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ICMA Update For Members June 2010

Our June update to members provides information from our Brussels AGM and Conference for members who were not able to attend, including changes to the ICMA Board and our Regional Committees. The regional structure of ICMA is one of its great strengths if you want to be involved in our activities at regional level we would be delighted to hear from you.

As ever if you have any comments on this update or its contents please contact us at corporate.communications@icmagroup.org

Martin Scheck
ICMA Chief Executive
AGM and review of the year
New ICMA Board
ICMA regional committees
Market practice and regulatory update
New UK Legal Helpdesk number
ICMA in the media
European Bond Market: Q2 Round-Up
AGM and review of the year

Our recent AGM and Conference in Brussels attracted nearly 600 participants and provided plenty of opportunities for spirited debate on the changes facing the securities market, both during the panel sessions and outside the conference hall. A review of the year based on speeches and presentations at the AGM, including financial statements, will shortly be sent to all members. Formal minutes of the AGM will be forwarded to members in due course.
New ICMA Board

At the AGM on 27 May, Colin Grassie, Chief Executive Officer of Deutsche Bank in the UK, joined the ICMA board for the first time. ICMA members also elected Fermín Cifuentes, Banco Español de Credito S.A., Madrid; John Eldredge, Emirates NBD Bank P.J.S.C., Dubai; Massimo Mocio, Banca IMI S.p.A., Milan to the Board and re-elected David Marks, J.P. Morgan Securities Ltd., London for a second term.
ICMA regional committees

ICMA looks to its 12 regional committees for input to its work programme, events and training. Martin Lee-Warner who has chaired the Committee of Regional Representatives which co-ordinates the activities of the regions, has now handed the chairmanship to Tim Skeet, Bank of America Merrill Lynch. Gilles Lindental, Head of Credit at Louis Capital Markets, has become the Chairman of the France and Monaco Region, while Claudia Segre, Head of Fixed Income at ABAX joins the Regional Committee for Italy and Ueli Goldener, Head of Fixed Income Sales at SIX, and Beat Gabathuler, Managing Director at Zürcher Kantonalbank, join the Regional Committee for Switzerland and Liechtenstein. We have vacancies for two key Regional Chairs, the UK, Ireland and the Americas and the Nordic Region, interested individuals are invited to get in touch. Contact: Allan Malvar
Market practice and regulatory update

Sovereign debt markets: ICMA is committed to restoring orderly sovereign debt markets and has issued a statement to members from its Chairman and Chief Executive detailing the practical steps it is taking with its members. In response to enquiries from members we have published a set of FAQs on sovereign debt issues. We are also maintaining a page of links to official sources of information and announcements on sovereign debt. Following a decision by the ICMA Board, a new Sovereign Bond Working Group is being established under the chairmanship of Robert Gray of HSBC, Vice-Chairman of ICMA. Contact: David Hiscock
Short term markets: The 19th ICMA-ERC European Repo Market Survey is now under way. All member firms transacting repo business in Europe are strongly encouraged to participate in the survey, which gives the only authoritative information on the size and structure of the repo market in Europe. Survey forms are available from the ICMA website.
Contact: reposurvey@icmagroup.org

Primary markets: ICMA is seeking to address concerns with the pre-sounding, bookbuilding and allocation process through a series of "Allocations Roundtables" - the most recent one was held on 15 June at BNP Paribas. The European Commission has requested CESR to report on underwriting practices and ICMA attended an FSA meeting in this context in May. A new ICMA Issuer Forum has been created which will have its inaugural meeting on 28 June. Contact: Ruari Ewing

Secondary markets: ICMA has submitted its response to CESR's Technical Advice to the European Commission in the context of the MiFID review: Non-equity markets transparency. In relation to this response, ICMA also released the results of its survey on transparency and liquidity in the European corporate bond market. Key findings from the survey are summarised in a press announcement. 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 28- 29 June. Paul Tucker, Deputy Governor of the Bank of England, will be the guest speaker at the AMIC dinner. Contact: Nathalie Aubry-Stacey

Market infrastructure: ICMA has submitted its response to CESR's Technical Advice to the European Commission in the context of the MiFID A response to the IOSCO/CPSS Guidance for CCPs and trade repositories is being drafted for the deadline of 25 June. Contact: David Hiscock
New UK Legal Helpdesk number

In response to demand from members we have set up a new UK Telephone number for members' enquiries about the application of our rules and guidance in primary and secondary markets and for repo.

+44 20 7517 3235

The existing number and e-mail address remain fully operational for members' use:

+ 41 44 360 5239
ICMA in the media

The AGM and Conference was widely covered by the European financial press including TiJD, Finanz und Wirtschaft, L'Agefi and also by specialist publications, Complinet, MLEX and Global Financial Strategy. Martin Scheck was interviewed by Thomson Reuters on the subject of regulatory developments.

The ICMA survey on corporate bond market transparency and liquidity was covered by Thomson Reuters and Down Jones Newswires/ Wall Street Journal, Paul Richards, ICMA's Head of Regulatory Policy and Market Practice, was interviewed on its findings for Thomson Reuters.

The Chair of ICMA's Euro Commercial Paper Committee, Peter Eisenhardt, is featured on the Reuters Insider platform with a piece on ECP and Money Market Funds.
Upcoming meetings and events

ICMA AMTE Council meeting 24 June, Paris.
Contact: Elisabeth Blanchet

ICMA ERC Council meeting, 24 June, Berlin.
Contact: Lalitha Colaco-Henry

ICMA Issuer Forum, 28 June, London
Contact: Ruari Ewing

We are planning an extensive programme of events around Europe in September, please note the following dates!
Understanding the IPMA Handbook, 22 September, London

Understanding the ICMA rule book, 22 September, London

ICMA Professional Repo and Collateral Management Course, Frankfurt, 29 & 30 September, sponsored by Eurex Repo - Registration now open!

A series of seminars on the MiFID Review, which will cover developments affecting transparency and liquidity in the OTC markets and on exchanges, for both cash and derivatives markets will be run in major European financial centres. The first of these will take place on 28 September, Zurich - in association with SIX, and on 30 September in Luxembourg - in association with the European Investment Bank.

Contact: events@icmagroup.org
ICMA Executive Education

Financial Markets Foundation Course (FMFC)
London: 20-22 September
Luxembourg: 27-29 September

Securities Operations Foundation Course (SOFC)
London: 12-14 October

International Fixed Income and Derivatives (IFID) Certificate Programme
Next residential course:
Seoul, 22-28 August - in cooperation with the Korea Financial Investment Association
Sitges, Barcelona: 24-30 October

Specialist Programmes
Credit Default Swaps (CDS) - An Introduction
London: 21 June

Commodities - An Introduction
London: 22 June

Commodities - Investment Solutions
London: 23 -24 June

Commodities - Trading Strategies
London: 25 June

Primary Market Certificate (PMC) London
London: 15-19 November

European Bond Market: Q2 Round-Up

Provided by:

The European bond markets have experienced another turbulent few weeks, something investors are becoming all too accustomed to. Concerns over government budget deficits and the solvency of certain countries, notably around the eurozone's periphery, have sent shudders through the market and created a climate of fear. European corporate bond issuance has collapsed in recent weeks, a casualty of the febrile conditions. Issuance in May was just $7.1 billion, well below the average and the lowest monthly figure since 1995, according to Dealogic. Read more on the Markit website

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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