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ICMA | International Capital Market Association
Members Update | ICMA Update for Members December 2012
This is the last monthly members' update of 2012 and we would like to thank all of you who have worked with ICMA, for your valuable input during the year. This has been a year of unprecedented activity for the Association, whether responding to the many official consultation papers affecting the securities markets, whether assessing and developing appropriate market practices, or whether providing seminars, round tables and conferences and executive education to more delegates than ever before.

All of these activities play a role in improving the efficiency and effectiveness of the international capital market and all of them involve significant participation from our members for which we are very grateful - your expert input and support are critical to ICMA's success.

We wish you a successful end to the year and are looking forward to working with you again in 2013.

Martin Scheck
Chief Executive

If you have any comments on this update or its contents please contact us at: TAcorporatecommunications@icmagroup.org
  ICMA membership 2012
As of the end of November, 29 members have so far been admitted in 2012, taking the total number to 430 member firms in 52 countries.

For more information about the benefits of ICMA membership:
Contacts: sanaa.clausse@icmagroup.org, membership@icmagroup.org
  Market Practice and Regulatory Policy update
European Banking Union and Structural Reform: ICMA's members - as issuers, lead managers, dealers and investors - have an interest in understanding and assessing the far reaching changes being implemented or under proposal in the banking sector in the EU, as well as in the US and internationally. We have compiled a list of relevant links to official sources of data only that we will also be updating from time to time.
Contact: nicholas.pfaff@icmagroup.org

ICMA has responded to the European Commission's consultation on the recommendations of the Liikanen High-level Expert Group on reforming the structure of the EU banking sector.
Contact: david.hiscock@icmagroup.org

Primary markets: DCM lawyers, documentation experts and syndicate heads met at the 6th annual ICMA Primary Market Forum on 15 November to discuss key developments in regulation and market practice and the outlook for debt capital markets in 2013. (IFLR coverage of the Forum.)
Contact: ruari.ewing@icmagroup.org

Repo markets: The remaining regulation of the Federal Service for Financial Markets of Russia (FSFM), which was a condition for the practical implementation of the close-out netting provisions and issuance of the legal opinion on the GMRA for Russia, was published on 15 October 2012 and came into force on 26 October 2012. The detailed procedures for reporting repo transactions and model repository services agreement are to be issued by the National Settlement Depository as an assigned trade repository (which is expected to start functioning shortly). ICMA will shortly finalise a legal opinion for Russia, a Russian Annex to the GMRA and a Russian translation of the GMRA 2011.
Contact: lisa.cleary@icmagroup.org

The 24th ERC Repo Survey is open to all who transact repo business in Europe. It will provide a 'snapshot' of repo business at the close of business on Wednesday, 12 December 2012. The deadline for submission of completed surveys is Friday, 11 January 2013. To participate, please click here.
Contact: erc@icmagroup.org

Secondary markets: Proposals for 2013 work streams including: the continuing monitoring and review of the Association's Secondary Market Rules and Recommendations; preparation for the changes being brought to the markets by the proposed CSD Regulation; and contribution to completion of proposals for reform of European markets included in MiFID II and MiFIR, have been agreed by the ICMA Secondary Market Practices Committee. Members wishing for more information should contact the committee secretary.
Contact: john.serocold@icmagroup.org

Asset management: The Asset Management and Investors Council, under the chairmanship of Bob Parker recently held a one day meeting and conference at Credit Suisse in London at which the future work programme for the Council was discussed. We will now, over the coming weeks together with the Executive Committee and the Secretariat of AMIC and ICMA, plan the work, meeting and event schedule for 2013, based on the discussions and ideas at the event, and will circulate the 2013 programme early in the New Year. If you would like to participate in any of the working groups or indeed as a speaker at future events, or have additional topics which you would like to add to the calendar for 2013, please do contact the secretariat for further details on how to participate in the AMIC.
Contact: annika.wahlberg@icmagroup.org

ICMA submitted a response to the European Commission's "Consultation Document on the Regulation of Indices".

We are currently working on responses to the following consultation to be submitted this month:
BBA consultation on LIBOR reforms; and European Commission consultation on non-bank financial resolution/recovery.
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 Fourth Quarter (published on 9 October). The next edition of the Quarterly Report will be published in early January

An ICMA Regulatory Grid which summarises proposed financial regulations affecting the cross-border securities market in Europe is available for download on the locked members' only area of the ICMA website. It is a working draft created by the ICMA Market Practice and Regulatory Policy team and was updated on 20 November.
  Forthcoming meetings and events
Professional Repo and Global Master Agreements for Repo Workshop, Moscow, 13-14 December
ICMA and the National Securities Market Association (NSMA) will jointly present this workshop covering the fundamentals of the repo product. The workshop will address the uses of repo and collateral by central banks, risk management, documentation and legal aspects, the impact of the crisis on the repo market and the latest developments in clearing and settlement.

