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ICMA Update for Members October 2011

During this period of intense political activity surrounding the Eurozone crisis ICMA has been extremely active in representing members' concerns to policy makers and regulators while keeping members informed of developments. A series of roundtable briefings and calls have been held on diverse topics including: developing retail bond markets; Exchange Traded Funds, following the publication of an AMIC paper on this topic; and a lively session with Kay Swinburne MEP on the direction of travel of the MiFID proposal and its impact on UK members. In Germany the 4th annual capital markets conference run in conjunction with bwf was well attended and we continued to offer free explanatory briefing sessions in financial centres on the use of the GMRA 2011. Our programme of autumn member events and education courses is again very extensive; members are invited to attend and also to suggest to us the themes which would be of the greatest value.

Martin Scheck
Chief Executive

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

A new committee of members has been selected for the ICMA German region under the chairmanship of Holger Kron, Deutsche Bank. The regional committee will meet regularly to discuss specific market and regulatory issues affecting ICMA's German membership and will work with ICMA to organise events and educational courses relevant for the German market.
ICMA Regional Committee for Germany: Holger Kron, Deutsche Bank AG (Chairman); Nick Atkinson, Bayerische Landesbank; Thomas Gehse, WGZ Bank AG; Detlef Giebe, DZ Bank AG; Andreas Hauschild, Commerzbank AG; Joerg Huber, LBBW; Marcel Naas, Eurex Repo GmbH; Marc Weingart, UniCredit Bank AG; Petra Wehlert, KfW
Contact: ICMAGermany@icmagroup.org
New ICMA Public Sector Issuer Forum 

ICMA's goal is to represent all participants in the capital markets - issuers, intermediaries and investors. It is clear that borrowing by public sector issuers - sovereigns, supras and agencies - will dominate the markets for the next few years and that these issuers will play an increasingly important role in the capital markets. The need for a neutral forum for them to discuss market related issues of mutual interest will be met by the new Paris based ICMA Public Sector Issuer Forum. The forum, which will start its work in January 2012, will draw on ICMA expertise, with a focus on market practices and responding to regulatory initiatives.
Contact: nelly.cotelle@icmagroup.org
Market Practice and Regulatory Update 

Sovereign debt: As reported in the Fourth Quarter Newsletter, ICMA responded to the consultation on standard euro area collective action clauses (CACs) which was conducted over the summer by the EFC's EU Sovereign Debt Markets Group (SDMG). Following up on this, ICMA has held several subsequent conversations with the SDMG and others involved in this process to highlight our concerns. We are continuing to promote enhancements to the transparency of the terms of all EU sovereign debt issues.
Contact: david.hiscock@icmagroup.org

Financial Transactions Tax: Following consultations with members ICMA's position is that it does not support the proposed EU Financial Transactions Tax. The International Council of Securities Associations (ICSA), of which ICMA is a member, has sent a letter opposing the tax to the European Commission ahead of the G20 Summit in Cannes on 3 - 4 November.
Contact: david.hiscock@icmagroup.org | john.serocold@icmagroup.org

Primary markets: An explanatory note on New Issue Processes was included in the Quarterly Newsletter early this month; we continue to work on this topic and to take calls on this from members to provide clarification as required.
The Commission proposal on the review of the Market Abuse Directive has been issued and is under consideration, similarly amendments to the Transparency Directive which will impact the issuing of debt securities. We will revert to members in due course on both of these.
The Joint Associations Committee (JAC), which includes ICMA, responded to the to the Belgian FSMA consultation note on the introduction of a regulatory framework for the distribution of structured products to retail investors. The note urged consistency with current EU developments in relation to the sale of structured products.
Contact: ruari.ewing@icmagroup.org

Secondary markets: The long awaited Commission proposal on the Markets in Financial Instruments Directive (MiFID) II was issued last week; this is however only the latest stage in the lengthy process which will end in implementation, see Quarterly Newsletter article for details of our many concerns. We are running a number of MiFID briefing events throughout Europe (see list below).
Following the September meeting on settlement fails, the Secondary Market Practices Committee has established a work stream on improving settlement discipline and we encourage members to let us know about any problems experienced in this area.
Contact: john.serocold@icmagroup.org

Asset management: The first meeting of the Solvency II Working Group was organised by ICMA at PIMCO on 9 October with a number of key buy side industry participants and reached initial agreement on a future work programme.
Contact: nathalie.aubry-stacey@icmagroup.org

Covered bond markets: the Covered Bond Investor Council (CBIC) has received considerable feedback and support from the market in its efforts to enhance transparency standards and is now in the second phase of its consultation on transparency, with the aim of producing a template by the end of this year.
Contact: nathalie.aubry-stacey@icmagroup.org

More detailed information on ICMA Market Practice and Regulatory Policy work can be found in the Quarterly Newsletter
Upcoming meetings, workshops and events 

ICMA Regional Meetings

Geneva, 21 November
Milan, 24 November
Lugano, 25 November
Stockholm, 7 December
Contact: candice.weinrich@icmagroup.org

The Global Master Repurchase Agreement (GMRA) 2011 - roundtable briefings
Copenhagen, 7 November - hosted by Danske Bank and supported by the Nordic Capital Markets Forum (NCMF)
Paris, 18 November
Zurich, 1 December
Register by e-mail to shannelle.rose@icmagroup.org, giving your name, job title and company name.


