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ICMA | International Capital Market Association
Members Update | ICMA Update for Members June 2013
This last month has been particularly busy for ICMA with a number of major conferences - the Covered Bond Investors Conference in Frankfurt, our AGM and Conference in Copenhagen (more of that below) and a large scale academic conference we organised on the future of the repo market. At the same time we have remained focused on the major market practice and regulatory issues facing our members and in particular the European Commission's proposal for a Financial Transaction Tax and its negative consequences for financial markets (and ultimately for the real economy of Europe), if it were to be implemented in the 11 EU countries as proposed. ICMA has provided informed and authoritative research at an early stage in the debate, which has drawn attention to the particularly damaging impact of the tax on the repo market, and the resulting problems for the primary and secondary markets and the real economy. The FTT was perhaps inevitably the single most discussed topic at our recent AGM and Conference last month and was the main theme of an ICMA regional meeting in Paris at the beginning of June.

We are also continuing our work using our recent publication - The economic importance of the corporate bond markets - to explain to regulators, politicians and the public at large that it is vital that forthcoming regulation supports the development of the bond markets since society is requiring them to play a greater role in funding the economy in the face of constrained bank lending.

During the first half of 2013 we have been refreshing and updating our education offering and are continually adding to our autumn programme of courses. Please keep an eye on our website for these and note that you can already reserve a place on ICMA Executive Education's flagship introductory and intermediate courses.

Martin Scheck
Chief Executive, ICMA

If you have any comments on this update or its contents please contact us at: corporate.communications@icmagroup.org
  New ICMA members in June
AFS Interest B.V.
Bank of Singapore Limited
Close Brothers Seydler Bank AG
Crelan S.A.
Inter-American Development Bank
Millennium Fixed Income, Ltd.
Morgan Stanley Bank AG
Suncorp-Metway Limited
The Norinchukin Bank London Branch
URALSIB Securities Limited
VP Securities A/S

Contact: sanaa.clausse@icmagroup.org
  45th ICMA AGM and Conference in Copenhagen, 22–24 May
More than 700 delegates joined us for our 45th Annual General Meeting and Conference in Copenhagen in May, where they heard expert updates on many of the current issues affecting global markets, notably the proposed Financial Transaction Tax, as well as prospects for European Banking Union, the challenges facing the asset management industry and regulatory developments which will impact the secondary OTC markets. Conference speeches and presentations are available via our website – please click here to view. Our thanks go to our members for their continued support and to our sponsors and exhibitors, especially our gold sponsors Danske Bank and Nordea, who ensured the success of this year's event. We hope you will be able to join us for the 46th ICMA AGM and Conference in 2014, which will take place in Berlin from 4-6 June.
  Elections to the ICMA Board
At the ICMA AGM on 23 May the following members were elected to the ICMA Board: Cyrus Ardalan, Barclays Bank plc; Godfried De Vidts, ICAP; Maxim Safonov, Sberbank of Russia and Hakan Wohlin, Deutsche Bank AG. Massimo Mocio, Banca IMI S.p.A, was re-elected for a second term. Spencer Lake, HSBC, became Deputy Chairman and Hakan Wohlin, Deutsche Bank, Vice Chairman of the ICMA Board. For the full composition of the ICMA Board please click here.
  New ICMA regional chair
We are very pleased to welcome Henk Rozendaal of Cooperatieve Centrale Raiffeisen Boerenleenbank BA as the new regional chair of the ICMA Netherlands region. Our thanks go to Karin Saakstra, ING, who was regional chair for many years.
  Senior representatives
A number of senior individuals with market experience at the highest levels, many of whom are former ICMA Board members, have been chosen to serve as informal ambassadors for ICMA.
They are: Martin Lee-Warner, Henrik Normann, Jean-Pierre Wellens, John Eldredge, Brian Lawson, Luc Caytan, Nis Bruun, Rodolfo Fischer, Philippe Musette, Cees Bijloos and Robert Gray.

  Market Practice and Regulatory Policy update
For a full list of ICMA's Market Practice and Regulatory Policy experts and their areas of expertise click here.

Repo markets: The European Repo Council (ERC) commissioned a paper on the systemic importance of collateral as a supplement to an earlier paper on the impact of the FTT on the repo markets both of which received wide coverage as part of the industry's response to the FTT proposal.
A recent ICMA ERC conference on: The Future of the Repo Market, brought together 200 experts from universities, regulatory agencies and the market to reassess the role of repo in the financial crisis, consider whether proposals for macro-prudential regulation of the repo market will achieve their aims, and weigh the impact of new regulation, economic and financial constraints and emerging technologies on the structure and efficiency of the repo market in Europe and beyond. Presentations from the conference are available from the ICMA website.

