ICMA | International Capital Market Association

ICMA Update for Members March 2015

The number of regulatory responses submitted by ICMA on behalf of its members in the first two months of 2015 clearly demonstrates that financial markets are coming under increasing regulatory scrutiny. We expect this to increase during the course of the year across all the market areas where our members are active. We are pleased to see that the work we have undertaken on sovereign contract reform is now being adopted globally by the market, a number of recent issues having incorporated ICMA's revised collective action and pari passu clauses which were finalised last year. We anticipate a further year of intense activity for our secondary markets team, building on last year's detailed study of liquidity in bond markets and with a further response on MiFIID due to be completed in the next few days. In the complex post trade world our work on the CSDR has led to the publication of a study on the potentially damaging effect of the new mandatory buy-in regime on the costs of doing business in bond and repo markets.

We welcome the change of emphasis of the regulatory agenda to focus on growth, in particular the launch in Europe of the Capital Markets Union initiative by the European Commission, signifying that regulators and politicians understand how important the capital markets are to the economy as a whole. Our work in leading the Pan-European Private Placements Working Group is one of the projects which we hope will contribute to the long term success of this important development.


Martin Scheck
Chief Executive, ICMA

If you have any comments on this update or its contents please contact us at: corporate.communications@icmagroup.org

ICMA LEGAL AND REGULATORY HELPDESK NUMBERS (MEMBERS ONLY)

A new helpdesk number was launched for ICMA's Asia Pacific members: +852 2531 6590 (Hong Kong)

The helpdesk can also be contacted on the following numbers:

+44 20 7213 0341 (London)
+41 44 360 5237 (Zurich)

For legal queries: legalhelpdesk@icmagroup.org
For market practice and regulatory policy queries: regulatoryhelpdesk@icmagroup.org

New ICMA Members in 2015
Adamant Capital Partners Jsc, Sofia
Ahorro Corporación Financiera, S.V., S.A., Madrid
General Electric Capital Corporation, Stamford
Liquidity Finance LLP, London
Orrick, Herrington & Sutcliffe (Europe) LLP, London
Shanghai Clearing House, Shanghai

These new members bring the size of ICMA's membership to 467 firms in 55 countries.
Contact: Sanaa.Clausse@icmagroup.org
New ICMA Members Register
We have recently relaunched the ICMA Members Register online version and hope that members have already noticed how much easier and faster it is to submit and validate their own entries using the new interface. The new search function and ‘ticker’ showing recent updates also make it easy to find contacts in the market. We would also like to invite members to send us their company logos for display on their entries within the online register. The printed directory for 2015 will be available to members in May.

Contact: Candice.Weinrich@icmagroup.org
ICMA Future Leaders
To ensure the involvement of the next generation of capital market professionals in the work of the association, ICMA has set up a committee of future leaders, chaired by Konstantin Angelidis of Rabobank, to help us identify how we can best serve the interests of individuals in the early stages of their capital markets careers. In common with all ICMA committees we have secured representation from its member firms and hope to roll out a programme of events in the near future.

Contact: Allan.Malvar@icmagroup.org
ICMA launches new regions
ICMA’s worldwide membership is serviced by a regional structure based around committees of representatives drawn from member firms in each area. A full list of ICMA’s regions is available from the website. We have recently created 3 new ICMA regions with their own regional committees to meet the needs of our growing membership in Africa, chaired by Andries Du Toit of FirstRand Bank Limited, the Middle East and North Africa (MENA) chaired by Fawaz Abu Sneineh, National Bank of Abu Dhabi and Asia Pacific, chaired by Valerian Crasto, DBS Bank Ltd.

Contact: Allan.Malvar@icmagroup.org
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 First Quarter 2015 which was published on 9 January.

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.

Pan-European Corporate Private Placement Guide
The Pan-European Private Placement Working Group (PEPP Working Group) led by ICMA has launched the Pan-European Corporate Private Placement Market Guide. This sets out a voluntary framework for common market standards and best practices which are essential for the development of a Pan-European Private Placement market aimed at providing medium to long term finance to European mid-sized companies, in close alignment with the European Commission’s goal of bringing about a Capital Markets Union.

Contacts: Nicholas.Pfaff@icmagroup.org or Katie.Kelly@icmagroup.org
28th ICMA-ERC European Repo Survey
The latest survey sets the baseline figure for the amount of repo business outstanding on 10 December 2014 at €5,500 billion (€5.5 trillion), representing a decline from the figure of €5,782 billion recorded in the last survey in June 2014.

Contact: reposurvey@icmagroup.org
ICMA Impact Study for Mandatory Buy-Ins under the Central Securities Depository Regulation (CSDR)
The study highlights a further major challenge to capital market activity posed by the mandatory buy-in provision of the Central Securities Depository Regulation (CSDR). The move to a regime where buy-ins are actively enforced introduces additional difficulties and cost into doing business.

Contact: Andy.Hill@icmagroup.org
Consultation responses January - February 2015
14 January
ICMA response, jointly with AFME, the BBA and ISDA, to the EBA’s Discussion Paper on Simple, Standard and Transparent Securitisations

15 January
ICMA response to the Bank of England’s Fair and Effective Markets Review

27 January
ICMA response to the FCA’s Consultation on Restrictions on the Retail Distribution of Regulatory Capital Iinstruments

12 February
ICMA European Repo Council’s response to the FSB's Consultative Proposals on Data Collection and Aggregation

13 February
ICMA response, jointly with the GFMA, the IIF and ISDA, to the BCBS/IOSCO Consultative Document on Criteria for Identifying Simple, Transparent and Comparable Securitisations

19 February

ICMA response to ESMA CSDR Regulation Level 2 Consultation Paper
ICMA Events
The ICMA event schedule for March and April is on the right hand side of this email, click on the links for more information and to register. Most of our events are free to ICMA members and are also open to interested financial market professionals.