Register here

ICMA Annual Ski Weekend, Zermatt, 11-13 January
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

Les Rencontres des Professionnels des Marchés de la Dette et du Change, Paris, 17 January
***Save the date***
The conference for fixed income professionals in the French marketplace, organised by the associations of Fixed Income Professionals, will provide the opportunity to discuss current topics and to enrich the debate on the evolution of our business over three round tables: Electronic platforms - essential gateway for the Industry? FX, bonds and money markets; what market funding for SMEs? and Is it still possible to invest without risk?

ICMA lunch meeting 'Euro area financial markets: where do we stand?' with guest speaker Benoît Cœuré, Paris, 18 January
ICMA members are invited to a lunch meeting of the association, where the guest of honour will be Benoît Cœuré, Member of the ECB's Executive Board. The meeting will take place at: Cercle National des Armées, 8, place Saint Augustin, 75008 PARIS from 11.00 to 14.00 and a buffet lunch will be served.
Confirmation of your attendance is essential as places are strictly limited.

Register here

ACI and ICMA 2013 Economic Summit and New Year's Event, Brussels, 31 January
organised by ACI and the ICMA Belgian region
This evening event in Brussels will as in previous years feature a panel of four prominent economists giving their views on the outlook for the coming year in different markets.

Register here

Japan Securities Summit, London, 5 February
organised by the Japan Securities Dealers Association (JSDA) assisted by ICMA
The 2013 Japanese Securities Summit will focus on the potential of Japanese securities and government bond markets for international investors. Presentations and panel discussions with the members of a high level delegation from Japan will feature the latest developments in Japanese securities markets, including the evolution of market infrastructure.

Register here

Global Master Agreements for Repo and Securities Lending Workshop, Frankfurt, 25-27 February
The workshop will include a detailed review of both legal agreements and their application, including coverage of the GMRA 2011, together with case studies; and the operational and basic legal characteristics of the repo and securities lending markets.

Register here

European Regulation: An Introduction for Capital Market Practitioners, London, 13 March
This one day, fast- track course on European regulation for capital market practitioners is aimed at sales people, traders, originators, syndicate personnel, and middle and back office staff who would benefit from a better understanding of the current regulatory landscape in the cross-border bond markets. The course provides updates on the major regulatory developments relevant to the market and considers recent case studies in the regulatory crackdown.

Register here

The ICMA Covered Bond Investor Council (CBIC) & The Covered Bond Report Conference, Frankfurt, 16 May
Following on from the success of last year's inaugural event, the 2013 Covered Bond Investor Conference will focus on topical investors' issues and will once again provide an ideal opportunity for those wishing to engage in a constructive dialogue with the buy-side. As with The Covered Bond Report website and magazine, the conference is free for relevant investors.

Register here

  ICMA Executive Education
Book now for these ICMA Executive Education courses in 2013

Part Ι: Introductory Programmes

Financial Markets Foundation Course (FMFC)
Luxembourg: 11-13 March 2013

Securities Operations Foundation Course (SOFC)
London: 18-20 February 2013
Brussels: 25-27 March 2013

Part ΙΙ: Intermediate Programmes

International Fixed Income and Derivatives (IFID) Certificate Programme
Sitges, Barcelona: 21-27 April 2013

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

Primary Market Certificate (PMC)
London: 13-17 May 2013

Primary Market Certificate (PMC) - Conventional and Sukuk Markets
Dubai: 3-7 February 2013

Primary Market Certificate (PMC) - Conventional and Offshore Renminbi Markets
Hong Kong: 4-8 March 2013

Part ΙΙΙ: Specialist Programmes

Collateral Management
London: 3-4 April 2013

Commodities - An Introduction
London: 25 March 2013

Commodities - Trading and Investment Strategies
London: 26 March 2013

Global Custody
London: 3-4 June 2013

Inflation-linked Bonds and Structures
London: 20-21 June 2013

Securities Lending & Borrowing
London: 29-30 April 2013

ICMA Executive Education Skills Courses

Successful Sales
London: 25-26 April 2013

Mastering Mandates
London: 21-22 February 2013

For a full 2013 course schedule see www.icmagroup.org/Training-Development
  ICMA supported industry events
VIII Annual International Repo Forum, Moscow, 11-12 December
The broad spectrum of topics and issues to be addressed at the forum will reflect the latest developments and innovations in the Russian financial industry, with regulation as a central theme. The program of the forum will include reports from well known experts in the securities market, regulators and representatives from the government sector, and practitioners from leading Russian and international financial institutions.

IFLR European In-House Counsel Summit, London, 24 January 2013
Join to learn about M&A, capital markets and competition. Discuss liability management, dispute resolution, corporate governance, employment and IP. Connect with over 250 in-house counsel from top multinational corporations and banks.
FREE for in-house counsel.

European Financial Management Association Conference 2012, Reading, 26-29 June 2013
The ICMA Centre, Henley Business School, will be hosting the 2013 European Financial Management Association (EFMA) annual meeting, one of the largest and most prominent academic conferences in finance in Europe.

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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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