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ICMA | International Capital Market Association
ICMA Update for Members February 2014
ICMA is fortunate in attracting engagement from many senior level staff at member firms who make a vital contribution to our work programme through our expert committees and working groups. However, we do want to reach out to the younger generation of financial professionals who are just starting out on their careers as ICMA has much to offer them through its Executive Education and events programmes. With this in mind we are now actively using social media to interact with our members; you can follow us on Twitter, join our LinkedIn group or check the ICMA Facebook page for regular updates on our activities.

Martin Scheck
Chief Executive, ICMA

If you have any comments on this update or its contents please contact us at: ICMACorporateCommunications@icmagroup.org
  Employment Opportunity - ICMA Paris office
ICMA's Paris office is expanding and requires a bilingual (French and English) experienced and entrepreneurial associate / director to help it meet its expanding role. The position will involve both lead and support responsibilities across the full spectrum of the Paris office's activities including regulatory dialogue, research, market compliance reporting (on behalf of the Market Committee of the French Primary Dealers (SVT)), and member marketing.
Contact: nicholas.pfaff@icmagroup.org
  Legal and regulatory helpdesk
The helpdesk service for members is the first point of contact to get directly in touch with ICMA legal and regulatory experts for information and guidance on a range of issues that affect your business in the debt capital markets. The helpdesk numbers are answered by ICMA staff during normal business hours, usually 8.00 to 18.00 CET. 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.

Short term markets: ICMA's European Repo Council (ERC) has launched its updated guide to best practice in the European repo market, setting out standards for the orderly trading and settlement of repos. Its purpose is to help foster a smooth and orderly market in repo in Europe by recommending practices which market experience suggests can help avoid uncertainties or disagreements about transactions, and consequent delays or disruption to repo trading and settlement. The Guide also codifies market conventions, where this has been thought to be helpful, usually in response to queries from market participants.
Contact: erc@icmagroup.org
The ERC is holding a conference on 'New Regulation and Collateral Fluidity' in Brussels on 3 April where a new paper entitled: 'Collateral is the New Cash: the Systemic Risks of Inhibiting Collateral Fluidity' will be launched.
Contact: andy.hill@icmagroup.org
ICMA has secured observer status on the new STEP+ initiative, which focuses on market liquidity and transparency in STEP-labelled short-term European commercial paper.
Contact: katie.kelly@icmagroup.org

Primary markets: The ICMA Financial Institution Issuer Forum is preparing a response with the ERC to the European Banking Authority's consultation on Asset Encumbrance.
Contact: katie.kelly@icmagroup.org
ICMA's Public Sector Issuer Forum met in Frankfurt on 7 March. The agenda included a presentation on the proposed Asset Quality Review and Stress Test.
Contact: nicholas.pfaff@icmagroup.org
The Asian Syndicate Managers' Forum has now held two, well attended and substantive meetings in Hong Kong. Plans for an inaugural meeting of an Asian Legal and Documentation Committee are under way.
Contact: mushtaq.kapasi@icmagroup.org

Secondary markets: We are discussing with other trade associations cooperation needed on behalf of member firms in working on MiFID II Level 2. As a first step we are preparing draft position papers on pre- and post-trade transparency in the fixed income market and on third country access.
Contact: john.serocold@icmagroup.org

Asset management: The Asset Management and Investors Council (AMIC) has responded to the Financial Conduct Authority's consultation on the Use of Dealing Commission Rules. The proposals are intended to clarify the criteria for research under the rules to help firms make better judgements about what can be paid for with dealing commission charged to the fund.
The AMIC Meeting and Seminar in Zurich on 8 April will focus on the latest trends in private banking. It will also include discussions on global capital flows and their impact on Switzerland as a financial centre and the next steps to restore trust in the private banking and asset management industry.
The Covered Bond Investor Council has issued a statement on the Covered Bond Label.
Contact: nathalie.aubry-stacey@icmagroup.org

Regulatory reform: A Cross-Border Regulation Forum has been formed on the industry side to engage with the IOSCO Task Force on Cross-Border Securities Regulation, and a meeting with the Chair of the Task Force, Ashley Alder, CEO of the Securities and Futures Commission in Hong Kong, took place at 23 College Hill on 11 February. Subsequently, an introductory paper is being sent to the IOSCO Task Force by the industry.
Contact: john.serocold@icmagroup.org

More detailed information on ICMA Market Practice and Regulatory Policy work can be found in the ICMA Quarterly Report (next edition to be published on 9 April 2014).

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 meeting for members of the ICMA Germany region, Frankfurt, 2 April
A lunch reception has been organised by the ICMA German regional committee for its members. The lunch is a social networking event but will also feature brief presentations on aspects of ICMA's work. All staff from ICMA member firms in Germany are invited.
Contact: membership@icmagroup.org
  ICMA Events 2014
Most ICMA events are accredited under the Solicitors Regulation Authority (formerly The Law Society's) CPD Scheme. See ICMA website for details.