The schedule features ICMA’s first event in Hong Kong, the ICMA Asia Primary Market Forum which will be held at the Grand Hyatt on 12 March. We are now accepting registrations for the 2015 ICMA AGM and Conference in Amsterdam check the ICMA website for the full programme and list of speakers.

Contact: Shannelle.Rose@icmagroup.org
Register now for the ICMA AGM & Conference 2015
The ICMA Annual General Meeting and Conference 2015 will be held in Amsterdam on June 3-5.
Join 800 participants from the global financial community for two days of debate on the future of capital markets, taking in Capital Market Union, the role of markets in promoting economic growth and SRI Investing. Featured speakers include:

Jeroen Dijsselbloem, Minister of Finance, The Netherlands;
Klaas Knot, President, De Nederlandsche Bank (Central Bank of the Netherlands); and
Lord Jonathan Hill, EU Commissioner, Financial Stability, Financial Services and Capital Markets Union.

Contact: Shannelle.Rose@icmagroup.org
ICMA Executive Education
Global standard qualification for the fixed income market revised and re-launched

ICMA Executive Education has completely revised its long established premium qualification for the fixed income market and re-launched it as the ICMA Fixed Income Certificate (FIC).

The certificate, which has been the gold standard for finance professionals for almost 40 years, retains its emphasis on developing practical skills for trading, investment and risk management, while introducing a new syllabus that reflects the realities of today’s fixed income markets.

The course is organised around three essential topic areas:
o Trading the Yield Curve with Cash Market Securities
o Interest Rate Derivatives
o Credit Trading

In line with the requirements of the international banks and fund management companies who are the main clients for the programme and its global reach, the course material is delivered in both classroom taught and online versions.

The new online course version benefits from innovative interactive software and a much more supportive student experience. Students who choose the distance learning option will have six months to study the course material, but new monthly, web based review sessions allow them to interact with their fellow FIC students, address any questions they have and recap on the material they are expected to have covered over the previous month with the course tutor. Clear targets, regular monitoring and structured progress allow students to complete this demanding course and achieve the high standard that the final certification exam demands.

The classroom programme is delivered as a one week residential course. Students on this are also given access to the online FIC campus in advance of the course to help them to prepare for the week’s teaching, which is intended as an intensive review of the course material.

Contact: education@icmagroup.org

ICMA Executive Education Skills Courses

Successful Sales:
London: 11-12 May 2015

New ICMA Members in 2015
New ICMA Members Register
ICMA Future Leaders
ICMA launches new regions
Market Practice and Regulatory Policy
Pan-European Corporate Private Placement Guide
28th ICMA-ERC European Repo Survey
ICMA Impact Study for Mandatory Buy-Ins under the Central Securities Depository Regulation (CSDR)
Consultation responses January - February 2015
ICMA Events
Register now for the ICMA AGM & Conference 2015
ICMA Executive Education
The 7th Annual bwf and ICMA Capital Markets Conference

Frankfurt, 3 March
ICMA Roundtable: European Secondary Credit Market Liquidity

Paris, 4 March
ICMA Conference - Bond markets: new products, new challenges

Milan, 5 March
ICMA Workshop: Global Master Agreements for Repo and Securities Lending

London, 9-11 March
ICMA Asia Primary Market Forum

Hong Kong, 12 March
ICMA Professional Repo and Collateral Management Course

Frankfurt, 17-18 March
ICMA Seminar on European Secondary Credit Market Liquidity and MiFID II and ICMA Capital Market Lecture with Anne Leclercq

Brussels, 24 March
Green Bond Principles: First Annual General Meeting & Conference

London, 27 March
ICMA Capital Market Lecture Series 2015 - Sir Nigel Wicks

London, 31 March
ICMA Capital Market Lecture Series 2015 - Elizabeth Corley

London, 13 April
ICMA Workshop: Bond syndication practices for compliance professionals and other non-bankers

London, 16 April
ICMA Asset Management and Investors Council (AMIC) Meeting & Seminar

Amsterdam, 29 April
ICMA SUPPORTED INDUSTRY EVENTS
Market-based Finance: Creating Resilient Markets for Growth
London, 9 March
Bonds & Loans Africa 2015
Cape Town, 25-26 March
5th Annual Collateral Management Conference
Singapore, 25-26 March
FOW Derivatives World Asia
Hong Kong, 25-26 March
IFLR European Capital Markets Forum 2015
London, 15 April
Part I, Introductory Programmes

Financial Markets Foundation Course (FMFC):
London: 6-8 May
Luxembourg: 10-12 June
Luxembourg: 21-23 September
London: 4-6 November
Securities Operations Foundation Course (SOFC):
Brussels: 11-13 March
London: 28-30 September
Brussels: 11-13 November
Part II, Intermediate Programmes

Fixed Income Certificate (FIC):
(Formerly known as the IFID)
Next classroom-based courses:
Barcelona: 19-25 April
Barcelona: 25-31 October
Operations Certificate Programme (OCP):
Brussels: 22-28 March
Brussels: 15-21 November

Primary Market Certificate (PMC):
London: 18-22 May
London: 23-27 November

Part III, Specialist Programmes

The ICMA Guide to Best Practice in the European Repo Market:
London: 31 March
Collateral Management:
London: 28-29 April
Corporate Actions - An Introduction:
London: 12-13 May
Corporate Actions - Operational Challenges:
London: 14-15 May
Fixed Income Portfolio Management:
London: 17-18 June

The full 2015 course schedule is available here: www.icmagroup.org/Training-Development
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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, 2015. 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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