MiFID and MiFIR: Where are we and where are we going? Copenhagen, 15 November - in association with the International Swaps and Derivatives Association (ISDA), the Danish Securities Dealers Association (DSDA) and the Nordic Capital Markets Forum (NCMF)

MiFID event, Brussels, 16 November - in association with the Centre for European Policy Studies (CEPS)

MiFID roundtable briefing, London, 17 November

For more information and to register please click here.

Swiss Inflation Event, Zurich, 16 November
ICMA together with The Swiss Bond Commission and SIX Swiss Exchange present an after- work event in Zurich focused on inflation in Switzerland.
For further information and to register, please click here.

*Professional Repo and Collateral Management Course, London, 21-22 November, Sponsored by Bondlend
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.
For further information and to register, please click here.

*Global Master Agreement for Repo and Securities Lending Workshop, London, 23-25 November
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.
For further details, please click here.

*Understanding the ICMA Primary Market Handbook (IPMA Handbook), London, 8 December
This half-day session will give an overview of the scope and application of the recommendations in the handbook and will also review recent developments and changes.
For further information and to register, please click here.

* Course/workshop accredited under the Solicitors Regulation Authority (formerly The Law Society's) CPD Scheme

Events 2012

ICMA Annual Ski Weekend 2012
Charity event - registrations now open
Engelberg, 20-22 January

For more information, please click here.

ICMA Belgium Region Economic Summit, Brussels, 26 January

ICMA AGM and Conference, Milan, 23-25 May
The 44th ICMA AGM and conference will be held next year at the Palazzo Mezzanotte in Milan.
For more information, please click here.

Contact the ICMA Events team for sponsorship opportunities.
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

Securities Operations Foundation Course (SOFC)
London: 30 January - 1 February 2012

Intermediate Programmes

International Fixed Income and Derivatives (IFID) Certificate Programme
Next residential course:
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

Specialist Programmes

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
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.
See website for details

ICMA Alumni Event, Hong Kong, 15 December
Alumni of the ICMA Centre, ICMA Executive Education and members of the financial industry in Hong Kong are invited to attend a drinks reception on 15 December.
Contact: david.senior@icmagroup.org

ICMA Executive Education and Thomson Reuters announce the first Primary Market Certificate (PMC) programme in Dubai, 22-26 January 2012
The programme will examine the entire life cycle of bond issuance, from considering the financing choices through to the closing of transactions in the marketplace. It is tailored to the needs of practitioners in the GCC and will cover Islamic Finance, Sukuk and Sukuk Documentation.
Contact: david.senior@icmagroup.org
ICMA on Bloomberg and LinkedIn 

Bloomberg terminal users can now access the ICMA quarterly newsletter and other updates on a dedicated ICMA page (type ICMA). There is also an active ICMA page and discussion group on LinkedIn (search International Capital Market Association).
ICMA supported industry events 

IFR CONFERENCES: 3rd Annual Equity Capital Markets Conference, London, 9 November 2011
This essential event brings together leading ECM bankers, issuers, investors and other market professionals to debate the key market challenges for companies, financial institutions and investors looking to raise capital and trade in European equity markets.

6th ANMI International Convention: Vibrant Financial Markets an Engine of Exclusive Growth, Delhi, 14-15 November
Capital markets speakers including Martin Scheck and Jean-Pierre Wellens of ICMA will join 500 national and international participants at the 6th ANMI International Convention in New Delhi.

25th Anniversary of ASSOSIM: The Italian intermediaries Dilemma - A local market and a global competition in an evolving European scenario, Milan 14 November
The conference will cover three case studies on the issues: the derivatives market, the listing of SMEs and Target2 Securities. René Karsenti of ICMA is on the panel considering the future of the financial markets.

IFR CONFERENCES: 11th Annual Bank Capital Conference, London, 24 November 2011
Banks continue to manage a host of regulatory and market-based challenges around the structure and cost of capital; liquidity; accounting; stress testing and liability management. Whilst the details of regulatory fine-tuning in capital structuring continue to emerge, banks are busy managing legacy liabilities and strengthening balance sheets. Conference sessions will assess in detail the practical implications of regulatory changes in new capital structuring for banks in regions around Europe; the respective roles of equity, senior debt, covered bonds in new capital structures; new issuance prospects in the banking sector; the ongoing management of hybrid paper including equity-linked, Tier 1 and 2 capital; legacy risk and liability management issues; as well as an essential investor outlook for 2012.

IFLR Asia Capital Markets Forum, Hong Kong, 30 November
IFLR's Asia Capital Markets Forum brings together key regulators and exchange officials with leading practitioners from banks, corporates and top international and local law firms to discuss the top issues for raising capital in 2011 and 2012.

National Securities Markets Association: VIIth Annual International Repo Forum - Financial Market 2012: A new model of regulation Moscow, 13-14 December
A broad spectrum of topics will reflect the latest developments and innovations in the Russian financial industry, with regulation as a central theme.

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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