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ICMA Update For Members April 2010

This is the second monthly update highlighting some of the activities we have undertaken on behalf of our members. We continue to introduce improvements, for example, we are now including headline news on our monthly updates which are supplied by Euroweek. If you have any comments on this update or its contents please contact us at corporate.communications@icmagroup.org

Martin Scheck
ICMA Chief Executive
Market practice and regulatory update
New ICMA Member Relations Manager
ICMA in the media
New members
Europe's regulatory map
Top Stories from Euroweek
Market practice and regulatory update

Member input to CESR: We recently took representatives of ICMA's Committees to see the Secretary General of the Committee of European Securities Regulators (CESR) to discuss European regulatory initiatives in the primary and secondary markets and the market infrastructure, and CESR's own transformation into the proposed European Securities and Markets Authority. Contact: David Hiscock

Short term markets: The ICMA European Repo Council has submitted comments to the Basel Committee and the European Commission, in relation to their consultation papers on strengthening capital and liquidity regimes. The ICMA ECP Committee has also submitted comments to the Basel Committee and the European Commission, in relation to their related liquidity regime consultation papers. Contact: David Hiscock

The 2010 ICMA GMRA legal opinions covering 62 jurisdictions have recently been published on the ICMA website (ICMA members only). Contact: Lisa Cleary

Primary markets: Following discussions in the ICMA Legal & Documentation Committee, we have made representations to MEPs on the ECON Committee of the European Parliament on changes proposed to the Prospectus Directive.
Contact: Ruari Ewing

We have also begun the process of drafting guidance on buybacks for supranational and sovereign euro issuers in a Working Group of the ICMA Euro Debt Market (AMTE) Council. Contact: Nelly Cotelle

Secondary markets: In the context of the MiFID Review which is due to take place we are asking all bond market participants, buy-side, sell-side and repo, to complete our short electronic survey. Members who have not yet participated in the survey are invited to do so before the closing date of May 7. Also in this context we would be grateful if members could give us the contact details of their in-house MiFID experts so that we can consult and inform them on the progress of the MiFID review.
Contact: Lalitha Colaco-Henry

Asset management: The next meeting of ICMA's Asset Management and Investors Council (AMIC) meeting, chaired by Robert Parker will take place in London on June 28-29. Sir David Walker will be the guest speaker at the AMIC meeting and Paul Tucker, Deputy Governor of the Bank of England, at the AMIC dinner.
Contact: Nathalie Aubry

Market infrastructure: In consultation with ICMA's Legal & Documentation Committee, we are engaging, with the international central securities depositories (ICSDs) through the International Securities Market Advisory Group (ISMAG) on the ICSDs' proposal for a new contractual framework between issuers and ICSDs.
Contact: Ruari Ewing
New ICMA Member Relations Manager

We welcome Sanaa Ben Abdelhadi to the ICMA team in London, where she will be working to ensure that we deliver services efficiently to existing members also to bring on board new ones.
ICMA in the Media

The publication of the 18th ICMA-ERC European Repo Survey, which showed a strong recovery in the European Repo market since June 2009, was widely covered in the press including the Financial Times, Wall Street Journal, Les Echos, Financial News, De Tijd and Expansion.
Upcoming meetings and events

IFLR European Capital Markets Forum, April 28-29, London: ICMA policy experts Ruari Ewing and David Hiscock will both be speaking at the event organised by International Financial Law Review.

ICMA region for Switzerland and Liechtenstein annual meeting, May 5, Zurich: The general meeting will be followed by a presentation on "ICMA Executive Education - Public Courses and In-house Training" and a cocktail reception.
Contact: membership@icmagroup.org

ICMA GMRA Workshop, May 6-7, Zurich: This course, reviews the general legal issues underlying repo documentation, examines the structure and operation of the GMRA, the standard legal document for the repo market, and considers the practicalities of its implementation.

IRR Covered Bonds Forum, June 24-25, London: Tim Skeet, Chairman of ICMA's UK region and Andreas Denger of ICMA's Covered Bond Investor Council, will be speaking at this event.

**Save the date** ICMA Professional Repo and Collateral Management Course, Frankfurt, September 29 & 30, sponsored by Eurex Repo
42nd ICMA AGM and Conference, May 26-28, Square, Brussels

The full programme and agenda for the ICMA AGM in Brussels is now available to members. We strongly encourage members to attend the AGM and to register their votes or to nominate a proxy. Members are entitled to send 3 delegates completely free of charge to the conference, which features sessions on the future regulatory landscape, market infrastructure and the asset management between perspective, with a strong line up of speakers including: David Wright of the European Commission, Sharon Bowles, the Chair of ECON, Jean-Pierre Jouyet, Chairman of the Autorité des marchés financiers and Eddy Wymeersch, Chairman, Committee of European Securities Regulators (CESR) amongst others.

A full course schedule for ICMA Executive Education courses in 2010 is now available.

Two new specialist courses will run for the first time in May, Investment Funds Administration and Global Custody.

A few places remain on the Primary Market Certificate programme, which will run in London on May 17-21. This covers the whole life cycle of a bond issue from initial financing choices through to the closing of transactions in the marketplace. It is of particular practical relevance to anyone working in the origination, syndication and transaction management areas of member firms.
New members

New members in March/April

Anglo Irish Bank Corporation Ltd., Dublin
Australia and New Zealand Banking Group Limited, London
Banco Votorantim S/A, Nassau
BBM Bank Limited, Nassau
BrokerCreditService (Cyprus) Limited, Limassol
Commerzbank AG Hong Kong Branch
Deutsche Asset Management (UK) Ltd., London
Deutsche Bundesbank, Frankfurt am Main
Eurasian Development Bank, Almaty
HSBC Private Bank (Suisse) SA, Geneva
Irish Life & Permanent PLC
Swiss Reinsurance Company Ltd, Zurich
Redrawing Europe's regulatory map: have your say

Regulation is set to shape the short-term future of Europe's capital markets, like it or not. Financial News, in association with ICMA, is carrying out a research project to discover what market practitioners expect the impact of regulation to be.

The questionnaire will take only a few minutes to complete and your response is confidential. Click here to participate
Top Stories from Euroweek

"Top news stories from Euroweek" free to view for subscribers or upon registration to a trial.

Russia blows away obstacles in triumphant $5.5bn return
Issue: 1151 - 23 April 2010
Russia sliced through its sovereign curve on Thursday when it made its highly anticipated international comeback with a $5.5bn deal that skipped clear of a European sovereign debt sell-off - and attracted a crossover investor base that included many high grade accounts.

Greek yields burst to 11% as banks stop showing bids
Issue: 1151 - 23 April 2010
Greek debt sank further into distressed territory this week as confidence in the country's ability to survive its fiscal crisis fell to new lows and some banks pulled back from making markets in its bonds. And the contagion is spreading to other European sovereigns.

Hunt for yield broadens ABS renaissance
Issue: 1151 - 23 April 2010
After months of tentative primary activity in a limited number of sectors, the European ABS market's recovery broadened this week, and the pace of new issues speeded up. Public roadshows and private placements this week spanned UK and Dutch RMBS, Dutch CMBS, Spanish auto loans and UK auto leases. In Asia, emerging market loans were the focus of two now rare synthetic securitisations.

Strict disclosure standards to spur HY market, investors say
Issue: 1151 - 23 April 2010
High yield issuers must disclose far more information and regulators should impose standardised requirements for borrower transparency to attract more investors to the sector, market participants said this week.

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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