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ICMA Update for Members February 2012
ICMA UPDATE FOR MEMBERS February 2012

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




New members 

ICMA welcomes four new members:

Credit Bank of Moscow, Moscow
Nordea Bank OJSC, Moscow
Raiffeisenlandesbank Niederösterreich-Wien AG, Vienna
Schildershoven Finance B.V., Amsterdam
Changes at the ICMA Paris office 

Nicholas Pfaff has joined ICMA as a Director in the Market Practice and Regulatory Policy department to strengthen the team in ICMA's Paris office. Nick has significant knowledge of the public sector as a former Senior Banker at the EBRD. He also worked as an investment banker at BNP Paribas and Goldman Sachs with extensive international experience.
Contact: nicholas.pfaff@icmagroup.org
New Asset Management and Investors Council (AMIC) Committee 

The AMIC, which represents ICMA's buy-side community, has agreed a new structure which will allow it to grow while maintaining its independence from the representation of the sell side of the industry. The new committee will oversee the public output of the AMIC; it is chaired by Robert Parker of Credit Suisse Asset Management. The other members of the Committee are: Dan Childs, Citadel; Axel van Nederveen, EBRD; Anneli Peshkoff, EIB; Mike Simcock, GSIC; Claus Tofte Nielsen, Norges Bank; Tom Rice, PIMCO; Andreas Utermann, RCM; John Nugee, State Street; Gianluca Bisognani, UBI Banca; Max Castelli, UBS AM; Roger Hartmann, VP Bank.
Contact: nathalie.aubry-stacey@icmagroup.org
Market Practice and Regulatory Policy update 

Repo markets: ICMA's European Repo Council (ERC) has published a paper entitled: "Haircuts and initial margins in the repo market" , which calls for a more detailed understanding of the precise impact of collateral haircuts in the repo market to inform the regulatory debate.
Contact: reposurvey@icmagroup.org

Primary markets: ICMA joined other trade associations in submitting comments on the Joint Notice of Proposed Rulemaking Implementing the Provisions of the Volcker Rule that Impact Securitizations, raising concerns that the proposed rules will significantly limit and restrict the ability of banking entities, including non-U.S.banks, to securitize financial assets.
ICMA also joined with other trade associations in responding to the US SEC on the Proposed Rule 127B Under the Securities Act of 1933.
Contact: ruari.ewing@icmagroup.org

Among the items discussed at the February meeting of the Financial Institution Issuer Forum were next steps on the eligibility of CoCos as part of the EBA's bank recapitalisation plan and issues around asset encumbrance.
Contact: katie.kelly@icmagroup.org

Secondary markets: ICMA joined other trade associations in responding to the ESMA Consultation Paper on draft technical standards on the Regulation (EU) xxxx/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps. A specific concern was raised that the limited timeframe ESMA had to prepare the technical requirements, and the three week consultation period available to market participants, did not provide sufficient time to thoroughly consider the impact the ESMA proposals will have on the market.
The Secondary Market Practices Committee established Operations and Rules Review groups to take forward work in these areas. The groups are working on a number of measures to reduce the impact of failed settlements
Contact: john.serocold@icmagroup.org

Asset management: ICMA's AMIC Solvency II Working Group has submitted a further response to the EIOPA Consultation Paper on Financial Reporting.
The Covered Bond Investor Council has published its response to the UK Regulated Covered Bond Investor Council on European transparency standards.
Contact: nathalie.aubry-stacey@icmagroup.org

Market infrastructure: Established at ICMA's instigation from the beginning of 2012, the Collateral Initiatives Coordination Forum (CICF) has been conceived as a joint trade associations' body, in order to facilitate appropriate coordination across the private sector of all collateral-related initiatives. CICF held its inaugural meeting on 30 January.
Contact: reposurvey@icmagroup.org

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

ICMA Regional Meeting
Frankfurt, 8 March
Contact: candice.weinrich@icmagroup.org

The Global Master Repurchase Agreement (GMRA) 2011 - briefing calls
ICMA members are invited to attend a series of regional briefing calls on the GMRA 2011 and the associated legal opinions.
Moscow, 28 February, 15:00
Lisbon, 14 March, 12.00
Dubai, 21 March, 14.00
(All times shown are local)
Registration in advance is essential.
Contact: laura.mann@icmagroup.org

Shadow banking, the repo market and regulation
ICMA roundtable discussion, London, 1 March 2012


Last year the Financial Stability Board (FSB) published its recommendations on strengthening oversight and regulation of shadow banking, with the regulation of securities lending/repo as one of the work streams defined in the report. ICMA's European Repo Committee (ERC) is actively engaging with the work which is now underway and has commissioned an academic study from Richard Comotto of the ICMA Centre at the University of Reading to provide greater understanding of what shadow banking is, how repo and securities lending is seen as fitting into this system and what regulators are contemplating for these markets.
ICMA members are invited to attend a lunchtime roundtable where the author will introduce his new work, focussing particularly on the repo market and its perception by regulators, the possible effects of current regulatory proposals and the macroeconomic risks of impairing the functioning of the repo market.

Register here ICMA members only

Self regulation - a renaissance?
ICMA roundtable discussion with international regulatory consultant Richard Britton
London, 6 March 2012


Legislators, regulators and market participants are viewing with growing concern the deluge of new regulation to which securities markets will be subject in the next few years. This will impose enormous pressures on the supervision and regulation of markets and the statutory regulators who are already constrained by their budgets. Could self regulation take some pressure off regulators and offer an efficient, flexible and responsive way forward? Now, while emerging regulation is in a state of flux, is the time to have the debate.
ICMA members are invited to attend a lunchtime roundtable and debate on the future for self regulation of markets, led by international regulatory consultant Richard Britton in conversation with John Serocold from ICMA's Regulatory Policy team.

