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ICMA Update For Members March 2010

This update on ICMA's activities is a new service for our member firms in which we will give an account of our various activities undertaken on your behalf each month.

We actively encourage your comment and participation at this time when the regulatory and supervisory environment affecting our market is changing so rapidly.

Martin Scheck
ICMA Chief Executive
Market practice and regulatory update
ICMA in the media
New members
Members Register
Market practice and regulatory update

Member input to the ECB: On 2 March, we visited the European Central Bank in Frankfurt, with the chairs and representatives of ICMA's committees, to allow members to provide direct input on current market topics to the ECB and to discuss the proposals to set up a new European Systemic Risk Board to give early warning of systemic risks.
Contact: David Hiscock

Primary markets: Representatives of ICMA's sell-side and buy-side members met in January to discuss concerns over primary market practices, such as order books and the allocation of new issues. We have continued to monitor the Prospectus Directive review and, following discussions in the ICMA Legal & Documentation Committee, we have made representations to MEPs on the ECON Committee of the European Parliament in February on proposed changes to the Directive. Three updates to ICMA's Primary Market Handbook have been finalised, covering: passive bookrunner access to the order book; the new safekeeping structure for registered notes; and exempt and non-exempt offers of sub-EUR 50,000 denomination bonds in the EEA under the Prospectus Directive. ICMA has also responded, in cooperation with some other trade associations, to a consultation by IOSCO on Principles of point of sale disclosure.
Contact: Ruari Ewing

Secondary markets: The 18th ICMA-ERC Repo Survey will be published on 18 March on the ICMA website, giving an updated snapshot of the size and structure of the repo market based on responses from European financial institutions. ICMA's Council of Reporting Dealers representing ICMA's secondary market dealing community will meet on 23 April: all CRD members are encouraged to send a representative. An update of Hungarian legal opinion on the 1995 and the 2000 versions of the Global Master Repurchase Agreement (GMRA) is now available to members.
Contact: Lalitha Colaco-Henry

Asset management: ICMA's Asset Management and Investors Council, at its quarterly meeting at the offices of ING in Amsterdam on 12 March, will meet the Dutch regulator (the AFM). ICMA's Private Banking Working Group has met in Luxembourg to consider how best to promote the case for the private banking industry in Europe.
Contact: Nathalie Aubry

Market infrastructure: ICMA's AMTE Council is discussing a possible code of conduct on electronic trade confirmation in the OTC market.
Contact: Nelly Cotelle

Consultations in progress: ICMA is currently working with its relevant committees on responses to the following consultations:
HMT    Establishing resolution arrangements for investment banks.
BIS    Strengthening the resilience of the banking sector.
BIS    International framework for liquidity risk measurement, standards and monitoring.
Members who would like to contribute to developments in these areas should contact David Hiscock

ICMA in the Media

Regulation and the capital market: Martin Scheck ICMA's Chief Executive is quoted in a piece in Borsen the Danish Financial newspaper on impending financial regulation in Europe.

The recently released ICMA CBIC Statement regarding the ongoing usage of 'shadow/IOI (indications of interest)' books was extensively featured by Euroweek, The Cover and received a mention in the Financial Times.

ICMA's comments on the upcoming MiFID review appeared in The Banker Magazine under the heading 'MiFID review makes bond dealers nervous'.
Upcoming meetings and events

ICMA European Repo Council AGM, March 18, Brussels: Registration is now open for the next ERC AGM on Thursday, March 18 2010, with presentations on a range of repo market infrastructure issues including an update on the legal framework, bilateral netting and progress on triparty interoperability. Click here for a full agenda or contact erc@icmagroup.org

ICMA AMTE Council Quarterly Meeting, March 25, Paris: for more details and an agenda please contact Nelly Cotelle.

ICMA GMRA Workshop, May 6-7, Zurich: This workshop reviews the general legal issues underlying repo documentation, examines the structure and operation of the GMRA, and considers the practicalities of implementing the standard agreement.

42nd ICMA AGM and Conference, May 26-28, Brussels: Registration is open for the ICMA AGM in Brussels, the conference programme is available from the ICMA website.
New members

The following firms were admitted to ICMA membership in February 2010:

Alfa Bank, Open Joint-Stock Company, Moscow
Crédit Agricole Luxembourg, Luxembourg
Dealogic Limited, London
De Nederlandsche Bank, Amsterdam
EBS Building Society, Dublin
Irish Stock Exchange, Dublin
Johannesburg Stock Exchange Limited, Sandown
Landwirtschaftliche Rentenbank, Frankfurt am Main
Nordic Capital Markets Forum, Copenhagen
The Alternative Investment Management Association Limited (AIMA), London
Wells Fargo Securities International Limited, London
Members' Register

The printed version of the Members' Register will be published in March and copies will be distributed to all our members, it is important that your entry is correct and up to date as of March 15, 2010. Members who have not yet updated their entries on the ICMA Members Register are urged to do so. If you need assistance with updating your entry, please contact the principal delegate of your company as they have been issued with the appropriate user name and password or contact the membership department membership@icmagroup.org.

A full course schedule for ICMA Executive Education courses in 2010 is now available.
This communication is presented by the International Capital Market Association (ICMA). ICMA believes that the information contained in the communication is accurate and reliable but makes no representations or warranties, express or implied, as to its accuracy and completeness.

© International Capital Market Association (ICMA), Zurich, 2010. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without permission from ICMA.

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