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ICMA Update for Members September 2010

ICMA Limited, incorporating the Corporate Communications and Regulatory Policy teams, is now installed at our new office in 23 College Hill, London EC4R 2RP. We hope that over the coming weeks members will be visiting us here for an expanded range of seminars and roundtables that we are now able to offer and also to participate in the meetings of our market and regulatory committees being held there.

We invite all ICMA members that are in London on Wednesday 22 September, to join the ICMA Board and staff for a networking reception at 23 College Hill from 17.30-19.30. RSVP to events@icmagroup.org.

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

Martin Scheck
Chief Executive
International Capital Market Association
New members
Market practice and regulatory update
Strengthening ICMA's regional organisation
ICMA recruitment
ICMA in the media
Upcoming Autumn meetings and events
ICMA Education
Improving membership communications
New members

The following firms were admitted to ICMA membership in July-September, this brings the total of new member firms this year to 40:

ALESSIA, SICAV, Luxembourg
Bank of Montreal Ireland plc, Dublin
Citadel Securities (Europe) Limited, London
Crédit Foncier de France, Charenton Le Pont
Friesland Bank N.V., Leeuwarden
HPC, Paris
Pictet Asset Management Limited, London
PIMCO Europe Ltd, London
SMBC Capital Markets Limited, London
Xtrakter Limited, London
Market practice and regulatory update

Primary markets: A second Allocation Roundtable has been held to bring together representatives of ICMA's sell-side and buy-side members to discuss book building and allocation policy.

Two separate meetings have been held with the European Commission on underwriting.

We are consulting our primary market constituency (through the ICMA Primary Market Practices Committee, Legal & Documentation Committee and ECP Committee) on the usage of, and on the need for any improvements in, the ICMA Primary Market Handbook.
Contact: Ruari Ewing

Secondary markets: Experts from our member firms met the European Commission for further discussions on post-trade transparency in the corporate bond market.

A questionnaire will be sent to all ICMA members on the usage of, and on the need for any improvements in, the ICMA Secondary Market Rules and Recommendations.
Contact: Lalitha Colaco-Henry

Asset management: ICMA's Asset Management and Investors Council (AMIC), chaired by Bob Parker, has set up a Working Group on the Valuation of Financial Assets. Technical advice is being provided by KPMG.

The AMIC has responded to the European Commission's consultation paper on corporate governance.

ICMA's Private Banking Working Group is working on a draft Private Banking Charter of Quality.
Contact: Nathalie Aubry

Short-term markets: the ICMA European Repo Council has published a White Paper on the Operation of the European Repo Market, the Role of Short-Selling, the Problem of Settlement Failures and the Need for Reform of the Market Infrastructure.
The next semi-annual survey of the European Repo Market will be published on 15 September.
Contact: Lalitha Colaco-Henry

Strengthening ICMA's regional organisation

ICMA as a global organisation relies on contributions on a voluntary basis from regional committees of its members to co-ordinate its activities in their countries and to provide essential input into its work programmes. We are very pleased that we have been able to attract some high profile individuals from the market to key roles in our regional organisation. Simon White, Head of Senior Issuance, Lloyds Banking Group in London will chair ICMA's UK, Ireland and Americas Region, with his predecessor Tim Skeet of Bank of America Merrill Lynch moving on to chair ICMA's Committee of Regional Representatives. A completely refreshed Committee for the France and Monaco Region is chaired by Gilles Lindental, Head of Credit, Europe at Louis Capital Market, with Richard Tuffier, Director - Head of Fixed Income and Convertibles at Oddo, as alternate chairman. We will shortly be announcing a new regional chair for Germany and a new chapter for Greece, Turkey and the Balkan states.
ICMA recruitment

ICMA is seeking to recruit a senior executive with market and regulatory experience to join our Regulatory Policy and Market Practice team at ICMA's offices at 23 College Hill in London EC4, and a junior executive with market and regulatory experience at ICMA's offices at 8 rue du Mail in Paris 8e. Fluent spoken and written English is essential, and another European language would be an advantage. Expressions of interest, including a CV, should be sent by e-mail as soon as possible to: angela.turner@icmagroup.org.
ICMA in the media

The ICMA ERC white paper on the operation of the European repo market, the role of short-selling, the problem of settlement failures and the need for reform of the market infrastructure was widely reported in the trade and regulatory press. Richard Comotto of the ICMA Centre, the author of the White paper, was quoted in the Financial Times in the context of the clearing and settlement infrastructure and in FT Alphaville on the repo market .

