosted by the Green and Sustainable Finance Cluster Germany
and ICMA in Frankfurt, returning to Europe at a time of important EU official initiatives on sustainable finance, after a highly successful annual meeting in Hong Kong last year. The annual conference will be part of a ‘green & sustainable week’ in Frankfurt, with a Green Bond Training Course, an official sector working group meeting and the Excom and working group meetings for the GBP already scheduled.
The conference will cover topical areas including new corporate initiatives, sustainability classifications / taxonomies, emerging regulation, impact reporting and wider implications for corporate reporting, growth markets and a spotlight on developments in Germany. While focused on sustainable bond markets, many of these discussions will be of relevance to other asset classes, including related products such as sustainable loans.
Open to all professionals and officials interested in the future of these fast-growing markets, the event will be relevant for investors, issuers, intermediaries, external reviewers, policy makers and market supervisors, stock exchanges, index and data providers, law firms, and other important stakeholders.
Please note that attendance at the AGM is restricted to members and observers of the GBP and SBP
. There is still time to apply for member or observer status, which delivers a wide range of other benefits.
ICMA Corporate Issuer Forum response to ESMA consultation paper - Guidelines on Disclosure Requirements applicable to Credit Ratings
ICMA European Repo and Collateral Council response to BCBS consultation on leverage ratio disclosure
ICMA response to the European Commission's consultation on the usability of the EU taxonomy
ICMA response to ESMA consultation on integrating sustainability risks and factors in MiFID II (ESMA35-43-1210)
ICMA AMIC responds to ESMA consultation on integrating sustainability risks and factors in the UCITS Directive and AIFMD