Register here ICMA members only

ICMA Conference on Spain in the International Capital Markets, Madrid, 13 March
The half day conference, held in association with the ICMA Iberian Region, will review regulatory and economic developments in the international and Spanish capital markets. Featuring presentations by regulators and market experts on:
  • Current challenges for securities regulators
  • The future of government financing
  • EU Regulatory developments including: MIFID/MIFIR, short selling, market infrastructure and CSD regulation), CRAs, governance and crisis management.
  • How market trends and regulatory developments are changing the face of the domestic and international capital markets
  • The macroeconomic and risk outlook for 2012 and beyond
Register here

*Understanding the ICMA Primary Market Handbook (IPMA Handbook), London, 16 March
The 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.

Register here

ICMA Capital Markets Conference, Moscow, 29 March
In association with the National Securities Market Association (NSMA)
ICMA and NSMA jointly present a conference on developments in the international capital markets, regulatory trends and their implication for the Russian and CIS markets.
Expert sessions will assess: internationalisation of the Russian and CIS Capital Markets and the increasing demand for collateral in the market; as well as developments in the international repo markets.

Register here

*Global Master Agreements for Repo and Securities Lending Workshop, Copenhagen, 11-13 April
Presented by ICMA and ISLA
These two master agreements are the essential legal underpinnings of the closely-related repo and securities lending markets. The 3-day workshop will include a detailed review of each agreement, consider common legal issues, and highlight the growing similarities and remaining differences. There is a strong practical aspect to the workshop.

Register here

China Securities Summit, London, 17 April
In association with The National Association of Financial Market Institutional Investors (NAFMII)
NAFMII and ICMA are jointly hosting a one day conference in London on the increasing internationalisation of Chinese financial market and opportunities for international cooperation.
Senior level guest speakers from both Chinese and international capital markets will discuss a range of subjects including: developments in the Chinese bond and derivatives markets designed to attract international investors, opportunities for cooperation between Chinese and global financial institutions, the development of the offshore RMB markets, the role of Chinese banks in the global financial system and the sophisticated systems of risk control needed to preserve stable markets in challenging conditions.
The summit is offered free of charge to all qualifying financial market participants.
For more information and sponsorship opportunities, please contact Suzanne Atkins

ICMA CBIC & The Covered Bond Report Conference, Frankfurt, 10 May
The ICMA Covered Bond Investor Council (CBIC) and The Covered Bond Report will be jointly hosting the Covered Bond Investor Conference in Frankfurt, the first industry event designed to air and address investors' concerns.

Register here

ICMA AGM and Conference, Milan, 23-25 May
REGISTRATION NOW OPEN

The following confirmed keynote speakers will feature at the ICMA conference:
Jonathan Faull, Director General Internal Market and Services, European Commission
Klaus Regling, Chief Executive, European Financial Stability Facility
Xavier Rolet, Chief Executive, London Stock Exchange Group
Verena Ross, Executive Director, European Securities and Markets Authority (ESMA)

Major conference themes in 2012 will be:

  • Developments in global capital markets, regulatory change, the economic environment, bank and sovereign funding requirements.
  • The investor perspective - what are the overriding concerns for international asset managers?
  • The sovereign debt crisis - the issues that still need to be resolved and the possible means of achieving resolution, where do we stand in the second quarter of 2012?
  • The evolving framework for collateral movement in Europe.
  • The future of OTC markets in the context of regulatory change
Register here

Contact the ICMA Events team for sponsorship opportunities at discounted rates for members.

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

Part Ι: Introductory Programmes

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

Securities Operations Foundation Course (SOFC)
Brussels: 12-14 March 2012
Malaysia: 11-13 June 2012

Part ΙΙ: Intermediate Programmes

International Fixed Income and Derivatives (IFID) Certificate Programme
Sitges, Barcelona: 22-28 April 2012
Hong Kong: 24-30 June 2012

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

Primary Market Certificate (PMC)
London: 14-18 May 2012

Part ΙΙΙ: Specialist Programmes

Collateral Management
London: 8-9 March 2012

Commodities - An Introduction
London: 29 March 2012

Commodities - Trading and Investment Strategies
London: 30 March 2012

Corporate Actions - Operational Challenges
London: 3-4 May 2012

Credit Default Swaps (CDS) - Features, Pricing and Applications
London: 18-19 June 2012

Credit Default Swaps (CDS) - Operations
London: 20 June 2012

Derivatives Operations
Malaysia: 14-15 June 2012

Securities Lending & Borrowing
London: 19-20 April 2012

For details see www.icmagroup.org

IFBL / ICMA five year anniversary, Luxembourg, 7 March
IFBL and ICMA Executive Education are pleased to announce the five year anniversary of their partnership in holding the 'Financial Markets Foundation Course' (FMFC) in Luxembourg.
The partnership has delivered 122 graduates over its five year history and both ICMA and IFBL look forward to many more years of collaboration in education. A reception is being held at the premises of the Chamber of Commerce in Luxembourg to mark the occasion and celebrate the successful candidates.
Contact: customer@ifbl.lu
ICMA supported industry events 

The Economist Conferences 'Bellwether Europe - the European Capital Markets' summit, London, 10 May
Bellwether Europe, Economist Conferences' Capital Markets event will take place in London at The HAC on 10 May 2012. Chaired by Philip Coggan at The Economist, the event will gather 250 borrowers, investors, regulators and policymakers to map out key risks, identify safe havens and deliver solutions for creating balance in today's turbulent market conditions.
ICMA Members are entitled to a 20% discount on the registration fee. Simply enter ICMA when registering online. For more information visit www.bellwethereurope.com

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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, 2012. 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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