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ICMA | International Capital Market Association
ICMA Update for Members November 2013
This month I am pleased to be able to introduce Mushtaq Kapasi as the head of ICMA's new representative office in Asia - please see below for the contact details. Our Hong Kong office gives us a physical presence in the region to support our rapidly increasing membership and allows us to build on long term existing relationships. We will be placing particular emphasis on developing the use of international standard market practices for bond and repo markets, many of which are already widely used in Asian markets. We are also looking to extend the ICMA Executive Education offering in the region.

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 September/October
KommuneKredit, Copenhagen
Mitsubishi UFJ Securities (HK), Limited, Hong Kong
Mitsubishi UFJ Securities (USA), Inc., New York
Paul Hastings (Europe) LLP, London
Raiffeisen Bank S.A., Bucharest

View a full list of ICMA member firms on our website.
Contact: sanaa.clausse@icmagroup.org
  ICMA opens Asia Pacific representative office in Hong Kong
ICMA has opened a new Asia Pacific representative office in Hong Kong and Mushtaq Kapasi has been appointed to lead ICMA's work in Asia Pacific and to run the office. Mushtaq has been based in Hong Kong since 2002, engaged in senior strategy, capital market and legal roles, most recently as Head of Strategy, Asia Pacific for UBS. In his new role he will direct ICMA's regulatory policy and market practice efforts, as well as marketing, communication, education and development work for ICMA in the region.

ICMA Hong Kong Representative Office,
Unit 3603, Tower 2, Lippo Centre,
89 Queensway Admiralty,
Hong Kong
Phone: +852 2537 1299. E-mail: mushtaq.kapasi@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: ICMA is pleased to report the adherence of three parties to the 2011 Global Master Repurchase Agreement Protocol (Revised). The protocol enables parties to amend certain terms of their existing GMRA documentation to reflect certain provisions of the GMRA 2011 and to insert a definition of euro, on a multilateral basis.
Contact: lisa.cleary@icmagroup.org

The European Repo Council general meeting held in London on 16 October was attended by over 150 market participants who heard a keynote presentation from David Rule of the UK PRA and Chair of the Financial Stability Board's Workstream on Securities Lending and Repos. This presentation and others from the event including a report on the latest ICMA ERC Repo Survey are available from the ICMA website.
Contact: erc@icmagroup.org

ICMA continues its work on implementation of close out netting in Russia where the requirement on mandatory reporting of the repo trades came into force on 5 November 2013. Starting from this date all repo trades entered into under relevant master agreements (including transactions under the GMRA) must be reported to a Russian trade repository. In the event of the insolvency of a Russian counterparty, close-out netting is calculated on the basis of the information held by a trade repository. To raise awareness of the legal and operational implications of these developments, ICMA would like to invite its members to attend the following professional events:
29 November 2013, London - Seminar on Repurchase and Derivatives Transactions in Russia: Legal and Regulatory Matters with Focus on Reporting to Trade Repositories and Close-out Netting, to be held at the EBRD's headquarters in London.
11-12 December 2013, Moscow - IX International Repo Forum organised by the National Securities Market Association, Russia.
Contact: sergiy.burnus@icmagroup.org

Primary markets: The recent vote of the European Parliamentary Committee on proposed new rules for packaged retail investment products (PRIPS) is likely to cause further delay in the implementation of the legislation. ICMA's Director of Primary Markets, Ruari Ewing argues in a letter to the Financial Times that some of the ideas being advanced before Parliament in the packaged retail investment products (PRIPS) dossier might actually be detrimental to retail investors.
Contact: ruari.ewing@icmagroup.org

ICMA hosted a Corporate Issuer Forum (CIF) meeting in London on 23 October. The discussion ranged from a qualitative question and answer session on practices, procedures and trends in EMTN Programmes and associated issuance to a debate on changes in rating methodology for corporate issuers. Attendance and output at the CIF remain high due to a relevant, member-led agenda and engagement at a senior level.
Contact: katie.kelly@icmagroup.org

Secondary markets: A lunchtime roundtable for ICMA members on The future of secondary bond market trading in Europe was held in the ICMA London office, led by Professor Brian Scott-Quinn of the ICMA Centre, University of Reading with the participation of representatives from bond trading platforms. The debate ranged across the benefits of the seemingly inexorable move of bond trading from OTC to electronic systems to the role of investors as providers of liquidity in the secondary market. Professor Scott-Quinn's original paper on The role of the buy side in pricing and liquidity provision in European corporate bond market trading is available from the ICMA website.
Contact: john.serocold@icmagroup.org

Asset management: The Asset Management and Investors Council (AMIC) work programme for 2014 will be discussed at the forthcoming AMIC meeting on 20 November.
Contact: annika.wahlberg@icmagroup.org

ICMA's Covered Bond Investor Council (CBIC) has submitted a letter in response to Moody's request for comments on Approach to Determining the Issuer Anchor Point for Covered Bonds. To keep pace with new developments CBIC has set up a Covered Bond lookalike (Cola) working group, to look at new and innovative Covered Bond structures with the aim of having comprehensive information available to help investors decide whether a new product which calls itself a Covered Bond should become eligible for their individual Covered Bond portfolios/mandates or not.
Contact: annika.wahlberg@icmagroup.org

Regulatory reform: In response to widespread concerns that the cumulative impact of current and proposed regulatory reform threatens to undermine core aspects of the economic functions of trading in the European repo and fixed income markets ICMA has produced a paper entitled Avoiding Counterproductive Regulation in Capital Markets. ICMA sees this paper as a first step in a process of open-ended engagement with policy makers, to whom it has been sent, and looks forward to the opportunity of engaging in subsequent discussions about the best ways in which the concerns expressed in it can most effectively be addressed.
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 2013).
Issues from the Quarterly Report were discussed on a briefing call for members which took place on 14 October.

