It was wonderful to see so many of you at our AGM and Conference in Luxembourg last month. We were privileged to have such eminent and interesting speakers  - many thanks to all of you, the speakers, panellists and sponsors for making it such a memorable occasion. Next year’s AGM and conference takes place in Madrid from May 30 to 1 June. Put it in your diaries now - it will be our 50th!
The timing was shortly before the French election and whilst the result has taken some of the market risk off the table there are still many other geopolitical situations impacting the debt capital markets. One such is Brexit where we continue to focus on its impact on capital markets through the lens of market fragmentation and financial stability.
However, the biggest issue facing most of our members throughout 2017 is how to implement MiFID II/MiFIR, which touches almost every part of the fixed income landscape. Of course we are devoting a great deal of resource to providing clarity and helping members wherever possible. This includes a series of MiFID focused members’ events in many European countries during the rest of the year.
For those of you involved in green bonds or other forms of sustainable finance a date for your diary is 14th June, in Paris when we hold the AGM of the Green Bond Principles and the associated Green Bonds Conference. This is a major industry event at which we expect to be releasing the revised version of the green bond principle at the AGM following input from members during this year’s consultation.

Martin Scheck

ICMA Chief Executive

If you have any comments on this update or its contents, please contact us at:

New ICMA Chairman
At the recent ICMA AGM in Luxembourg Martin Egan, Global Co-Head of Primary & Credit Markets and Origination at BNP replaced Spencer Lake, formerly of HSBC, as Chairman of the Association. Martin was first elected to the Board of Directors of ICMA in May 2012 and was elected Vice-Chair of the Board in June 2015. He also chairs ICMA’s Primary Market Practice Committee (PMPC).
Also elected to the ICMA Board at the Luxembourg AGM were:

Umberto Arts, KBC Bank N.V., Brussels
Juan Blasco, Banco Bilbao Vizcaya Argentaria, S.A., London
Jonathan Brown, Barclays Capital Securities Limited, London
Mandy DeFilippo, Morgan Stanley International PLC, London
Bertrand de Mazières, European Investment Bank (EIB), Luxembourg
Armin Peter, UBS AG, Zurich
Andreas Utermann, Allianz Global Investors, London

New ICMA members in May
The following firms were admitted to ICMA membership in May 2017.
Banco BPM S.p.A., Milan
Doha Bank, Doha
EFG Bank AG, Zurich
National Bank of Fujairah PJSC, Dubai
Oppenheimer & Co, Inc., New York
Santander UK plc, London
China Lianhe Credit Rating Co. Ltd., Beijing
Bringing the total number of ICMA members to 521 members in 61 countries

With MiFID II/MiFIR scheduled to come into force in January 2018, fixed income markets are faced with the task of implementing its prescribed changes to their business practices. In primary markets there will be affects on product governance and the allocation process.  New pre- and post trade transparency requirements for secondary market trading, the Systematic Internaliser Regime and the unbundling of investor research also concern ICMA members.  We are planning a series of MiFID II briefing meeting at venues across Europe focusing on these topics with the input of national experts. These will be advertised shortly.
Meanwhile for briefing documents and position papers on MiFID II implementation see the ICMA website, or contact the relevant ICMA staff.
Primary markets:
Secondary markets:;

ICMA Bail-in Working Group  
Bringing together various members of the Bail-In Working Group, regulators, issuers and other market participants, the ICMA Bail-in Working Group held a seminar in April to examine several aspects of the key area of banking regulatory reform - the bail-in regime and capital requirements for banks. It looked at three broad topics: an examination of pricing of bank debt in the current environment; a look at disclosure and credit evaluation of banks; and a debate on corporate governance for banks with a specific look at whether fixed income investors are getting a fair deal.

CSDR Settlement Discipline  
ICMA has set out its position with respect to the Settlement Discipline (SD) regime provided for in the Central Securities Depositories Regulation (CSDR), specifically in the context of fixed income markets. Essentially, ICMA proposes that the cash penalties for bond settlement fails should be increased when implemented in 2019, while mandatory buy-ins should not be implemented.  ICMA firmly believes that a well calibrated penalty mechanism will effectively achieve the goal of improving and sustaining settlement efficiency, negating the need for the mandatory buy-in mechanism.

Join the 33rd European repo market survey
The 33rd ICMA European repo market survey will take place on 7 June, returns are welcome from all institutions transacting repo business in Europe

ICMA Africa Region
ICMA’s focus remains on delivering high quality, market focused training in a number of different countries across the continent. Most recently a workshop for ICMA members on the Global Master Repurchase Agreement (GMRA) and its supporting legal opinions was held in Sandton, South Africa on 3 April, with further courses planned for the rest of 2017.

