Against a background of market turmoil and volatility, ICMA is continuing to contribute to the market practice and regulatory agenda in Europe. We responded to the Commission’s Call for Evidence on the cumulative impact of regulation, choosing to focus our response on secondary market liquidity and drawing on our existing work which has been distilled into a number of detailed expert papers.  We have also, with our Covered Bond Investor Council, responded to the latest consultation on covered bonds in the European Union. In addition, we are discussing the proposed new Prospectus Regulation with our members and with regulators. In response to the decision by the UK Government to hold a referendum in the UK on 23 June on whether the UK should remain in the EU or leave, we have prepared a working paper on ‘Brexit: practical implications for capital markets’  to assist our members.

Outside Europe ICMA has represented market interests in the growing Green Bond Market in China, established an important working relationship with a like-minded trade association in Thailand, and welcomed our very first member from Peru.

Martin Scheck

ICMA Chief Executive


If you have any comments on this update or its contents please contact us at:



New ICMA Members January/February 2016

Axis Bank Limited, Mumbai
Banco Continental S.A., Lima 
Caisse Française de Financement Local, Paris
Citibank Europe plc, Dublin
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
McCann FitzGerald, Dublin
MFB Hungarian Development Bank Private Limited Company, Budapest
MPS Capital Services S.p.A., Firenze
Robeco Institutional Asset Management B.V., Rotterdam
Standard Chartered Bank (Hong Kong) Limited, Hong Kong


ICMA’s membership now stands at 492 firms in 58 countries. 



New ICMA Board members

Werner Eetezonne, KBC Bank N.V., Brussels (replacing Baudouin van Caubergh, KBC Bank N.V., Brussels, who resigned from the board effective September 30, 2015) and Mandy DeFilippo, Morgan Stanley & Co. International PLC, London (replacing Kitty Yoh, General Electric Capital Corporation, Stamford, who resigned from the board effective December 31, 2015) have recently joined the ICMA board.

New ICMA Committee chairs

ICMA’s work on behalf of the industry is carried out in its various committees of members. The members who take on the responsibility of chairing our committees play an important role in directing ICMA’s work schedule and in forming policy positions. We are very pleased to welcome new chairs to two of our key committees. Ed Wells of HSBC has taken over from Robert Gray as Chair of the ICMA’s Regulatory Policy Committee which oversees all of ICMA policy work. While Sonali Das Theisen of Citi Global Credit Markets has become co-chair of the ICMA Secondary Market Practices Committee which is an open forum for sell-side and buy-side member firms active in the European investment grade corporate bond secondary market. 



ICMA Regions

We are very pleased to welcome Gary Tamblyn of Nedbank as Chair of the ICMA Africa Region. The new ICMA Ireland chapter was launched at the beginning of the year. 

ICMA Members’ Register

Now is the time to update your entry in the ICMA Members’ Register, the directory for the international debt capital market! Check and update your firms’ entry online – you will need your ICMA username and password. The new Register will be printed in May and distributed to the ICMA membership worldwide.


ICMA Regional Meetings

The following meetings have been scheduled for ICMA members in different regions during first half 2016
Africa: 11 March
Asia Pacific: 1 March, 7 June
Austria: 27 April
Belgium: 24 March
Germany: 29 February
Switzerland: 4 March, Committee meeting; 28 April, RGM; 10 June, committee meeting,


Latest ICMA survey

ICMA’s European Repo and Collateral Council has released the results of its 30th semi-annual survey of the European repo market, setting the baseline figure for market size at EUR 5,608 billion.

Aged-Fails Auction Initiative

The ‘aged fails auction’ is a market driven initiative to improve settlement efficiency in the European fixed income markets. It is intended to provide an alternative source of liquidity for market-makers who are looking to cover short positions that are failing as a result of a lack of liquidity in the secondary bond or repo markets.

Future challenges in repo post-trade processing: changes, impacts & consequences

The ICMA ERCC Operations Group is actively working towards a better understanding of new regulatory requirements, their impact on the post-trade processing of repo transactions as well as solutions to help firms establish an efficient operating model to manage the changes. The group has published a detailed overview of all relevant regulatory initiatives on the identification and reporting of SFTs, including some background on each of the regulations and a summary of the key provisions, and held a well-attended seminar in London on 10 February.


Award for Pan European Private Placements

ICMA, alongside SocGen, M&G and the Banque de France has won an award from mtn-i for its work on pan European Private Placements. The Pan-European Corporate Private Placement Market Guide was published last year by to provide a framework of best practices for Pan-European private placement (PEPP) transactions.

ICMA in Asia

In December 2015 the People’s Bank of China released an announcement on the issuance of green bonds, ICMA has made available to the market English versions of these Green financial bond rules. The documents include the PBOC Announcement and the Preparation Instructions on Green Bond Endorsed Project Catalogue (2015 Edition) (translations have been coordinated and made available by ICMA for information only).
On 25-26 January 2016, the first meeting of the newly launched G20 Green Finance Study Group (GFSG) was held in Beijing, China. The meeting was attended by delegations from all G20 members, as well as 5 invited countries and 6 international organisations. This Study Group is co-chaired by China and the UK, with support from the United Nations Environment Programme (UNEP) as secretariat.This first GFSG meeting was convened to discuss the Study Group’s objectives and research subjects as part of the work programme for 2016.
The ICMA-NAFMII Working Group, endorsed by the UK-China Economic and Financial Dialogue, will look at the opportunities and challenges for international issuers with regard to the onshore panda bond market.
ICMA has recently entered into MoUs with a number of trade associations in Asia, the Thai Bond Market Association, the Indonesian Securities Companies Association (APEI) and the Fixed Income Money Market and Derivatives Association of India (FIMMDA). We look forward to closer cooperation with each of them and to regular exchanges of information relating to capital market practice, regulation, training and research.