2014 ICMA Capital Market Lecture Series

David Wright, Secretary General, International Organisation of Securities Commissions (IOSCO)
London, 1 April 2014
Venue: International Capital Market Association (ICMA) Limited, 23 College Hill, London EC4R 2RP

Sajid Javid, Financial Secretary to the Treasury
London, 8 May 2014
Hosted by: European Bank for Reconstruction and Development (EBRD)

Benoît Cœuré, Member of the Executive Board, The European Central Bank
Paris, 19 May 2014
Venue: Cercle National des Armées, 8 Place Saint Augustin, 75008 Paris

ICMA and NCMF Annual Conference, Copenhagen, 18 March
The annual ICMA and NCMF conference on Regulatory Reform and Nordic capital markets will provide an overview on progress with the European regulatory agenda with a specific focus on the impact of current and future regulations on the performance of markets in the Nordic region.
Amongst the items on a wide-ranging programme are:
Changes to the regulatory environment for issuers in the debt capital markets, covering the Prospectus Directive, PRIPS regime and Market Abuse Regulation
Trends and regulatory developments in the European repo market.
A repo index as a replacement for Libor
The Liquidity Coverage Ratio and Covered Bonds
The conference will feature a keynote speech by Per Callesen, Governor, Danish Central Bank on: ' A Central Banker's Perspective on European Regulatory Reform'.

Register here

Bond syndication practices for compliance professionals and other non-bankers - an ICMA Workshop, London, 18 March
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 explains 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.

Register here

Global Master Agreements for Repo and Securities Lending Workshop, London, 26-28 March
ICMA and the International Securities Lending Association (ISLA) are running workshops on the Global Master Repurchase Agreement (GMRA) and the Global Master Securities Lending Agreement (GMSLA). These two separate master agreements are the essential legal underpinnings for repo and securities lending markets respectively.
The workshop offers a detailed review and comparison of both legal agreements and their application, including coverage of the GMRA 2011, together with case studies, building on a rigorous introduction into the operational and basic legal characteristics of the repo and securities lending markets, and insights into key features of the market such as triparty repo and the use of CCP, as well as accounting and tax treatment.

Register here

ICMA Asset Management and Investors Council (AMIC) Meeting & Seminar, Zurich, 8 April
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 private banks and international asset managers who review some of the major topics for the buy-side.

Register here

The ICMA CBIC & the Covered Bond Report Conference, Frankfurt, 15 May
The ICMA Covered Bond Investor Council (CBIC) and The Covered Bond Report's 2014 Covered Bond Investor Conference will focus on topical investors' issues and provide an ideal opportunity for those wishing to engage in a constructive dialogue with the buy-side.

Register here

ICMA Annual General Meeting and Conference 2014, Berlin 5-6 June
***Registration now open***
Dr. Michael Meister, Parliamentary State Secretary, Federal Ministry of Finance, Germany joins the roster of eminent officials speaking at the 2014 ICMA AGM & Conference. For the full list of speakers, please see the conference agenda.
The conference is open to all financial market participants. ICMA members are entitled to a number of complimentary passes. Check your entitlement to free places by contacting the ICMA Membership team.

  ICMA Executive Education
Book now for these ICMA Executive Education courses in first half 2014

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
Luxembourg: 2-4 June

Part ΙΙ: Intermediate Programmes

International Fixed Income and Derivatives (IFID) Certificate Programme
Barcelona, 27 April - 3 May

Primary Market Certificate (PMC)
London, 19-23 May

Part ΙΙΙ: Specialist Programmes

Corporate Actions - An Introduction
London: 28-29 April

Corporate Actions - Operational Challenges
London: 30 April - 1 May

Trading and Hedging Short-Term Interest Rate Risk
London: 6-7 May 2014

Trading the Yield Curve with Interest Rate Derivatives
London: 8-9 May 2014

Measuring and Mitigating Counterparty Credit Risk
London: 12-13 May 2014

Capital Market Overview of Islamic Finance & Sukuk
London: 9-10 June

Corporate Governance and Culture
London: 16-17 June

Further specialist level programmes will be announced shortly

ICMA Executive Education Skills Courses

Successful Sales
London: 1-2 May

The full 2014 course schedule is available here, www.icmagroup.org/Training-Development
  ICMA supported industry events
ASIFMA India Repo Markets Workshop, Mumbai, 25 March

4th Annual APAC Collateral Management, Singapore, 26-27 March

SWIFT Business Forum, London, 29 April

City Week 2014, London, 31 March-2 April

Financial Services Law Forum 2014, London, 1 April

IFLR European Capital Markets Forum, London, 2 April

3rd Annual Collateral Management Forum, Vienna, 22-23 May

ISLA's 23rd Annual Securities Finance and Collateral Management Conference, Berlin, 17-19 June

2014 Enterprise Collateral Management Conference, London, 24-25 June

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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, 2014. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without permission from ICMA.

International Capital Market Association (ICMA) | Talacker 29 | 8022 Zurich | Switzerland