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

The Iberian regional committee meeting will take place in Madrid on 12 November.
Contact: Candice.weinrich@icmagroup.org
  ICMA Events
ICMA events are accredited under the Solicitors Regulation Authority (formerly The Law Society's) CPD Scheme, see ICMA website for details.

ICMA Capital Market Lecture Series

ICMA has launched a series of capital market lectures featuring senior industry figures, including regulators, government officials, central bankers and commentators. These lunchtime lectures will take place in financial centres around Europe with the aim of giving our members an opportunity to hear directly from the policy makers and commentators who are shaping the financial markets of the future.

Verena Ross, Executive Director, European Securities and Markets Authority (ESMA)
London, 11 November 2013
Hosted By: Deutsche Bank London AG

Thomas Wieser, President of the EU Economic and Financial Committee
Brussels, 18 November 2013
Hosted By: Belfius

Peter Praet, Chief Economist, European Central Bank
London, 12 December 2013

The 2014 ICMA Capital Market Lectures will feature the following speakers: Martin Wheatley, Chief Executive, UK Financial Conduct Authority; Mark Boleat, Chairman of the Policy and Resources Committee, City of London; and David Wright, Secretary General, IOSCO.

The ICMA Capital Market Lectures are open to ICMA members only.
Contact: shannelle.rose@icmagroup.org

Increasing Pressures on Collateral: Challenges for the Repo Market, Madrid, 12 November
ICMA members will have an opportunity to hear about the latest trends and developments in the European repo market at this session which will include an overview of the current status of various regulatory initiatives, notably the Financial Stability Board proposals for the regulation of shadow banking, the Leverage Ratio and the Financial Transaction Tax. Open only to ICMA members in the Iberian region.

Register here

European Regulation: An Introduction for Capital Market Practitioners, Frankfurt, 12 November
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

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

Global Master Agreements for Repo and Securities Lending Workshop, London, 13-15 November 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

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 half day conference open to international asset managers who review some of the major issues for the buy side.

Register here

Market Practice in Debt Capital Markets for Compliance Professionals - an ICMA Workshop, London, 20 November
This workshop aims to give compliance professionals an in-depth and thorough understanding of the current practices that are involved in launching a deal in the international debt capital market.
It will explain precisely how the deal is done, starting with first steps in the pre-launch process - looking at the pitch book, the mandate, the roadshow and the prospectus - through syndication, including book building and allocation, up to and including the final public launch of the issue.
At each point in the progress of the deal through to launch, the interaction of current regulation with the process, will be considered (including the Market Abuse Directive and the Prospectus Directive). The sessions will be interactive giving participants the opportunity to raise and discuss queries from their own experience.

Register here

The Impact of Regulatory Reform on Capital Markets, Amsterdam, 21 November
This half day conference brings together regulators, policy experts and market participants to examine the ways in which new regulation will affect activities in the capital markets. In addition to an overview of progress on the reform agenda in Europe, the event will include specific expert panels on progress with the MiFID II package, developments affecting primary markets and the impact of proposed shadow banking regulation on the repo market

Register here

ICMA Seminar: Understanding the machinery of Europe - an introduction to the institutions of the European Union, London, 28 November
The progress of regulatory measures through the European legislative machinery is now of the greatest interest and importance to all of us, but, apart from colleagues that work in the government relations department of the bank, do many of us really understand the process by which new regulation is proposed, amended, drafted and finally enacted and enforced in the 28 member states of Europe and at the EU level?
This lunchtime seminar is an opportunity for the business people in ICMA member firms to find out about the main institutions of the European Union and how they operate.
ICMA members only

Register here

  ICMA Executive Education
ICMA Executive Education courses are accredited under the Solicitors Regulation Authority (formerly The Law Society's) CPD Scheme - please see ICMA website for details.

Part Ι: Introductory Programmes

Financial Markets Foundation Course (FMFC)
London: 7-9 May 2014
Luxembourg: 2-4 June 2014

Securities Operations Foundation Course (SOFC)
Brussels: 13-15 November 2013
London: 25-27 February 2014
Brussels: 19-21 March 2014

Part ΙΙ: Intermediate Programmes

International Fixed Income and Derivatives (IFID) Certificate Programme
Next classroom based course
Barcelona, 27 April - 3 May 2014

Operations Certificate Programme (OCP)
London, 23-29 March 2014

Primary Market Certificate (PMC)
London, 25-29 November 2013
London, 19-23 May 2014

Part ΙΙΙ: Specialist Programmes

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

Successful Sales
London: 2-3 December 2013

2014 specialist programmes will be announced shortly
The 2014 course schedule is available here: www.icmagroup.org/Training-Development
  ICMA supported industry events
The 3rd Annual Conference on the Future of RMB in the Global Financial Markets, London, 12 November

Moody's 11th Annual Asset Backed Commercial Paper Conference, London, 14 November

3rd International Banking and Finance Forum, London, 19 November

Euroclear Asia Collateral Conference, Hong Kong, 19 November

ASIFMA Annual Conference 2013: Developing Asia's Capital Markets, Hong Kong, 20-21 November

SEC Regulation Outside the United States, London, 21 November

2013 Asia Bond Development Forum, Shanghai, 21-22 November

2013 AMF - Annual Assembly and Convention, Madrid, 25 November

3rd Lugano Fund Forum, Lugano, 25-26 November

IFLR 9th Asia Capital Markets Forum, Hong Kong, 27 November

Repurchase and Derivatives transactions in Russia, London, 29 November

XI Russian Bond Congress, Saint-Petersburg, 5-6 December

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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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