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ICMA | International Capital Market Association
Members Update | ICMA Update for Members September 2013
Our autumn schedule of events includes three long established meetings, which give our wider membership the opportunity to hear expert insights from three of ICMA's most active committees on the market trends and regulatory challenges in their sectors of the market. The European Repo Council is currently assessing a range of regulatory initiatives which look set to change the market in major ways, notably the recent recommendations on shadow banking regulation from the Financial Stability Board. These will be discussed at the meeting in October. Similarly the Primary Market Forum in November will outline the business and regulatory challenges for issuers and intermediaries in primary debt capital markets, while the Asset Management and Investors Council meeting in November will review current topics of interest to international asset managers. We are also launching a new series of ICMA Capital Market Lectures with eminent speakers from the industry in financial centres around Europe. All of these meetings are open to everyone who is an ICMA member.

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 July/August
Addleshaw Goddard LLP, London
China Construction Bank (London) Limited, London
Dealogic Limited, London
Deutsche Bank (China) Co., Ltd., Beijing
Dexia Crédit Local, Paris
K&H Bank Zrt., Budapest

These bring the total of new members admitted to ICMA membership in 2013 to 34. View a full list of ICMA member firms on our website.
Contact: sanaa.clausse@icmagroup.org
  New legal and regulatory helpdesk contact details
Our legal helpdesk is an established and well used resource for ICMA members who will be able to use the new numbers below to continue accessing guidance on our key market practice documentation. This includes the Primary Market Handbook, Rules and Recommendations for the Secondary Market, the Global Master Repurchase Agreement and its associated legal opinions and ICMA's conciliation and arbitration services.
From now on the numbers below can be used for easy access to our team of regulatory specialists who can provide up to date information on current or proposed financial regulation and how it impacts your business. We aim to cover our full range of policy areas in primary debt capital markets, short term markets including repo, secondary markets and asset management.
The helpdesk numbers will be answered by ICMA staff during normal business hours, usually 9.00 to 18.00. Outside those hours you can contact us through two dedicated e-mail addresses.

+ 44 20 7213 0341
+ 41 44 360 5237
For legal queries: legalhelpdesk@icmagroup.org
For market practice and regulatory policy queries: regulatoryhelpdesk@icmagroup.org
  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 ICMA European Repo Council has signed a Memorandum of Understanding with Clearstream, Euroclear and Eurex Clearing, which engages the three post-trade infrastructure providers in a joint project enabling their systems to work together to increase the efficiency of the repo market. The project primarily creates the opportunity for Eurex Clearing to extend the connected settlement locations for its secured funding market GC Pooling with Clearstream Banking to include Euroclear Bank. Pending completion of detailed feasibility studies and market consultation, triparty settlement interoperability is envisaged to be delivered by the end of 2015.
Contact: david.hiscock@icmagroup.org

Covered Bond Investor Council: ICMA's CBIC published a statement on covered bond rating methodologies in a challenging environment which encourages rating agencies to either act faster with regard to changes in their respective rating methodology in the light of the changing regulatory landscape, or to be more cautious in terms of communication and actual rating changes in the light of changing regulation for banks as issuers of covered bonds.

Investors with a dedicated interest in the covered bond asset class are invited to join a new CBIC working group, which has been set up to deal with existing and; if and when the need arises, new and innovative covered bond structures, with the aim of increasing the understanding of the nature of the specific innovation and to put it into context within already established structures and/or legislation. The ultimate goal of the covered bond Look Alike group 'Cola' is to develop a comprehensive set of criteria for investors to decide whether a new product which calls itself a covered bond is eligible for their individual covered bond portfolios/mandates.
Contact: annika.wahlberg@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 9 July 2013). The ICMA Quarterly Report for the Fourth Quarter is due to be published on 8 October 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
ICMA Regional Meetings
There will be a full schedule of regional meetings for members throughout Europe including the following:

Regional Committee Meeting and Roundtable on MiFID and Private Wealth Management Charter of Quality, Geneva, 4 October
Regional meeting and EMIR and Collateral conference, Milan, 7 November
Regional meeting and Collateral conference, Madrid, 11 November
Regional capital market regulatory update, Amsterdam, 21 November,

For more details please contact the ICMA Membership Department.

Contact: Candice.weinrich@icmagroup.org
  ICMA Events
ICMA Capital Market Lecture Series
ICMA is launching a series of series of lectures where distinguished financial market practitioners and regulators will speak on topical themes relevant to its members in financial centres around Europe. The following speakers have been confirmed so far:
Verena Ross, Executive Director, European Securities and Markets Authority (ESMA), London, 11 November
Thomas Wieser, President of the EU Economic and Financial Committee, Brussels, 18 November
Peter Praet, Chief Economist, ECB, London, 12 December;
ICMA members will shortly be receiving full details and invitations.
Contact: allan.malvar@icmagroup.org

Global Master Agreements for Repo and Securities Lending Workshop, Paris, 18-20 September
These two separate master agreements are the essential legal underpinnings for repo and securities lending markets respectively. 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
The 6th Annual Capital Markets Conference, organised jointly with Bundesverband der Wertpapierfirmen e.V. (bwf), will cover the latest proposals for regulatory and structural changes in the European securities market, including updates on MiFID II and MiFIR, the proposed Financial Transaction Tax and EMIR. Steven Maijoor, Chair, ESMA and David Wright, Chief Executive, IOSCO are among the featured speakers.

