We are very pleased to have welcomed a total of 45 new members to the benefits of membership of our association against a trend of increasing consolidation within an industry under increasing cost pressures. This brings the number of ICMA members to 521, a 15-year high for ICMA. Many of these new members are in Asia and Africa and in response to this, at our AGM in Dublin this year we increased the size of the board from 16 to 22 to allow the representation of the geographical diversity of our membership and the different activities of our members.

Against the backdrop of a volatile and uncertain year in politics and markets ICMA has been exceptionally active in all its core areas during 2016, a few of the major items are highlighted here. The impact of new regulation has been a major topic for our primary market constituency, with work on the new prospectus regime in Europe, PRIIPS, Italy's Article 129 as well as the discussions around the new MAR soundings regime being the main focus. We continue to seek input from all market segments via our new issues roundtables where we bring together investors, issuers and primary underwriters to discuss primary market practices. We often draw on the members of our three issuers' committees, for financial institutions, corporates and sovereign supranational and sovereign agencies, and our buy side members from the ICMA Asset Management and Investors Council.

Secondary market liquidity remains a key challenge for most of our members, our influential study ‘Remaking the Corporate Bond Market' took a detailed look at the factors influencing liquidity and the market's response to them. We remain focused on the regulation impacting secondary markets – the MiFID package, CSDR and the capital and liquidity requirements affecting market makers. Through the work of our European Repo and Collateral Council (ERCC) we are intimately engaged in all aspects of repo markets – GMRA, legal opinions, research studies, post trade and regulatory developments. 2016 has seen the increasing involvement of the buy side in the repo market and the ERCC is reflecting this new diversity. Repo is a truly global product, and demand for repo expertise is high as part of the development of capital markets in Asia and Africa.

On the buy-side we have more number of members, who are now represented in greater numbers on the ICMA Board and on our cross-industry working groups and committees. In addition, the Asset Management and Investors Council continues to grow, with active working groups driving many aspects of ICMA's work.

The green bond market has seen spectacular growth this year with around 50% more issuance than in 2015. The 2016 version of the ICMA Green Bond Principles (GBP) was published in the summer at the same time as new principles for Social Bonds. We are involved with a very wide range of relevant stakeholders, from both the private and public sector in our endeavours to scale up the market. It has been encouraging to see the focus on the sector from the G20 (we are involved in the G20 Green Finance Study Group).

Capital market integration is important to ICMA and its members, many of our workstreams are directly related to the EU's Capital Markets Union agenda, and naturally we are concerned that Brexit might result in fragmentation rather than integration. Our approach has been to focus on the impact of Brexit on capital markets through our member committees, with our focus on helping the markets internationally function as well as possible.

We have organised over 80 events this year. Africa, Middle East and Asia-Pacific increasingly feature in our events schedules reflecting exciting new developments in bond markets outside our traditional base in European markets. In Europe, recent events open to our members include lunchtime lectures with Jean-Claude Trichet, former President of the European Central Bank and with Christian Noyer, Honorary Governor, Banque de France. A seminar on the evolving state of secondary corporate bond markets in Europe focussing on the challenges to liquidity provision was rolled out to our members in The Netherlands, Spain, Italy and Denmark during the year. 2016 was also a record year for ICMA Executive Education with almost 900 candidates from 54 countries, throughout Africa, Asia and Europe participated in ICMA Executive Education programmes.

Our ICMA Women's Network has grown considerably, and after launching in Paris, Amsterdam and Zurich, finished 2016 with an inspirational presentation in London from Julia Hoggett of the FCA. The Future Leaders networking events have found an appreciative audience in a number of European cities and we will be building on this will a full programme of events in the New Year.

Our 2017 events and education programmes are already planned, some of the details are in this update, we look forward to seeing you at them in the New Year!
 

Martin Scheck

ICMA Chief Executive

 

If you have any comments on this update or its contents, please contact us at: ICMACorporateCommunications@icmagroup.org


New Members in December
EUWAX Aktiengesellschaft, Stuttgart, Germany
Hong Kong Exchanges and Clearing Limited, Hong Kong
Nordea Investment Management AB, Stockholm, Sweden
YES Bank Limited, Mumbai, India
Cyprus Investment Funds Association (CIFA) Lefkosia, Cyprus
Contact: Sanaa.clausse@icmagroup.org
 

New chairman for ICMA Nordic Region
More than 30 of ICMA's member firms are located in the ICMA Nordic Region (comprising, Norway, Sweden, Finland, Denmark and the Baltic states). The regional committee, which represents the interests of these members has a new chairman, Johan Wijkstrom, Senior Manager Business Development, Swedbank Markets (Föreningssparbanken AB (publ).

