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ICMA Update for Members August 2011
ICMA UPDATE FOR MEMBERS August 2011

The period since our last update for members has been characterised by extreme capital market volatility and instability. The daily news flow has been immense, both from an economic and political perspective. At ICMA, this has added an extra dimension to our work as we respond to enquiries from our members and assess the impact of current developments on the workings of the markets. At the same time the programme of regulatory reform continues and we are engaging as actively as possible with our members to ensure that our responses to policy makers are well informed and reflect fully our members' views.

The following provides a brief summary of ICMA's activities since July. If you have any comments on this update or its contents please contact us at corporate.communications@icmagroup.org

Martin Scheck
Chief Executive
New members 

ICMA welcomed the following new members in August, bringing the total number of new members this year to 32 and increasing the roster of ICMA members to 418.

Arqaam Capital Limited, Dubai
Australian Securitisation Forum, Sydney
Citibank International plc, London
Citibank, N.A., London
Fitch Ratings Ltd, London
ING Bank (Eurasia) ZAO, Moscow
MarketAxess Europe Limited, London
Nedbank Limited, Johannesburg
ZAO Raiffeisenbank, Moscow
Standard & Poor's Credit Market Services France, Paris
Market Practice and Regulatory Update 

Sovereign debt: ICMA is working with its committees on a response to the official selective consultation of market participants on collective action clauses (CACs) for euro area sovereign securities. This is part of the implementation process which flows from the decision that all of the euro area Member States will adopt a standardised CAC in their securities issuances as from July 2013.
Contact: paul.richards@icmagroup.org

Primary markets: ICMA has submitted its response to the European Securities and Markets Authority's consultation on technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU. Responding on behalf of ICMA's primary market community the paper highlights concerns over how proposals will affect issuance in different market sectors.
Contact: ruari.ewing@icmagroup.org

Repo markets: The ICMA European Repo Council has submitted comments to the Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) in relation to their joint consultation paper on principles for financial market infrastructures. It has also published
a recommendation for its members on: "Repo matching as a driver for risk reduction" in which it recommends the same day affirmation of specific types of bilateral and non electronic Repo trade activity.
Contact: lalitha.colaco-henry@icmagroup.org
The 21st ICMA ERC survey of the European Repo Council will be published on the ICMA website on 14 September.
Contact: reposurvey@icmagroup.org

Asset management: The ICMA Asset Management and Investors Council has responded to the European Commission on its Green Paper - 'Corporate governance in financial institutions and remuneration policies'. The Green Paper is an early stage policy document which is seeking to bring together governance policy at the EU level to "ensure that the interest of consumers and other stakeholders are better taken into account, businesses are managed in a more sustainable way and bankruptcy risks are reduced in the longer term".
Contact: nathalie.aubry-stacey@icmagroup.org

Covered bond markets: The ICMA Covered Bond Investor Council (CBIC) has responded to HM Treasury on the review of the UK's regulatory framework for covered bonds. The CBIC consultation with market participants on the format and content of its proposed transparency standards for covered bonds closed at the end of July. CBIC members are currently reviewing all comments and will produce a statement in September. Publically available comments to the consultations can be viewed on the CBIC section of the ICMA website.
Contact: nathalie.aubry-stacey@icmagroup.org

Responses to regulators: ICMA is currently working on the following responses to regulators. Members are encouraged to give their views by e-mail to the relevant ICMA point of contact in good time before the deadline.

Financial Stability Board: Effective Resolution of Systemically Important Financial Institutions, deadline 2 September
Contact: david.hiscock@icmagroup.org

European Commission: Collective Action Clauses, deadline 5 September
Contact: paul.richards@icmagroup.org

ESMA: AIFMD level 2 consultation paper, deadline 13 September
Contact: nathalie.aubry-stacey@icmagroup.org

ESMA: Discussion paper on Exchange Traded Funds, deadline 22 September
Contact: nathalie.aubry-stacey@icmagroup.org

ESMA: Guidelines on systems and controls in a highly automated environment, deadline 3 October
Contact: john.serocold@icmagroup.org

More information is available in the ICMA Regulatory Policy Newsletter, 3rd quarter 2011
Upcoming meetings, workshops and events 

Workshops

Understanding the ICMA Primary Market Handbook (IPMA Handbook), London, 8 September

The half-day session will give an overview of the scope and application of the recommendations of the Primary Market Handbook and will also review recent developments and changes. Understanding the ICMA Primary Market Handbook (IPMA Handbook) is an accredited workshop under the Solicitors Regulation Authority (formerly The Law Society's) CPD Scheme. Solicitors may claim 2.5 hours CPD credit for their attendance at this workshop.

Discounted rate for ICMA Members

Register here

Global Master Agreements for Repo and Securities Lending Workshop, Zurich, 21-23 September

The Global Master Repurchase Agreement (GMRA) and the Global Master Securities Lending Agreement (GMSLA) are the essential legal underpinnings for repo and securities lending markets respectively. The workshop will include a detailed review of both legal agreements and their application, together with case studies, the operational and basic legal characteristics of the repo and securities lending markets will also be covered. There will also be a look at the recently published GMRA 2011.

This workshop will be delivered by Richard Comotto, the author of ICMA's Repo Survey with legal and documentation professionals and representatives from ICMA, ISLA, Ashurst LLP, Citigroup and Euroclear.

The Global Master Agreements for Repo and Securities Lending Workshop is an accredited course under the Solicitors Regulation Authority's (formerly The Law Society) CPD Scheme. Solicitors may claim 18 hours CPD credit for their attendance on the whole course.

Discounted rate for ICMA Members

Register here

Professional Repo and Collateral Management Course, London, 21-22 November

This industry-run course caters to the needs of professional repo market participants and is provided at subsidised rates to ICMA members, underlining the association's commitment to education and the development of this financing product.

