ICMA | International Capital Market Association

ICMA Update for Members September 2015

 

This autumn update for members recaps some of the work that ICMA has done over the summer, including the successful conclusion of a lengthy project to overhaul fully the ICMA Primary Market Handbook, which has for over three decades provided clarity and predictability in the process of issuing an international bond. The Handbook is now available online for all our members in a greatly improved format.

Looking to the future, in the remaining months of 2015 amongst our many priorities we will continue our work on MiFID/MiFIR and CSDR and expect to launch two significant market studies, one on liquidity in the repo market and one on electronic trading platforms. In addition we remain focused on the EC’s Capital Markets Union initiative and expect the release of the “Action Plan” around the end of September. We are also continuing to support our members with an extensive programme of events and education courses in many different locations. The UK launch event for the new ICMA future Leaders Committee will take place in London on 22nd October.

 

Martin Scheck

Chief Executive,

ICMA

 

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

 
ICMA LEGAL AND REGULATORY HELPDESK NUMBERS

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

Telephone: + 44 20 7213 0341 | + 41 44 360 5237
 
New ICMA Board members
 
ICMA is pleased to welcome two new board members, Roman Schmidt, Commerzbank AG, Frankfurt am Main and Yu Sun, Bank of China Limited, London Branch, London. Asian representation on the ICMA board for the first time is a welcome development reflecting the increasing importance of Asia in world markets and ICMA’s growing Asian membership.
 
New ICMA Members summer 2015
 
Africa Finance Corporation, Lagos
Arthur Cox, Dublin
Association for Savings & Investment SA (ASISA), Cape Town
Bank of China Limited, London Branch, London
Bank Leumi Le-Israel B.M., Tel Aviv
Bankhaus Lampe KG, Bielefeld
Burgan Bank (S.A.K.), Safat
Citigroup Global Markets Australia Pty Limited, Sydney
Continental Capital Markets Limited, Croydon
DLA Piper UK LLP, London
ICAP Securities & Derivatives Exchange Limited (ISDX), London
Indonesia Financial Services Authority (OJK), Jakarta
International Finance Corporation, Washington DC
Municipality Finance Plc, Helsinki
NBC Global Finance Limited, Dublin

Osler, Hoskin & Harcourt LLP, Toronto

Piraeus Bank S.A., Athens
SBAB Bank AB (publ), Stockholm
Shanghai Stock Exchange, Shanghai
SNS Bank N.V., Amsterdam
Tradition (UK) Limited, London
Traiana Limited, London

These new members bring the size of ICMA’s membership to 489 firms in 57 countries. 
Contact: Sanaa.clausse@icmagroup.org
 
Revised ICMA Primary Market Handbook  
 

ICMA has published a substantially revised version of its recommendations, guidance and standard language for managers of new issues of syndicated international bonds, The ICMA Primary Market Handbook.

 

The newly revised Handbook is the result of an extensive review undertaken by a working group of ICMA members. The format has been simplified and rationalised with a structure that now follows the timeline of events and actions involved in a typical syndicated international bond issue. Much of the content has been updated to ensure that it reflects current market practice. In particular, provisions relating to communication and information flows have been updated and clarified.

 

The ICMA Handbook is available to all ICMA members (and subscribers) from the ICMA website.

Contact: ruari.ewing@icmagroup.org

 
Amendments to the ICMA secondary market rules & recommendations
 
ICMA has published amendments to its Secondary Market Rules & Recommendations relating to claims in the event of settlement failures. A new Rule introduces symmetric treatment of the buyer in the event of the seller of securities, or its clearing agent, causing the failure of settlement in markets that may feature negative interest rates.
Contact: andy.hill@icmagroup.org
 
Guide to Infrastructure Financing in support of the Investment Plan for Europe
 
On 24 June 2015 AFME and ICMA released the Guide to infrastructure financing, bank loans, debt private placements and public bonds – smoothing the pathway for effective funding. This is the first comprehensive and practical guide to help infrastructure issuers, sponsors and project companies more easily to tap various types of funding, including bank, private placement and public project bond financing in Europe. This Guide is one of a number of ICMA and AFME initiatives in support of the European growth agenda.
Contact: katie.kelly@icmagroup.org
 
