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ICMA | International Capital Market Association
Members Update | ICMA Update for Members September 2012
The next three months promise renewed regulatory activity affecting key business areas for our core membership in international securities markets, with developments expected on: the MiFID review, treatment of 'shadow banking' activities including repo and the proposed CSD regulation which will see shortening of the settlement cycle. We have put together a programme of events and courses for the latter part of 2012 which aim to keep our members fully informed on the likely consequences of these measures and to encourage their interaction with these issues.

Martin Scheck
Chief Executive

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

Ali Budiardjo, Nugroho, Reksodiputro (ABNR), Jakarta
Bank Nederlandse Gemeenten N.V., The Hague
BRED Banque Populaire, Paris
Carax S.A., Paris
Dragon Capital (Cyprus) Limited, Nicosia
Goldman Sachs Asset Management International, London
Goldman Sachs Bank OOO, Moscow
Kommuninvest i Sverige Aktiebolag, Örebro
Mayer Brown International LLP, London
Pictet & Cie (Europe) S.A., Luxembourg
The International Securities Lending Association (ISLA), London

These new additions bring the number of ICMA members to 429 in 51 countries.
For more information about the benefits of ICMA membership: sanaa.benabdelhadi@icmagroup.org


Repo markets: ICMA's European Repo Council (ERC) published its 23rd European Repo Market Survey in August. The survey showed a decline in the amount of repo business outstanding since the date of the last survey in December 2011, attributable to the availability of the ECB's LTRO funding to banks in Europe. The survey's author held a briefing call for members; a recording of the call is available from the ICMA website.
Contact: erc@icmagroup.org

The ICMA ERC General Meeting hosted by Nomura International plc in London will take place on Thursday, 27 September. The agenda for the meeting covers most aspects of the operation of the European repo markets, including recent regulatory and legal developments, and features keynote speeches from: David Rule, Chair of the FSB's shadow banking work stream on repo and securities lending and Patrick Pearson, Head of Unit, Financial Markets Infrastructure, DG Internal Market and Services, European Commission. The meeting is open to all in the repo community.
Contact: erc@icmagroup.org

Secondary markets: With MiFID II going to a vote in the European Parliament at the end of this month and further developments expected on its bond market transparency provisions in Q4, ICMA is planning a series of events around Europe to update members on progress with MiFID so far and what we can expect in the future. These will also examine the future of the 'dealer model' in the light of regulatory changes affecting the traditional OTC market for international securities.
Contact: john.serocold@icmagroup.org

Asset management: 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. ICMA member firms who would like to become actively involved in the AMIC should contact allan.malvar@icmagroup.org for more information.
ICMA jointly with the ABBL Private Banking Group Luxembourg is organising a private banking workshop in Luxembourg on 4 October.
Contact: nathalie.aubry-stacey@icmagroup.org

Market infrastructure: The Collateral Initiatives Coordination Forum will hold its third meeting on 27 September in London.
Contact: david.hiscock@icmagroup.org

ICMA has responded to the consultation on the Wheatley Review of LIBOR, commissioned by the UK Chancellor of the Exchequer, focusing on those few points of most direct relevance to the international capital market.

We are currently working on responses to the following consultations to be submitted this month:
ECON: Questionnaire re: LIBOR/EURIBOR
HMT 'Financial Sector Resolution: broadening the regime'
CPSS/IOSCO consultation re recovery & resolution of FMIs
BCBS/IOSCO consultation re margin on non-CCP derivatives
Contact: david.hiscock@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)

*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 Belgium Committee Summer Barbecue, Antwerp, 27 September
ICMA members in Belgium are invited to the annual summer barbecue organised by the ICMA Belgian Region.

Register here

New Regulatory Policy Training Workshop, London, 19 October
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.
Contact: gemma.fisher@icmagroup.org

Register here

ICMA Gulf Region reception, Dubai, 5 November
The reception for capital market participants is being held at the Capital Club in Dubai to introduce the new ICMA Gulf Regional Committee members. The Committee is chaired by Saeed Wajdi, Head the Institutional Coverage and Primary Markets Group National Bank of Abu Dhabi.
Contact: jade.abbott@icmagroup.org

Primary Market Forum, London, 15 November
***Save the date***
ICMA's Annual Primary Market Forum looking at regulatory, legal and economic developments affecting issuance in the international debt capital markets will be held in London.
Contact: shannelle.rose@icmagroup.org

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.

*Understanding the ICMA Primary Market Handbook (IPMA Handbook), London, 29 November
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.

Register here

ICMA Annual 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


Book now for these ICMA Executive Education courses in September and October

Part Ι: Introductory Programmes

Financial Markets Foundation Course (FMFC)
Luxembourg: 24-26 September 2012

Securities Operations Foundation Course (SOFC)
London: 24-26 September 2012

Part ΙΙ: Intermediate Programmes

International Fixed Income and Derivatives (IFID) Certificate Programme
Sitges, Barcelona: 28 October - 3 November 2012

Part ΙΙΙ: 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

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

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

ICMA Executive Education Skills Courses

Mastering Mandates
London: 27-28 September 2012

For a full 2012/2013 course schedule see www.icmagroup.org/Training-Development

6th Annual Collateral Management Conference
Amsterdam, 9-10 October

Actual losses, new central clearing requirements and global regulatory standards are directly affecting banks, asset managers, insurance companies and collateral players. To help businesses excel in managing their collateral, Fleming Europe has organized the 6th Annual Collateral Management.

The following topics will be discussed:

• New challenges in collateral management
• Best practice for the OTC derivatives collateral process
• CCP use of collateral under Basel III / EMIR / Dodd-Frank
• Liquidity aspects
• Automating the post-trade processing chain
• Selecting the best strategies and technology to meet collateral demands
• Crisis Management - default of a counterparty
• Dispute resolution
• How does the Collateral Management approach of asset managers change?
• Securities lending - a different world
• Repo - a lifeline to liquidity?

For further information and to register, please click here

Capital markets seminar - "The evolving Japanese Capital Markets"
Tokyo, 12 October

Co-hosted by The World Bank and Japanese Securities Dealers Association
Co-sponsored by Tokyo Stock Exchange Group, Inc

ICMA members who are attending the World Bank Meeting in Tokyo are invited to attend this half day seminar organised by the Japanese Securites Dealers Association (JSDA)

Click here for details of the draft programme and registration.

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This communication is presented by the International Capital Market Association (ICMA). ICMA believes that the information contained in the communications 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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