The US election of 8th November has dominated the news flow during the last weeks, culminating in a result which was not foreseen in the pre-election polls. Markets are still digesting a Trump presidency and trying to assess the impact on the mix of fiscal and monetary policy, regulation, social policy and importantly inflation. Broadly speaking, we have seen a boost to equities and a return to higher bond yields. Although it is too early to be specific, the result has the potential to change the course of the bond markets both inside the US and globally. As with Brexit, we will be monitoring the situation in our various committees and councils.
Closer to home, ICMA supports capital markets integration and hence, despite the results of the UK referendum, we continue our work on areas related to the Capital Markets Union agenda with enthusiasm. This includes work streams devoted to: covered bonds, securitisation, prospectus regulation, secondary bond market liquidity, green bonds and European private placements, for which an updated Guide to European Corporate Debt Private Placements was launched last month.
Beyond Europe, we are increasing our focus on extending expertise to projects including the development of repo markets in several African countries and the wider adoption of the Green Bond Principles for financing developments Asian markets.
Given the growing importance of the asset management community in global financial markets, we are increasingly involving them in the committees and councils which we run across the full value chain of capital market activity and are seeing our dedicated forum the Asset Management and Investors Council grow in numbers and in scope of its activities. This was illustrated by the successful AMIC Council meeting held earlier this month.

Martin Scheck

ICMA Chief Executive


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



New ICMA Board members
We were pleased to welcome three new members to the ICMA Board in October: Juan Blasco, Banco Bilbao Vizcaya Argentaria, S.A., London; Armin Peter, UBS AG, Zurich; and Andreas Utermann, Allianz Global Investors GmbH, UK Branch, London.

UK-China Financial Dialogue
The UK’s Chancellor of the Exchequer Phillip Hammond and Chinese Vice Premier Ma Kai concluded the eighth UK-China Economic and Financial Dialogue on 10 November 2016, in London. The joint UK-Chinese policy outcomes document refers to the work undertaken with our Chinese partners in the areas of Green bonds, Panda bonds and the new cooperation with Shanghai Lujiazui Financial City in the context of sharing international best practices.

Launch of Green Bond Principles Resource Centre
The Green Bond Principles (GBP) are voluntary guidelines based on transparency and disclosure that provide the framework for the development of the $100 billion+ Green Bond market. In line with the 2016 edition of the GBP, the online GBP Resource Centre is now operational and contains standardised disclosure templates on green bonds from issuers and external reviewers, as well as other relevant market resources. The GBP recommend the use of these templates, that have already been adopted by a substantial number of market participants. It is expected that this new resource will add significantly to market transparency allowing investors to determine the extent to which Green Bond issuers are aligned with the GBP.
Contact: or

Updated guide to best practice for EU corporate debt private placement market  
A European Corporate Debt Private Placement (ECPP) Joint Committee coordinated by the ICMA has launched an updated version of the European Corporate Debt Private Placement Market Guide. The Guide sets out a voluntary framework for common market standards and best practices which are essential for the further development of the ECPP market providing medium to long term finance especially to European mid-sized companies, in close alignment with the European Commission’s goal of bringing about a Capital Markets Union. The new edition of the Guide has been produced because of evolution in the ECPP market. It now also covers aspects of the German Schuldschein market as part of the wider ECPP universe, and includes an appendix on general principles of, and best practice applicable to, ECPP deal amendments and waivers. It was formally launched at an ICMA event in Brussels with the support of the European Commission, and with the participation of the Banque de France and the Association of German Public Banks (VÖB).

The Counterparty Gap
The ICMA European Repo Council published a short study on the on the trade registration models used by European central counterparties (CCPs) for repo transactions.  This focuses on a specific issue (“the counterparty gap”) that emerged from a broader analysis of CCPs’ trade registration models.  The issue relates to risk borne by market participants arising from different trade registration models and the different timings and procedures used by the CCPs to manage trade acceptance and trade rejection scenarios. 

European repo market
ICMA’s European Repo and Collateral Council released the results of its 31st semi-annual survey of the European repo market, which calculated the amount of repo business outstanding on 8 June 2016 (prior to the Brexit vote in the UK). It sets the baseline figure for market size at EUR 5,379 billion, a 4.1% decrease on the December 2015 figure of EUR 5,608 billion and a year on year decrease of 1.6% from the survey in June 2015.

GDP-Linked Bonds: A New Design for Sovereign Debt Markets
A model set of terms and conditions, or “term sheet,” for GDP-linked sovereign bonds has been prepared by an ad hoc working group consisting of investment managers, lawyers and economists from the Bank of England, together with support from ICMA and other trade associations.

ICMA Asset Management and Investors Council (AMIC)
The AMIC is the voice of ICMA’s buy-side membership. Over 100 investors and asset managers joined the AMIC meeting in November to hear expert views from the cross-border asset management industry on Brexit and the practical implications for capital markets; liquidity in secondary bond markets and coping in a negative interest rate environment. Read the AMIC Review for more on these topics.