Market Practice and Regulatory Policy 

For a full list of ICMA’s Market Practice and Regulatory Policy experts and their areas of expertise click here.
More detailed information on ICMA Market Practice and Regulatory Policy work on behalf of members can be found in the ICMA Quarterly Report for the 1st Quarter 2016 which was published on 11 January 2016.

The ICMA Regulatory Grid, which summarises proposed financial regulations affecting the cross-border securities market in Europe, is available for download on the locked members’-only area of the ICMA website.  It is a working draft provided by the ICMA Market Practice and Regulatory Policy team and is periodically updated.


Consultation responses and briefing notes January/February 2016

2 February ICMA publishes overview of CSDR Mandatory Buy-ins Final Regulatory Technical Standards in response to ESMA’s publication of the draft regulatory technical standards for CSDR settlement discipline, including mandatory buy-ins on 1 February.
28 January ICMA 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 be subject to further change.

20 January ICMA and AFME 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.

20 January ICMA 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 and grow. It draws on much of the work and research ICMA has undertaken previously related to both European corporate bond secondary market liquidity and collateral and repo market liquidity, and which highlights the real economy impacts of reduced market liquidity on both investors and capital raisers.  

6 January ICMA’s Covered Bond Investors Council (CBIC) has responded to the European Commission’s consultation on Covered Bonds in the European Union.

22 December 2015 Amendments to several sections of the recently updated ICMA Primary Market Handbook were published. 



(ICMA members only)

+44 20 7213 0341 (London)
+41 44 360 5237 (Zurich)
+852 2531 6590 (Hong Kong)
For legal queries:  
For market practice and regulatory policy queries:



ICMA Events

The 2016 programme is in full swing and events in Dublin, Dubai, Paris, Madrid, London and Stockholm are already open for registration but do keep checking the Events section of the website for the new conferences, roundtables and workshops that are being added all the time.
A new ICMA Workshop ‘Ethics and the Capital Markets’ runs for the first time on 1 March in London. It aims to raise awareness of ethics and seeks to answer the question - Are we in danger of relying too much on a compliance-driven culture to protect the financial markets, rather than re-establishing a clear ethical culture both at the individual and the corporate level?
The Asset Management and Investors Council will hold the first of its open meetings for 2016 on 4 April at the Banque de France in Paris, covering a range of topics that are of concern to international investors.  
Registration opens for ICMA AGM and Conference, 18 to 20 May, Dublin
Members will have received their invitations to attend the big event of the ICMA year – the AGM and Conference - with around 800 capital market professionals from all over the world expected to join us at the 48th conference in Dublin on 18 to 20 May 2016. The provisional conference agenda is already available featuring contributions from international industry figures, regulators, economists and politicians.
The conference is open to ICMA members and other financial market participants, ICMA member firms have an allocation of free places, register online now.
For more information on sponsorship opportunities, contact



Upcoming ICMA Events

ICMA Workshop: Ethics and the Capital Markets 
London, 1 March

ICMA Seminar: Update on Developments in Primary Debt Capital Markets
Dublin, 1 March

ICMA Conference: The impact of MiFID II and related regulations on the secondary bond and derivatives markets
Madrid, 2 March
ICMA Capital Market Lecture featuring Lachlan Burn
London, 3 March
ICMA Workshop: Repo and securities lending under the GMRA and GMSLA
London, 7-9 March
ICMA Conference: The MENA debt capital markets in an era of falling commodity prices
Dubai, 10 March

ICMA Future Leaders Event: Building a successful career in Capital Markets
Stockholm, 16 March

ICMA Future Leaders Event: Networking and career progression
London, 16 March

ICMA Asset Management and Investors Council (AMIC) Conference
Paris, 4 April

ICMA Workshop: Professional Repo and Collateral Management  
London, 11-12 April



ICMA Executive Education

ICMA Executive Education offers a number of its core courses as online study programmes or you can join the 100s of market professionals who have already signed up for our classroom based courses in 2016! 
Securities Operations Foundation Course (SOFC)
London, 7-9 March

The ICMA Guide to Best Practice in the European Repo Market
London, 1 April

Introduction to Primary Markets (IPM)
London, 13-15 April

Introduction to Fixed Income (IFI)
London, 13-15 April

Securities Operations Foundation Course (SOFC)
Brussels, 13-15 April
Operations Certificate Programme (OCP)
Brussels, 17-23 April
Fixed Income Certificate (FIC)
Barcelona, 24-30 April
Collateral Management
London, 28-29 April

Securities Lending & Borrowing - Operational Challenges
London, 3-4 May
Financial Markets Foundation Course (FMFC)
London, 4-6 May
Primary Market Certificate (PMC)
London, 9-13 May
View the full 2016 course schedule



Follow ICMA on Twitter and Linked in

twitter   linkedin

Copyright © 2016 International Capital Market Association (ICMA), Zurich and its licensors. All rights asserted and reserved.

International Capital Market Association (ICMA) | Dreikönigstrasse 8 | CH-8002 Zurich

Update your contact preferences | Privacy Policy | Contact Us