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ICMA Update for Members September 2011

We continue to operate in highly volatile conditions. While the solutions to the problems which beset world markets are political ones, we can act with our members to look for solutions to the issues which are causing friction in our markets. Settlement fails and our buy-in rules are one area where members' concerns have directed our efforts in recent days. Do contact us with your queries and concerns to make use of your association and it resources to assist you at this time.

Martin Scheck
Chief Executive

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

ICMA's legal help desk offers guidance to members in the following areas: the ICMA Primary Market Handbook (IPMA Handbook); ICMA's rules and recommendations for the secondary market; the GMRA and information on the ICMA GMRA legal opinions; and conciliation and arbitration.

+44 207 213 0330
+41 44 360 5237
New members in September 

Closed Joint Stock Company Commercial Bank Citibank, Moscow
CMS Cameron McKenna LLP, London
Fédéris Gestion d'actifs, Paris
LCH.CLearnet Limited, London
Market Practice and Regulatory Update 

Sovereign debt: ICMA has responded 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.
ICMA with AFME organised a briefing call for members on the eurozone crisis featuring the participation of economists Julian Callow, Head of International Economics and Co-Head of European Economics, Barclays Capital and Desmond Supple, Head of EMEA Fixed Income Research, Nomura. A recording of the call will be available for members who missed it.
Contact: david.hiscock@icmagroup.org

Response to the crisis: ICMA has responded to the Financial Stability Board, in relation to aspects of its consultation paper on Effective Resolution of Systemically Important Financial Institutions.
Contact: david.hiscock@icmagroup.org

Primary markets: We are planning to include an explanatory note on New Issue Processes in the next edition of our Quarterly Newsletter, due to be published in early October.
Contact: ruari.ewing@icmagroup.org

Secondary markets: The Secondary Market Practices Committee held a call for members on the issue of settlement fails, which are becoming increasingly prevalent. As a result of this, ICMA will be contacting the ICSDs to discuss changes to market practice and availability of statistics in this area. Members, particularly traders, are actively encouraged to participate in the work of this Committee.
Contact: john.serocold@icmagroup.org

Repo markets: The ICMA European Repo Council has submitted a response to the Financial Stability Board, in relation to repo specific aspects of its consultation paper on Effective Resolution of Systemically Important Financial Institutions.
The ERC has launched a report which sheds light on the workings of the payment infrastructure that underlies the settlement of transactions in securities in Europe, including repo transactions. The report highlights the essential interplay between central bank and commercial bank money in securities settlement. The report's foreword, written by the ERC's Chairman, states that the "publication of this new paper will facilitate future developments" and identifies three applicable ERC priorities, which are now being followed up.
Contact: david.hiscock@icmagroup.org

The 21st ICMA ERC survey was published on 14 September. It set the baseline figure for market size at EUR 6.2 trillion, a modest growth of 3.6% in the size of the market since the December 2010 survey.
Contact: reposurvey@icmagroup.org

Asset management: The ETF Working Group of ICMA Asset Management and Investors Council has published a paper on Exchange Traded Funds which complements the AMIC response to ESMA's Discussion Paper on the subject. The report sets out the current state of the ETF market, looks at trends and how the ETF market is likely to continue to develop, with a consideration of the consequences for markets, investors and regulators alike.
Contact: nathalie.aubry-stacey@icmagroup.org

Covered bond markets: The Covered Bond Investor Council has consulted on proposals for the transparency of all covered bond issuance on a national basis with the objective of producing a widely agreed standard for issuers later this year.
Contact: nathalie.aubry-stacey@icmagroup.org

Responses to regulators: ICMA is currently working on the following response to regulators. Members are encouraged to give their views by e-mail to the relevant ICMA point of contact.

ESMA: Guidelines on Systems and Controls in a Highly Automated Environment, deadline 3 October.
Contact: john.serocold@icmagroup.org
Upcoming meetings, workshops and events 

ICMA Events

AMIC Private Banking Working Group, Liechtenstein, 6 October
For further information click here.