ICMA European Repo Council revised Guide to Best Practice in the European Repo Market
 
ICMA’s European Repo Council (ERC) has published revisions to its Guide to Best Practice in the European Repo Market which sets out standards for the orderly trading and settlement of repos. The guide, effective 27 July 2015, has responded to queries from repo market participants to give greater clarity on existing provisions such as negative rates, floating rate coupons etc. The revised Guide to Best Practice in the European Repo Market can be accessed from ICMA’s website
Contact: erc@icmagroup.org 
 
ICMA in Asia-Pacific
 

The recently published ASIFMA-ICMA guide to repo in Asia  takes a comprehensive view of all aspects of repo market development in Asia.

 

ICMA and the National Association of Financial Market Institutional Investors (NAFMII) continue to co-operate to further develop the Chinese onshore bond markets, through a joint working group endorsed by the UK and China governments. The working group is undertaking a comparative analysis of primary debt capital market practices in the international and domestic Chinese markets as a first step. The working group will continue to assist the development of China's bond markets, including green finance.

In support of the newly revised ICMA Primary Market Handbook courses on its provisions and application have been organised by ICMA in Hong Kong on 12 November and Singapore on 13 November.

Contact: mushtaq.kapasi@icmagroup.org

 
New ICMA board members
New ICMA members summer 2015
Revised ICMA Primary Market Handbook  
Amendments to the ICMA Secondary Market Rules & Recommendations
Guide to infrastructure financing in support of the investment plan for Europe
ICMA European Repo Council revised Guide to best practice in the European repo market
ICMA in Asia-Pacific
ICMA regional meetings
Market practice and regulatory policy 
Consultation responses and briefing notes August 2015
ICMA Events
 
 
UPCOMING EVENTS AND WORKSHOPS
ICMA Conference: Regulation, Liquidity and Electronic Platforms
Zurich, 21 September
ICMA Workshop: Bond Syndication practices for compliance professionals and other non-bankers
London, 22 September
 

ICMA Capital Market Lecture featuring Robert Parker, Credit Suisse
London, 6 October

ICMA European Repo Council (ERC) General Meeting
London, 14 October

ICMA Workshop: European Regulation - An Introduction for Capital Market Practitioners
London, 15 October

ICMA Conference: The impact of MiFID II and related regulations on the Nordic secondary bonds and derivatives market
Copenhagen, 27 October

ICMA AMIC Conference: Longer term themes and challenges facing the Asset Management Industry
London, 29 October

ICMA Capital Market Lecture featuring Frank Czichowski, KfW
Frankfurt, 3 November

The 9th ICMA Primary Market Forum
London, 24 November

 
 
ICMA Regional Meetings
 
The programme of meetings for the ICMA regions includes the following dates, further regional meeting dates will be announces. Members in the region are invited to join.
Germany - 14 October
Luxembourg - 16 October 
Contact: candice.weinrich@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 Third Quarter 2015 which was published on 8 July, 2015.
 
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 August 2015
 

31 July 2015 The ICMA Asset Management and Investors Council Bail-In Working Group compiled a discussion paper commenting on operation of the bail-in mechanism from the buy-side perspective, which was sent to the ECB.

 

6 August 2015 ICMA submitted its response to the ESMA Consultation Paper 'Regulatory Technical Standards on the CSD Regulation - The Operation of the Buy-in Process  - see also Buy-ins, how they work, and the challenge of CSDR - An ICMA briefing note

 

10 August 2015 ICMA's  European Repo Council  Operations Group  published a briefing note on the implication for the repo product related to the projected  ‘go live’ for Monte Titoli in TARGET2-Securities

 

14 August ICMA's Asset Management and Investors Council (AMIC) responded to the European Commission consultation on central clearing of OTC derivatives.

 

September 2015 A briefing paper by ICMA’s Andy Hill on regulatory challenges facing the European repo market and entitled Hit by a train appeared in the September issue of IFLR

 
ICMA Events
 

The ICMA event schedule for the rest of 2015 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.

 

Two events scheduled for the autumn/winter programme reach out in particular to different constituencies within ICMA’s membership (while being open to all ICMA members!).