ICMA ERC has submitted comments to CPSS/IOSCO in relation to their joint consultative report regarding "Authorities' access to trade repository data".
Contact: david.hiscock@icmagroup.org

ICMA has published the 2011 Global Master Repurchase Agreement Protocol (Revised)
Contact: lisa.cleary@icmagroup.org

The next ICMA ERC European Repo Survey, the results of which will be published in July, will be based upon repo business outstanding in Europe on 12 June. All firms taking part in repo activity in Europe are invited to contribute.
Contact: erc@icmagroup.org

Asset management: The Covered Bond Investors conference, held in Frankfurt last month in association with the Covered Bond Report, featured a presentation by Ulrich Bindseil, Director General, Market Operations, European Central Bank, on the ECB's perspective of this market. AMIC is currently preparing to comment on the Commission's Green Paper on long-term investment.
Contact: annika.wahlberg@icmagroup.org

Financial benchmarks: ICMA has submitted comments to IOSCO's consultation regarding principles for benchmarks
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 Second Quarter (published on 9 April 2013). The ICMA Quarterly Report for the Third Quarter is due to be published on 9 July 2013.

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 provided by the ICMA Market Practice and Regulatory Policy team and is periodically updated.
  Forthcoming meetings and events
ICMA Regional Meetings

The following regional meetings are open to ICMA members only. For more details please contact the ICMA Membership Department.
Austrian regional committee meeting, Vienna, 27 June
Regional lunch for ICMA members in Dublin, 16 July
Contact: Candice.weinrich@icmagroup.org

  ICMA Events
Regulatory Developments in Financial Markets - an ICMA seminar, Vienna, 27 June
This half day seminar on regulatory developments will bring together policy experts, regulators and market participants to consider recent progress on aspects of the international regulatory agenda and how the latest proposals will impact the financial system.

Register here

Global Master Agreements for Repo and Securities Lending Workshop, Paris, 18-20 September
The workshop includes 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

6th Annual bwf and ICMA Capital Markets Conference, Frankfurt, 1 October

Understanding the ICMA Primary Market Handbook, London, 29 October
This half-day workshop on the scope and application of the recommendations in the ICMA Handbook will benefit anyone who works in the origination and syndication areas of investment banks and securities houses and capital markets lawyers or compliance staff involved in the primary markets.

Register here

The 7th ICMA Primary Market Forum, London, 13 November

  ICMA Executive Education
Book now for these ICMA Executive Education courses

Level I: Introductory Programmes

Financial Markets Foundation Course (FMFC)
Luxembourg, 23-25 September 2013
London, 6-8 November 2013

Securities Operations Foundation Course (SOFC)
London, 11-13 September 2013
Brussels, 13-15 November 2013

Level II: Intermediate Programmes

International Fixed Income and Derivatives (IFID) Certificate Programme
Next residential course:
Barcelona: 27 October-2 November 2013

Primary Market Certificate (PMC)
London, 25-29 November 2013

Level III: Specialist Programmes

Collateral Management
London, 4-5 November 2013

Credit Default Swaps (CDS) - Pricing, Applications & Features
London, 27-28 November 2013

Credit Default Swaps (CDS) - Operations
London, 29 November 2013

Inflation-linked Bonds and Structures
London, 24-25 October 2013

Securitisation - Structuring and Valuation
London, 7-8 October 2013

ICMA Executive Education Skills Courses

Mastering Mandates
London, 23-24 September 2013

Successful Sales
London, 2-3 December 2013

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

  ICMA supported industry events
The Global Borrowers & Investors Forum, London, 25-26 June
Euromoney's flagship event, the Global Borrowers & Investors Forum, will take place on 25-26 June 2013. For over 20 years, the Forum has been the must-attend event for the primary debt markets. Bringing together over 800 of the world's biggest and most important issuers and bond buyers, the Forum remains the place to meet the market – to see and be seen.

European Financial Management Association Conference 2013, University of Reading, 26-29 June
The conference expects to see close to 300 papers presented and discussed over the 4 days and the programme will include plenary sessions which will address timely and important finance issues. The confirmed keynote speaker for the conference is Professor John Campbell, Chair of the Economics Department at Harvard University.

3rd Africa Debt Capital Markets Summit, London, 27 June
Join the premier event looking at the development of African debt capital markets. Meet and get up to date knowledge from current and prospective investors and issuers, African ministers of finance and central bank governors, investment banks, and risk and legal advisers.
ICMA members receive a 10% discount.

IV Annual Cbonds Fixed Income Conference: Russia, CIS & CEE, London, 12-13 September
One of the biggest London-based events on Russia, CIS and CEE fixed income markets steadily gathering over 170 delegates representing more than 100 companies across the deal chain.
Register before July 31 to get 10% early bird discount!

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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, 2013. 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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