ICMA’s Asia Pacific region continues to support its growing membership through events and education. ICMA & Clifford Chance will be running seminars on the Global Master Repurchase Agreement (GMRA) in Singapore, 29 November and in Hong Kong on 13 December. These will provide an in-depth review of the fundamental provisions of the GMRA 2000 and the key differences from the GMRA 2011 version with a paragraph by paragraph analysis, the session will also cover the GMRA 2011 Protocol, recent case law relating to repo and the key documentation impacts of bank resolution and shadow banking regulation now being implemented. A conference call for Asia-Pacifc members explaining the new European Market Abuse Regulation and its implications for Primary markets was held at the beginning of November.
Contact: or

ICMA Africa Region
ICMA organised a one-day repo and GMRA workshop for its members in Africa in Johannesburg on 6 October, covering fundamentals of the repo product and the use of the Global Master Repurchase Agreement. Further repo workshops in Ghana, Zambia and other parts of East Africa are being organized by ICMA together with Frontclear.
An ICMA primary market workshop including a panel discussion with local market participants, will run on 29 November in Cape Town.

ICMA Middle Eastern Region
The Qatar Financial Markets Authority (QFMA) and ICMA jointly presented a conference on: ‘Developing a Corporate Debt Market’ in Doha on 2 November. It featured experts from the international capital market with market participants and regulators from the region in discussions on the importance of corporate debt markets and their role in the real economy, drawing on examples from international markets. Among the topics covered were: defining the needs of the Qatari market for bond financing; actions needed by the Qatari authorities to get a local debt market off the ground; the roles of the central banks, regulators, investors, investment banks and investors in the debt market; technical sessions on Sharia bond issuance and the role of the repo market in creating liquidity.
Dr. R. Seetharaman, Group Chief Executive Officer, Doha Bank provided a keynote address on 'Developing the Qatari capital market'.

Future Leaders
The Future Leaders network is encouraging member firms to nominate a representative to be a contact point for the network and grow the international Future Leaders community. The list of Future Leaders representatives is now online.
ICMA Women’s Network
The ICMA Women's Network presents its winter networking event with Julia Hoggett, Head of Wholesale Banking, Supervision Division, FCA on the evening of Tuesday 22nd November. Julia will be focusing on:  the visibility and role of women in financial services; the importance of recognising the contribution made by women; and how firms can develop a culture in which women can succeed and fulfil their potential. The evening will feature a structured networking session with senior industry figures from a range of capital markets backgrounds and is open to all ICMA members.

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.
Consultation responses and briefing notes September/October 2016
24 October, ICMA's AMIC submitted its response to the European Commission's consultation paper on whether the existing EU macro-prudential framework is functioning optimally. AMIC raised concern about expanding the mandate and powers of the European Systemic Risk Board (ESRB) to non-banking under the current governance framework of the ESRB.
10 October, ICMA joined seven other leading European trade associations representing investors, originators, issuers and other market participants in signing a paper highlighting the importance of securitisation for jobs and growth in Europe, and underlining their commitment to supporting a safe and sustainable market that serves the real economy.
30 September,  ICMA submitted its response to the IOSCO Consultation Report: Examination of Liquidity of the Secondary Corporate Bond Markets  providing, in consultation with the members of its Secondary Market Practices Committee, a number of constructive and targeted recommendations designed to expand and enrich IOSCO’s analysis. 
23 September, the ICMA ERCC submitted its response to the ESMA Call for Evidence on Asset Segregation and Custody Services
21 September, ICMA’s AMIC submitted its response to the Financial Stability Board’s (FSB) consultation paper on proposed policy recommendations to address structural vulnerabilities for asset management activities, welcoming the FSB’s focus on activities instead of designating individual companies as systemically risky.


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:

For market practice and regulatory policy queries:



ICMA Events

The 2016 events and education schedule continues, with courses, seminars and social events taking place around Europe and Asia until the end of the year.
In Paris, ICMA members and financial market participants are cordially invited to attend an ICMA Capital Market Lecture featuring Christian Noyer, Honorary Governor, Banque de France on the theme ‘L'impact du Brexit sur l'industrie financière en Europe et les conséquences pour la place française’. The event will be held at the Banque de France in Paris at lunchtime on Wednesday, 23 November.
We are delighted that former President of the European Central Bank and Honorary Governor of the Banque de France, Jean-Claude Trichet will deliver a speech entitled “Lessons of the global financial crisis: remarks on macroeconomic policies - monetary, fiscal and structural - in the advanced economies” to members and others at a lunchtime event in London on 7th December



ICMA supported events
ASIFMA Annual Conference 2016
17-18 November, Singapore

Euroclear Asia Collateral Conference 2016
23 November, Hong Kong

Buy-side Regulation Asia 2016
1 December, Hong Kong

Asia Capital Markets Forum 2016
1 December, Hong Kong

The 13th China International Finance Forum (CIFF)
15-16 December, Shanghai

Annual XII International REPO-FORUM
20-21 December, Moscow
ICMA Executive Education
ICMA Primary Market Certificate (PMC)
London, 21-25 November 2016
Inflation-Linked Bonds and Structures
London, 29-30 November 2016
Securities Lending & Borrowing - Operational Challenges
London, 12-13 December 2016
The full 2017 ICMA Executive Education Course Schedule is now available to book your place visit


ICMA Member Publication
FIS report  - Fortune favours the brave - the five year outlook for the sell side


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