 

On 22nd October the ICMA Future Leaders, a grouping  set up to encourage the younger generation of finance professionals to be more involved with ICMA and benefit from the services and network it can provide, will hold its launch event in the City of London. Ryan O’Grady, co-head of Global Syndicate at JP Morgan will be talking about how to build a successful career in the market, giving insights drawn from his own experience, followed by an opportunity to socialise with other ICMA members.

Register for ICMA Future Leaders launch event

 

The ICMA Women’s Network will be running its winter event in London on 12 November focussing on practical tips for getting yourself and your ideas noticed at work and featuring an interactive session with Impact Coach Esther Stanhope. Structured networking with other ICMA members is an essential element of IWN events and this one is no exception.

Register for IWN winter event ‘Speaking up: getting your voice heard’

 

Euromoney Capital Markets Union Forum, Brussels, 3 December

On 3 December, Euromoney Conferences will gather together key debt capital markets banks, issuers and investors with key members of both the European Commission and European Parliament for its Capital Markets Union Forum, in Brussels, co-hosted with AFME and ICMA. Lord Hill, Commissioner for Financial Stability, Financial Services and Capital Markets Union, will open the Forum. As the key architect of the Capital Markets Union project, Lord Hill will provide an update on the Commission’s progress to date and outline the next key steps in the roadmap for realising the European Union’s vision of harmonised, integrated financial markets in Europe.

 

To view the full agenda and to apply for your place, please click here.

 

Contact: shannelle.rose@icmagroup.org

 

ICMA supported industry events 

The Euromoney Sustainable & Responsible Capital Markets Forum, Paris, 17 September

Derivatives Post Trade Processing & Liquidity Management in New Regulated Markets, London, 21 September

Financing European Corporates, London, 23-24 September

3rd Annual Electronic Bond Trading Forum, London, 24-25 September

Euro-Asia Economic Forum (EFEA), China, 24-26 September

6th EU Prospectus Rules Conference, London, 29-30 September

Fixed Income Leaders Summit, Barcelona,13-15 October

ASIFMA Structured Finance Conference 2015, Hong Kong, 15 October

The 12TH China International Finance Forum (CIFF), Shanghai, 22-23 October

IFLR Asia Capital Markets Forum, Hong Kong, 28 October

4th Annual Borrowers and Investors Forum, Southeast Asia, Singapore, 29 October

Euroclear Asia Collateral Conference, Hong Kong, 18 November

IMN's 13th Annual African Capital Markets Conference, Cape town, 26-27 November

 
     
ICMA Executive Education
Part I, Introductory Programmes

Financial Markets Foundation Course (FMFC):
Luxembourg: 21-23 September 2015
London: 4-6 November 2015
Nicosia: 2-4 December 2015
 

Financial Markets Foundation Course (FMFC) Online Programme:
Next start date: 1 October 2015 (register by 29 September)
 

Securities Operations Foundation Course (SOFC):
London: 28-30 September 2015
Brussels: 11-13 November 2015
 

Securities Operations Foundation Course (SOFC) Online Programme:
Next start date: 1 October 2015 (register by 29 September)
 

ICMA Executive Education Skills Course

Successful Sales:
London: 12-13 October 2015
 
  Part II, Intermediate Programmes

Fixed Income Certificate (FIC):
(Formerly known as the IFID)
Barcelona: 25-31 October 2015
 

Fixed Income Certificate (FIC) Online Programme:
(Formerly known as the IFID Online Programme)
Next start date: 1 October 2015 (register by 29 September)
 

Operations Certificate Programme (OCP):
Brussels: 15-21 November 2015
 

Primary Market Certificate (PMC):
Frankfurt: 5-8 October 2015
London: 23-27 November 2015
 

  Part III, Specialist Programmes

Corporate Actions - An Introduction:
London: 13-14 October 2015  
Corporate Actions - Operational Challenges:
London: 15-16 October 2015  
Collateral Management:
London: 27-28 October 2015
Singapore: 10-11 December 2015  
Commodities - An Introduction:
London: 2 November 2015

Inflation-linked Bonds and Structures:
London: 4-5 November 2015  
Fixed Income Portfolio Management:
London: 23-24 November 2015  
Securities Lending & Borrowing - Operational Challenges:
London: 30 November - 1 December 2015

 

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

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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