ICMA Asia-Pacific
The NAFMII-ICMA Working Group, 8th UK-China Economic and Financial Dialogue has published a report on the development of the Green Bond market in China, looking in detail at market practice compared with that in the international market. The practice and prospects for green bond market development at home and abroad is available in both English and Chinese language versions.
The composition of the two ICMA member groupings which guide our primary markets work in the Asia-Pacific region have been updated on the ICMA website.  The ICMA Asia Bond Syndicate Forum gathers the heads and senior members of the syndicate desks of ICMA member banks active in lead-managing syndicated bond issues in Asia. Similarly the ICMA Asia Legal & Documentation Forum is composed of heads and senior members of the legal transaction management teams of ICMA member banks active in lead-managing syndicated bond issues in Asia.
New members in the region this year include: China International Capital Corporation Hong Kong Securities Limited, Hong Kong; Citibank Korea Inc., Jungu, Seoul; Citibank Taiwan Limited, Taipei City;
 China Chengxin International Credit Rating Co., Ltd., Beijing; Moody's Investors Service Hong Kong Limited, Hong Kong; Zhong Lun Law Firm, Shanghai; China Lianhe Credit Rating Co. Ltd., Beijing

2017 GMRA Legal Opinions published
The 2017 Legal Opinions which underpin the Global Master Repurchase Agreement, the standard legal agreement governing transactions in the international repo market were published on 11 April.

Understanding Repo and the GMRA (2nd Edition - April 2017)
The new edition of the Understanding Repo and the GMRA by Apollo Legal and Ashurst, sponsored by ICMA, is now available at a discounted price for ICMA members.

New ICMA App
Keep in touch with news and events from ICMA with our new app.
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Mentoring platform
We will soon be launching the ICMA mentoring scheme aimed at supporting members who have recently entered the profession or are looking to progress further with a career in capital markets. For more information or to volunteer as a mentor.

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

More detailed information on ICMA Market Practice and Regulatory Policy work on behalf of members can be found in the ICMA Quarterly Report for the 2nd Quarter 2017 which was published on 6 April 2017. The Quarterly Report for the 3rd Quarter 2017 will be published in July.

The 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.

Consultation responses and briefing notes May 2017
15 May  ICMA response to the European Commission’s public consultation on the operation of the three European Supervisory Authorities (ESAs).
11 May ICMA response to FSB’s consultation on the main elements of a ‘Proposed Framework for Post-Implementation Evaluation of the Effects of the G20 Financial Regulatory Reforms’.
11 May MiFID II/R Post-trade transparency: trade reporting deferral regimes. An ICMA Position Paper 

ICMA Legal and Regulatory

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ICMA Events

Thank you to around 1000 market participants and 40 sponsors and exhibitors who joined us for the ICMA AGM and conference in Luxembourg at the beginning of May. We hope you have already marked your diaries for the 50th AGM in Madrid, 30 May to 1 June 2018!
Still to come before the summer holidays, conferences focused around two of ICMA’s major work streams, both are open to all financial market participants as well as to ICMA members.  The ICMA CBIC & The Covered Bond Report Conference 2017 will be held in Frankfurt on 31 May to 1 June, incorporating The Covered Bond Report Awards for Excellence &Pre-Conference Reception on the evening of 31 May and featuring an opening keynote by Cornelia Holthausen, Deputy Director General – Market Operations, ECB.  The annual update of the Green Bond Principles (GBP) will be announced at the third AGM of the GBP in Paris on 14th June, the afternoon conference is free of charge and open to all interested observers.

The ICMA Women’s network summer event on the evening of 22 June, takes the form of a masterclass in using social media to build your personal brand, followed by structured networking. (Open to all ICMA members).  


ICMA Executive Education

ICMA Executive Education is globally recognised provider of financial training. The programmes combine the best of both market and academic practice and are designed to be interactive and to equip participants with practical skills they can use in their day-to-day jobs. 
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Start your journey with ICMA Executive Education

ICMA EE offers access to some of its qualifications online through our innovative, interactive software platform.
Sign up now for these courses and start studying in July!
Financial Markets Foundation Qualification (FMFQ) Online

Securities Operations Foundation Qualification (SOFQ) Online

ICMA Fixed Income Certificate (FIC) Online
(Formerly known as the IFID Online Programme)


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