Register here

European Regulation: An Introduction for Capital Market Practitioners, London, 15 October
Global regulation of the banking industry and the wider financial services industry still dominates the agenda. For the banking industry the emphasis is on ensuring stability and ironing out the abuses of the past, through focusing on capital, liquidity and recovery and resolution planning.
This course aims to give practitioners a keener understanding of the current regulatory environment and alert them to areas of their own activities where the highest standards of integrity and professional business conduct must be maintained.

Register here

ICMA European Repo Council (ERC) General Meeting, London, 16 October
The ICMA European Repo Council General Meeting covers most aspects of the operation of the European repo markets, including recent regulatory and legal developments and is open to all in the repo community. The event will feature a keynote speech from David Rule, Chair of the FSB's shadow banking working stream on repo and securities lending, on the recently published FSB recommendations.

Register here

The 7th ICMA Primary Market Forum, London, 13 November
This half day conference brings together borrowers, syndicate banks, investors and law firms to discuss the business issues and regulatory developments affecting the issuance of international debt securities. The panel discussions will also review current legal and documentation issues and the outlook for the primary markets, including consideration of various funding options and associated challenges.

Register here

ICMA Asset Management and Investors Council (AMIC) Meeting & Seminar, London, 20 November
The ICMA Asset Management and Investors Council (AMIC) represents a broad range of international investors drawn from all sectors of the industry, including institutional asset managers, private banks, hedge funds, pension funds, insurance companies and sovereign wealth funds. The AMIC Council meeting is a one day conference open to international asset managers, and will review some of the major topics for the buy-side.

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

Level I: Introductory Programmes

Financial Markets Foundation Course (FMFC)
London, 6-8 November

Securities Operations Foundation Course (SOFC)
Brussels, 13-15 November

Level II: Intermediate Programmes

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

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

Level III: Specialist Programmes

An Introduction to Securitisation
London, 7-8 October

Collateral Management
London, 4-5 November

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

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

Fixed Income Portfolio Management
London, 25-26 November

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
Euromoney 4th Annual Prospectus Directive Conference, London, 24-25 September
Euromoney Legal Forums is pleased to present its 4th Annual Prospectus Directive conference, a key forum for regulators, issuers and intermediaries to come together to share knowledge & updates on how the revised prospectus regime is working in practice.
ICMA members are entitled to 10% discount, please quote ICMA2013 when booking.

7th Annual Collateral Management Conference, Amsterdam, 9-11 October
Europe's most prominent conference focused on collateral is back! With topics such as buy side challenges and best practices, innovation & regulation, CCP, OTC derivatives, automation & outsourcing.

II International Conference Polish Bond Market, Warsaw, 15 October
The conference will discuss the international financial environment, the strategy of macroeconomic regulation and management of public debt, the challenges in development of the corporate debt market, safety of investment in the Polish capital market and professional portfolio management.

TradeTech Post Trade 2013, London, 23-24 October
TradeTech Post Trade is the definitive clearing and settlement conference where regulators and key market participants from across the post trade value chain meet to network, find clearing, settlement and collateral solutions and exchange best practice on achieving cost efficient timely regulatory compliance.
ICMA members receive a 10% discount from the advertised price. Please quote ICMA10 when booking.

The 10th China International Finance Forum (CIFF), Shanghai, 27-28 October
The 10th China International Finance Forum (CIFF) will be held in Shanghai on 27-28 October 2013, with the theme "Financial Industry and Real Economy Development".
The forum includes keynote speeches, high-level discussions and round-table meetings.

The 3rd Annual Conference on the Future of RMB in the Global Financial Markets, London, 12 November
London's credentials as an offshore RMB centre have recently increased significantly. In January, SWIFT data showed that the UK transacted the most payments in RMB worldwide (excluding Hong Kong and mainland China) since June 2012. Across the 'western region' served by London as a financial centre – Europe, MENA and the Americas – we are seeing increasing trade flows with China, which could further stimulate the usage of RMB.
A 15% discount is available to ICMA members.

ASIFMA Annual Conference 2013: Developing Asia's Capital Markets, Hong Kong, 20-21 November
The two-day industry-wide conference is devoted to a unique opportunity for global and regional policy makers, high-level regulators and senior representatives from both sell-side and buy-side firms to meet and discuss important issues affecting the development of Asia's capital markets. Over 30 sponsors in the financial industry support the conference.
ICMA Members can enjoy the discounted registration fee of USD 850 per person.

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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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