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Members Update | ICMA Update for Members July 2012
ICMA Update for Members July 2012

ICMA is continuing to provide information and guidance to members on aspects of the euro crisis. Recent briefing calls, delivered with Clifford Chance, have covered prudent contingency planning for euro exit and legal issues around counterparty default. We aim to respond quickly to members' concerns by organising regular briefing calls as circumstances dictate, please do contact us if you have identified areas where we can assist.

Martin Scheck
Chief Executive
ICMA


If you have any comments on this update or its contents please contact us at: TAcorporatecommunications@icmagroup.org
New ICMA members in July 

Amundi, Paris
Banca Fideuram S.p.A., Rome
Bank Polska Kasa Opieki SA, Warsaw
BRE Bank Spólka Akcyjna, Warsaw
Caisse des dépôts et consignations, Paris
DLA Piper UK LLP, London

These new additions bring the number of ICMA members to 418 in 50 countries. For more information about the benefits of ICMA membership:
Contact: sanaa.benabdelhadi@icmagroup.org
ICMA Regions 

ICMA Gulf Region
The Gulf is one of ICMA's fastest growing regions in terms of number of members and its requirement for expertise in international capital market activity. The new Gulf Regional Committee has just agreed a programme of events to be put together by ICMA working with member firms in the region to promote better understanding of capital markets practice by market participants and regulators. The first event will be an evening reception on 5 November in Dubai to introduce the members of the Regional Committee.
ICMA Executive Education has already run a series of successful courses in the area and has scheduled 3 courses in Dubai, including: Securities Lending & Borrowing, 25-26 November; Global Custody, 28-29 November and a Primary Market Certificate Programme, 3-7 February 2013 (in cooperation with Thomson Reuters).

ICMA Gulf Regional Committee
Committee Chairman - Saeed Wajdi, Head Institutional Coverage and Primary Markets business, National Bank of Abu Dhabi
Vice Chairman - Amr Ghadallah, Group Treasurer, Arab Banking Corporation (B.S.C.)
Nadeem Abbasi, Group Head of Treasury, Al Khalij Commercial Bank (al khaliji) Q.S.C.
Tarek Lotfy, Managing Director, Arqaam Capital Limited
Rod Gordon, Vice President, Debt Capital Markets, Gulf International Bank B.S.C
Farhan Malik, Assistant Vice President, Debt Capital Markets, Gulf International Bank B.S.C
Amer Alhuneidi, Vice President, Gulf Investment Corporation
Akshay Randeva, Director Strategy Development, Qatar Financial Centre Authority (QFCA)
Mona Zein Eldin, Head of Financial Institutions & Structured Finance, Union National Bank PJSC
Contact: allan.malvar@icmagroup.org

ICMA in Ukraine
ICMA recently signed a Memorandum of Understanding with the Securities Market Partnership Association (SMPA), one of the largest and most influential associations of the professional securities market participants in Ukraine. One of the main objectives of the MoU is for the two associations to work together in support of development of the Ukrainian repo market. A one day event was organized in Kiev on "The Repo Market: International Best Practice and Ukraine" by ICMA, the Financial Sector Development Project of USAID (FinRep) and the Securities Market Partnership Association.
Market Practice and Regulatory Policy update 

Repo markets: ICMA's European Repo Council (ERC) has published an updated version of its repo margining guidelines and also a note on the calculation of interest in floating rate repos.
Contact: david.hiscock@icmagroup.org

A new ICMA GMRA legal opinion has been published for Qatar, available to ICMA members only.
Contact: lisa.cleary@icmagroup.org

A briefing call was provided by Clifford Chance for member firms to cover some of the relevant legal issues around counterparty default , with particular reference to the operation of industry standard master agreements including the GMRA, was held with Clifford Chance. A recording of the call and associated presentation is available from the ICMA website
Contact: leland.goss@icmagroup.org

The ERC is updating its contact list; both ICMA members and non-members are invited to sign up to receive mailings related to ERC's work in the repo markets here.
Contact: leonie.scott@icmagroup.org

Primary markets: ICMA has published ICMA Recommendation 1.32 on New Issue Processes and revised ICMA Explanatory Note XIII on Pre-sounding, Bookbuilding and Allocations, as part of the ICMA Primary Market Handbook.
Contact: ruari.ewing@icmagroup.org