ICMA AMTE Council meeting, Paris, 7 October
For an agenda and to register, please click here.

ICMA's Benelux Regional Meeting, Brussels, 8 October
ICMA's Benelux Regional meeting will take place at the Chalet Robinson, near Brussels.
For further information on the meeting and registration, please click here.

ICMA roundtable: 'Transforming the European non-equities markets', London, 12 October
Kay Swinburne, MEP and member of the Economic and Monetary Affairs Committee, will be speaking at a lunchtime roundtable, at ICMA's London office in College Hill.
For further information and to register, please click here.

ICMA roundtable: 'Retail bond markets', London, 19 October
Lachlan Burn of Linklaters and other speakers will consider the future of retail bond markets in Europe at a lunchtime roundtable for members in at ICMA's London office.
For further information and to register, please click here.

4th Annual bwf/ICMA Capital Markets Conference -New Challenges for European Capital Markets, Frankfurt, 24 October
bwf - Bundesverband der Wertpapierfirmen an den deutschen Börsen e.V. and ICMA, jointly present the 4th Annual Capital Markets Conference in Frankfurt, bringing together industry practitioners, regulators and academics to consider developments in the capital markets.
A wide range of topics will be covered during the one day conference, including:
  • The Future of Global Securities Market Regulation
  • Prices, Costs and Volumes of Trading and Post-Trading Services
  • The Changing World of Exchange Trading - the planned merger between Deutsche Börse and NYSE/Euronext
  • Role of Central and Commercial Bank Money in Securities Settlement.
  • Innovations in Institutional Investor Services
  • The Euro Crisis: Longer Term Political and Market Implications
For further information and to register, please click here.

Swiss Inflation Event, Zurich, 16 November
The Swiss Bond Commission, SIX Swiss Exchange and ICMA present an after work event in Zurich focused on inflation in Switzerland, featuring the following sessions:

Inflation forecasting within the monetary policy of Swiss National Bank
Nicolas Cuche-Curti, Deputy Head of the Inflation Forecasting Department, SNB

Indexing Swiss Inflation - An Empirical Approach
Charles Fattouche, Index Products Group, Barclays

Inflation Bond Fund Management
Alexandre Bochardy, Senior Portfolio Manager, International Fixed Income Team, Credit Suisse

For further information and to register, please click here.

Professional Repo and Collateral Management Course, London, 21-22 November
This course has run successfully for over 10 years, becoming the market benchmark. It 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 addresses 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 further information and to register click here.

ICMA Annual Ski Weekend 2012
Charity event - Registrations now open

Engelberg, 20-22 January
The 2012 ski weekend, which is a charity event open to ICMA's entire global membership, will be held on the weekend of January 20 to 22, 2012, in the Swiss ski resort of Engelberg.

For more information, please click here.

ICMA AGM and Conference, Milan, 23-25 May 2012 SAVE THE DATE
The 44th ICMA AGM and conference will be held next year at the Palazzo Mezzanotte in Milan.
Contact the ICMA Events team for sponsorship opportunities at discounted rates for members.
ICMA Executive Education 

Register now for these courses

Introductory Programmes

Financial Markets Foundation Course (FMFC)
London: 21-23 November 2011
Luxembourg: 5-7 March 2012
London: 29-31 May 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

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

ICMA Executive Education Skills

Successful Sales, London, 10-11 November

A training course for capital market sales people focusing 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

See website for details
ICMA supported industry events 

IMN's 3rd Annual Covered Bonds - The Americas Conference, New York, 6 October

The question remains as to whether or not the world's largest and deepest mortgage market, the US, will develop its own covered bonds market. This conference will further explore the possibility as well as provide a foundation for understanding the product and its potential in the US.

CME Group School of Futures, London, 7-10 November

This comprehensive, four-day introductory program created by industry education experts from CME Group is for those interested in learning the basics of futures, options and centralized clearing. Discounted rate for ICMA Members.
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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Telephone: +41 44 363 4222 | Fax: +41 44 363 7772