Nathalie Aubry-Stacey provided an industry column for Financial Services Technology Magazine on the European covered bond market and transparency.

Robert Parker, Credit Suisse and Chair of ICMA's Asset Management and Investors Council (AMIC) outlines challenges and trends in asset management on Reuters Insider.
Upcoming Autumn meetings and events

Register now for:

**New**Understanding the IPMA Handbook (ICMA Primary Market Handbook), London 22 September
This new half day workshop will give an overview of the scope and application of the recommendations in ICMA's Primary Market Handbook for the issuance of international debt and debt related instruments.

ICMA Professional Repo and Collateral Management Course, Frankfurt, 29 & 30 September sponsored by Eurex Repo
The course, which has run successfully for almost 10 years, becoming the market benchmark, features a blend of presentations from experienced practitioners who are actively involved in the repo market on a day to day basis, together with a sound theoretical explanation of the principles involved in this type of financing from ICMA Centre academics. As well as covering the fundamentals of the repo product, the course will address the uses of repo and collateral by central banks, the impact of the crisis on the repo market and the latest developments in clearing and settlement.

MiFID Review Conferences

Zurich, 28 September, in association with SIX

Luxembourg, 30 September, in association with EIB
ICMA is running a series of events in the major financial centres of Europe to update members and other interested parties on progress with the review and its likely impact on the business of all capital market participants. The half day conferences will feature expert panels drawn from central banks, regulatory authorities, exchanges and ICMA member firms with wide ranging discussions on the consequences of the MiFID review for European OTC markets for both cash and derivatives.

ICMA lunchtime roundtable: MiFID Review - Implications for Fixed Income Markets, London, 5 October

The first briefing in a series of lunchtime technical roundtables for members at ICMA's new offices will consider the implications of the MiFID Review for fixed income markets. An initial presentation on the current state of play with the MIFID Review from the ICMA Regulatory Policy team will be followed by an opportunity for an extended discussion.

To register, please email your name, job title and company name to the ICMA Events Team.

3rd Annual ICMA and bwf Capital Markets Conference: 'Reform of Markets Regulation', Frankfurt, 8 October
ICMA and the Bundesverband der Wertpapierfirmen an den deutschen Börsen e.V. (Federal Association of Securities Trading Firms at the German Stock Markets) jointly present this one day conference on the Reform of Markets Regulation, covering MiFID proposals; the European Markets Infrastructure Regulation; recent changes of German securities laws and regulations and the proposal for a redraft of the EU directive on investor compensation schemes - with the participation of senior figures from the German financial community, regulators, exchanges and financial institutions.

To register, please email your name, job title and company name to the ICMA Events Team.

ICMA European Repo Council Meeting, Amsterdam, 27 October

The next ICMA ERC Meeting will be hosted by Swift in the context of the SIBOS Conference which will take place on October 25-29 in Amsterdam. The ERC meeting will take place on Wednesday,October 27 from 13.30 - 15.30.

To register, please email your name, job title and company name to the ICMA Events Team.

ICMA Executive Education - register now for courses in September and October

Technical Analysis and Inter-Market Trading
14-15 September, London

Clive Corcoran, Technical Analysis Course Tutor, looks at the Aussie dollar-yen relationship with other asset
classes on Reuters Insider.

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

Securities Operations Foundation Course
12-14 October, London

International Fixed Income and Derivatives (IFID)
24-30 October, Barcelona, Spain
Improving membership communications

We are always trying to improve our communications to our members, please feel free to forward this newsletter to colleagues within your organisation. Please contact the Membership team membership@icmagroup.org to update your contact details or to supply details of colleagues who would benefit from our information.

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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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