A major review of the ICMA Primary Market Handbook is under way with the aim of reorganising the material to make it more accessible and allowing future amendments to be incorporated more easily. It will also ensure that the Handbook remains consistent with all relevant EU Directives.
Contact: lalitha.colaco-henry@icmagroup.org

Secondary markets: We are organising a meeting in mid-September with Monte Titoli, the Italian settlement system, to discuss their strategy, T2S plans, harmonisation of processes and their plan to improve settlement. A 'listen-in' facility will be offered for operations professionals and others with an interest at member firms if there is demand.
Contact: john.serocold@icmagroup.org

Asset management: ICMA's Asset Management and Investors Council (AMIC) has responded to the EC on its Green Paper on shadow banking and shared its concerns regarding the definitions of the term 'shadow banking' and its potential effects on the asset management industry.
The ICMA Covered Bond Investor Council (CBIC) has given feedback to the ECB and the EMF on the ECBC Covered Bond Label Initiative.
Contact: nathalie.aubry-stacey@icmagroup.org

An AMIC Council Meeting will be held in London on 23 November, this will be open to all asset managers who are interested in issues affecting the cross-border industry, including the regulatory aspects. It is open to AMIC Council members, ICMA members and other members of the international asset management community.
ICMA member firms who would like to become actively involved in the AMIC should contact allan.malvar@icmagroup.org for more information.

Bank capital: ICMA has responded to the questions enumerated in the European Banking Authority (EBA) Consultation Paper on Draft Regulatory Technical Standards on Own Funds.
Contact: katie.kelly@icmagroup.org

More detailed information on ICMA Market Practice and Regulatory Policy work can be found in the ICMA Quarterly Report for the Third Quarter (published on 4 July)

A recording of the Quarterly briefing call for members on aspects of the ICMA work programme detailed on the quarterly report can be accessed at icmagroup.org (ICMA members only).
Upcoming meetings and events 

*Global Master Agreements for Repo and Securities Lending Workshop, Zurich, 19-21 September
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
* Course/workshop accredited under the Solicitors Regulation Authority (formerly The Law Society's) CPD Scheme

5th Annual bwf and ICMA Capital Markets Conference - A New Round of Financial Regulation, Frankfurt, 25 September
This one day conference will include discussions on recent regulatory and structural changes in the European securities market, particularly the proposed EU Financial Transaction Tax, the MiFID II/MiFIR legislation, the Basel Trading Book Review and the upcoming EU Regulation on short selling. At a time when the many global and European regulatory initiatives are still developing, this is an opportunity to hear from leading policymakers and experts about the issues shaping European and global markets.
Register here
Conference offered free of charge to ICMA members and qualifying financial market participants

ICMA Belgian Committee Summer Barbecue, Antwerp, 27 September
ICMA members in Belgium are invited to the annual summer barbecue.
If you wish to attend this event, please send an e-mail to icmabelgium@icmagroup.org by Wednesday, 19 September.

New Regulatory Policy Training Workshop, London, 18 October
***Save the date***
ICMA will be running its first regulatory policy workshop, giving an overview of the current state of the EU regulatory landscape at its offices in London. The workshop is intended to give individuals working in different business areas within a bank, rather than government relations or compliance experts, a clearer picture of how forthcoming regulation will affect the market.

*Understanding the ICMA Primary Market Handbook (IPMA Handbook), London, 29 November
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 Professional Repo and Collateral Management Course 2012, London, 20-21 November
This ICMA ERC run course caters to the needs of professional repo market participants. It features a blend of presentations from experienced practitioners who are actively involved in the repo market on 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.
Register here
The 2012 ICMA Professional Repo and Collateral Management Course is sponsored by Fitch Solutions.

ICMA Annual Charity Ski Weekend, Zermatt, 11-13 January 2013
organised by the ICMA Switzerland and Liechtenstein region
For almost 40 years, the ICMA Region of Switzerland & Liechtenstein has organised an annual ski event for ICMA member firms. The charity ski weekend is open to ICMA's entire global membership.
Register here

ICMA Annual General Meeting and Conference 2013, Copenhagen, 22-24 May 2013
***Save the date***
The International Capital Market Association's Annual General Meeting and Conference is a long-established and unique event in the financial market calendar. With high calibre speakers from governments, regulatory authorities, central banks and financial institutions, it consistently draws a large audience of high level participants from ICMA's international membership and the wider financial community. If you have any queries or would like to enquire about sponsorship, exhibitor and media partner opportunities, please contact the ICMA Events team.
ICMA Executive Education 

ICMA Executive Education Diploma - extension for pre-2011 Level II graduates
Due to a great level of interest from candidates wishing to complete their ICMA Executive Education Diplomas, the deadline has been moved to 31 December 2012.