New vice chairman for ICMA France Region
Alexandre Gautier Director of Market Operations Department of the Banque de France has become the vice chairman of the French regional committee for ICMA

New representatives for ICMA Future Leaders Committee
ICMA Future Leaders is an initiative from ICMA to introduce fixed-income professionals in the early stages of their careers to all the benefits of ICMA membership, including the opportunity to get to know their counterparts across the market. All ICMA member firms are invited to nominate a Future Leaders representative. We would like to welcome the following individuals to the Future Leaders Committee: Nicolas Godfrey, Core Product Management, Clearstream, Luxembourg; Damien Morgenstond, Associate Director CMS e-Commerce, ABN Amro Bank NV, Amsterdam; Oliver Krogh Hallin Analyst, Investment Banking, Bond Origination and Liability Management,Nordea, Copenhagen

ICMA Executive Education
ICMA Executive Education is globally recognised provider of financial training. The programmes combine the best of both market and academic practice and are designed to be interactive and to equip participants with practical skills they can use in their day-to-day jobs.
ICMA Executive Education is a unique partnership between the International Capital Market Association (ICMA) and the ICMA Centre, Henley Business School, University of Reading. We work together to develop the highest quality of training, delivered by current and former financial markets practitioners, blending practical and academic know-how.
Two brand new qualifications designed for candidates in the early stages of the financial markets careers were introduced in October 2016, the ‘Introduction to Fixed Income Qualification (IFIQ)' and ‘Introduction to Primary Markets Qualification (IPMQ)'. These have equipped successful candidates to go on to study for ICMA advanced qualifications the Fixed Income Certificate and the Primary Markets Certificate.
From February 2017, we will be partnering with Pearson Vue to deliver the exams for our online qualifications. This will allow us to extend the geographic range for potential online candidates with better coverage particularly in Central and Latin America, Central Africa and Australasia.

The 2017 ICMA Executive Education Course Schedule is now available to book your place visit icmagroup.org/education

Book before 10 January 2017 for any of our 2017 programmes at the 2016 rates.

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 4th Quarter 2016 which was published on 12 October, 2016.  The Quarterly Report for the 1st Quarter 2017 will be published in January.
 
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.

Results of the consultation on the ICMA buy-in rules
In response to growing demand from ICMA's members, ICMA's Secondary Market Practices Committee (SMPC) authorised a review of the existing ICMA Buy-in Rules with a view to modifying the Rules to improve their efficiency and practicability, and to ensure that buy-ins remained an effective remedy available to all participants in the non-cleared, cross-border bond markets in the case of failed trades. The results of the consultation and the proposals are open for comment until 31 December.
Contact: andy.hill@icmagroup.org

European repo market
ICMA's European Repo and Collateral Council is currently collecting data for the next repo survey, which will be published early in the New Year. If you are transacting business in the European repo market there is still time to take part in this important exercise by submitting a return showing repo business outstanding at 7 December. All the data remains confidential only the aggregated totals are published in the final report.
Contact: andy.hill@icmagroup.org

Consultation responses and briefing notes November/December 2016
2 December, ICMA's Consolidated Tape Working Group submitted feedback to ESMA's consultation on RTS specifying the scope of the consolidated tape for non-equity financial instruments and expressing market participants' concerns over ESMA's proposal for multiple consolidated tapes.
 
 
 

ICMA Legal and Regulatory

Helpdesk numbers

(ICMA members only)

 

+44 20 7213 0341 (London)

+41 44 360 5237 (Zurich)

+852 2531 6590 (Hong Kong)

 

For legal queries: legalhelpdesk@icmagroup.org

For market practice and regulatory policy queries: regulatoryhelpdesk@icmagroup.org

 

ICMA Events
 

The 2017 ICMA events schedule kicks off on 17 January with a joint AFME/ICMA Capital Market Lecture with Paul Andrews, Secretary General of IOSCO. All AFME and ICMA members are welcome to join us for lunch in London to hear the views of this global regulator on some of the issues facing global securities markets.
This is followed in quick succession by two events which are regular fixtures in the ICMA annual events calendar: the ACI and ICMA 2017 Economic Panel and New Year’s Event in Brussels on 19 January and the ICMA Annual Ski Weekend in Zermatt on 20-22 January.

There will be more opportunities to start the year by meeting your colleagues from the fixed income industry around Europe at the Amsterdam Future Leaders Event on 25 January the first ICMA Future Leaders event in Italy in Milan on the evening of Thursday 2, February or at the ICMA French Region Women’s Networking event La négociation au féminin in Paris also on 2 February. For our members in the Nordic region, the Annual NCMF/ICMA seminar taking place in Oslo on 7 February will be focussing on developments in the green bond market.

Registrations for the 2017 ICMA AGM and Conference in Luxembourg on 3 to 5 May will open at the end of January


 

ICMA supported events
 
Asian Financial Forum
Hong Kong, 16-17 January

The Euromoney Central & Eastern European Forum
Vienna, 17-18 January

The Future of Fund Management
London, 27 March


 

Study a Masters in Finance at Henley Business School
The ICMA Centre - a collaboration between ICMA and the triple accredited Henley Business School - is now offering up to seven 60% scholarships for experienced professionals looking to start the course MSc International Securities, Investment and Banking in September 2017.

This full-time course is ranked world Top 40 for Masters in Finance by the FT, and can be completed in as little as 9 months. Our qualified academics provide teaching that combines theory and practice using state-of-the-art facilities - like our extensive dealing rooms and Bloomberg terminals.

 


30 November, The ICMA ERCC has submitted a detailed response to ESMA's consultation paper on Draft Regulatory and Implementing Technical Standards under the EU SFT Regulation. This is the second and final consultation on SFTR technical standards, following up on an ESMA discussion paper issued earlier this year to which the ICMA ERCC responded in April 2016. Alongside the response the ERCC submitted some specific comments on the list of proposed reporting fields.
 

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