The course, which has run successfully for over 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 addressed 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.

The 2011 ICMA Professional Repo and Collateral Management Course is sponsored by Bondlend.

For more information contact: taeventsteam@icmagroup.org



ICMA Events

ICMA Roundtable: The Global Master Repurchase Agreement (GMRA) 2011, Dublin, 12 September

The 2011 version of the GMRA, the most widely used standard documentation for the cross-border repo market, has recently been published by ICMA, together with the associated legal opinions for 2011. The GMRA 2011 is the result of a market driven process and wide consultation; it represents over a year's worth of detailed discussion and debate involving market participants and legal specialists.

ICMA members are invited to attend a roundtable briefing on the GMRA 2011 led by Lisa Cleary, ICMA Associate Counsel and Godfried De Vidts, Chair of ICMA's European Repo Committee.

Register here

ICMA European Repo Council AGM, Paris, 14 September

The ICMA ERC AGM will be hosted by BNY Mellon in Paris on Wednesday, 14 September from 10.00 - 12.30 followed by lunch and a BNY Mellon event in the afternoon.

Ms. Gertrude Tumpel-Gugerell, ex-Member of the Executive Board, European Central Bank, will provide the keynote speech on the topic of  "8 years of support to integrating Europe's post trading". There is a full agenda with many discussion items relating to the future of the repo market in Europe, including updates on the GMRA 2011 and on other market practice and regulatory issues.

The event is open to all within the repo community.

Register here

Drinks reception, London, 29 September

All ICMA members are welcome to attend a drinks reception on the evening of Thursday, 29 September at ICMA's London office to meet the new chairman of ICMA, Cyrus Ardalan.
For more information contact: taeventsteam@icmagroup.org

ICMA's Benelux Regional Meeting, Brussels, 7 October

ICMA Members are invited to attend ICMA's Benelux Meeting at the Chalet Robinson.
For more information contact: taeventsteam@icmagroup.org
ICMA Executive Education 

Register now for these courses

Introductory Programmes

Financial Markets Foundation Course (FMFC)
Luxembourg: 26-28 September 2011
London: 21-23 November 2011
Luxembourg: 5-7 March 2012

Securities Operations Foundation Course (SOFC)
London: 11-13 October 2011
London: 30 January - 1 February 2012

Intermediate Programmes

International Fixed Income and Derivatives (IFID) Certificate Programme
Next residential courses:
Sitges, Barcelona: 16-22 October 2011
Sitges, Barcelona: 22-28 April 2012

Operations Certificate Programme (OCP)
Brussels: 25-31 March 2012

Primary Market Certificate (PMC)
London: 14-18 November 2011
London: 14-18 May 2012
London: 19-23 November 2012

Specialist Programmes

Technical Analysis and Inter-Market Trading
Brussels: 13-14 September 2011

Credit Default Swaps (CDS) - An Introduction
London: 26 September 2011

Credit Default Swaps (CDS) - Operations
London: 27 September 2011

Collateral Management
London: 3-4 October 2011

Corporate Actions - An Introduction
London: 24-25 October 2011

Global Custody
Geneva: 8-9 November 2011

Securities Lending & Borrowing
London: 14-15 November 2011

Operational Risk Fundamentals
Brussels: 8 December 2011

See website for details



ICMA Skills

Successful Sales, London, 15-16 September

A training course for capital market sales people focussing on acquiring sales skills for selling debt, equity and derivative instruments to an institutional client base, Successful Sales aims to develop market-leading client acquisition and retention skills. It covers both core telephone selling skills and client meeting skills while acknowledging the natural conflicts in the dealing room and the inter-dependency between sales, trading and new issues and its importance in delivering a strong Capital Markets performance.

Discounted rate for ICMA Members

Register here

Mastering Mandates, London, 6-7 October

A Sales and Marketing training course for originators and those working on the syndicate and new issues desks. The initial focus will be on understanding one's competitive position and developing a unique selling proposition. The course will draw from basic telephone selling skills as in "Successful Sales" but move on to the production of formal presentations as with "pitch books" and handling "Beauty Parades" successfully. Beauty Parade presentations will be videoed and critically appraised by the group.

Discounted rate for ICMA Members

Register here

II Russia and CIS Fixed Income Conference, London, 15-16 September

Organised by Cbonds in London this unique event aims to create a special networking environment for the international financial community and issuers, banks and regulators from Russia and other CIS countries. It is a great opportunity to meet top Russian and international banks, fund managers and market regulators and learn their views on market development, its perspectives and investment opportunities. As a part of the conference, meetings will be arranged between investors and companies seeking new opportunities in the capital markets. The following companies have registered for meetings so far: Evraz Group, Severstal, Mriya Agro Holding.

Cbonds was founded in 2001 and since then has established itself as the primary source of data on bond markets in Russia, Ukraine, Belarus, Kazakhstan and other CIS countries. Cbonds is also a well known arranger of financial conferences in Russia and other ex-Soviet states.

For further information and to register please click here.

IMN European Cup, London, 19-20 September

ICMA is pleased to announce its support of the IMN European Cup. Information Management Network is holding the European Cup of ETFs and Investment Management in London on 19-20 September. Join Europe's leading institutional investors, independent financial advisors, consultants, academics, hedge funds, investment managers and industry experts in the European ETF, indexing, investment and risk management arenas to discuss how providers and investors have responded to the uncertain macroeconomic environment, and the impact of new regulations on the changing investment landscape.

For more information click here.
ICMA on LinkedIn

ICMA has a group on LinkedIn add International Capital Market Association - ICMA to your profile to join the discussion.

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, 2011. 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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