This applies to any candidate who has attended and successfully passed any of the following Level II programmes on or before 31 December 2010:

• International Fixed Income and Derivatives (IFID) Certificate Programme
• Operations Certificate Programme (OCP)
• Primary Market Certificate (PMC)

To obtain the Diploma, you must attend any two Level III programmes in your chosen Diploma pathway. All Level III programmes are one to two days in length and are not examined. Note there will be no further extension of this final deadline.
Contact: david.senior@icmagroup.org

Book now for the following ICMA Executive Education courses
Part I: Introductory Programmes
Financial Markets Foundation Course (FMFC)
Luxembourg: 24-26 September 2012
London: 26-28 November 2012

Securities Operations Foundation Course (SOFC)
London: 24-26 September 2012
Brussels: 12-14 November 2012

Part II: Intermediate Programmes
International Fixed Income and Derivatives (IFID) Certificate Programme
Hong Kong: 26 August - 1 September 2012
Sitges, Barcelona: 28 October - 3 November 2012

Operations Certificate Programme (OCP)
Brussels: 17-23 March 2013

Primary Market Certificate (PMC)
London: 19-23 November 2012

Primary Market Certificate (PMC) - Dubai version
Dubai: 3-7 February 2013

Part III: Specialist Programmes
Collateral Management
London: 11-12 October 2012

Corporate Actions - An Introduction
London: 16-17 October 2012

Derivative Credit Risk - Analysis and Management
London: 30-31 October 2012

Derivatives Operations
London: 10-11 December 2012

Fixed Income Portfolio Management
London: 22-23 November 2012

Global Custody
Dubai: 28-29 November 2012

Inflation-linked Bonds and Structures
London: 22-23 October 2012

Securities Lending & Borrowing
Dubai: 25-26 November 2012

Technical Analysis and Inter-Market Trading
London: 13-14 September 2012

Trading & Hedging Short-Term Interest Rate Risk
London: 5-6 November 2012

Trading the Yield Curve with Interest Rate Derivatives
London: 7-8 November 2012

ICMA Executive Education Skills Courses
Mastering Mandates
London: 27-28 September 2012

Successful Sales
London: 8 - 9 November 2012

For details see www.icmagroup.org/Training-Development
The Banker - subscription offer for ICMA Members
ICMA thanks The Banker for its support of the 2012 AGM. The Banker is the world's premier banking and finance resource, providing global financial intelligence since 1926. The Banker is offering an annual subscription to ICMA members at a 15% discount on the usual rate.
Contact: shannelle.rose@icmagroup.org
ICMA supported industry events 

Bond China Congress, 4-5 September
Bond China Congress 2012 is poised to gather above 200 delegates from both Chinese and international capital markets to focus on developments in the Chinese bond market including the regulatory reform.
Contact Mr. Leo Lan at leo.lan@shinemediaworld.com or telephone +86 21 5242 8098 or visit bondchina.shinemediaworld.com

3rd Prospectus Directive Conference, 26-27 September, London
The Prospectus Directive Amending Directive, effective from 1st July 2012, will make a number of far- reaching changes to the Prospectus Directive regime. With key measures including revised provisions for prospectus summaries and final terms, as well as revisions to the disclosure requirements, issuers will need to ensure they are fully up to speed and compliant with the areas that affect their business.
Book before 20th August 2012 and save £200 on the standard price. Contact Lavinia Advani at ladvani@euromoneytraining.com.

The 10th Brazil Issuers & Investors Forum (BIIF): Innovation in the Debt Capital Markets, 27-28 September
Caesar Park Faria Lima, Sao Paulo, Brazil
This two day conference will focus on exploring all the aspects of debt financing for Brazilian corporate, financial, sovereign/quasi-sovereign issuers.
Contact Silvana Maldonado at smaldonado@latinfinance.com or telephone +86 21 5242 8098 or visit www.latinfinance.com/BIIFicma

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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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