ICMA | International Capital Market Association

ICMA Update for Members December 2015


This December Update brings together some of the key publications and initiatives undertaken by ICMA over the autumn on behalf of its members. On 30 September 2015, the European Commission launched its CMU Action Plan, which is intended to help build a true single market for capital across the 28 EU Member States, with a view to boosting jobs, growth and investment across the EU. ICMA is already engaged on topics which are directly related to the action plan, including, Pan-European Private Placements, Green Bonds, Infrastructure financing, the Prospectus Directive and Securitisation consultations. Highlights of ICMA’s activities in markets beyond the EU include the signing of a MoU with the Capital Markets Authority of Oman, the appointment of a new chairman of our African Region, the launch of the revised ICMA Primary Market Handbook in Hong Kong and Singapore and ICMA involvement in Green Bond seminars in Shanghai and Beijing.  

Martin Scheck
Chief Executive, ICMA

If you have any comments on this update or its contents please contact us at: ICMACorporateCommunications@icmagroup.org
(ICMA members only)
+44 20 7213 0341 (London)
+41 44 360 5237 (Zurich)
+852 2531 6590 (Hong Kong)

For legal queries: legalhelpdesk@icmagroup.org
For market practice and regulatory policy queries: regulatoryhelpdesk@icmagroup.org
New ICMA Members autumn 2015
Bank of China (Hong Kong) Limited, Hong Kong
Bank of China Limited, Beijing
FIMBank p.l.c, Malta 
Kuwait Projects Company (Holding) K.S.C.P., Safat
Morgan, Lewis & Bockius UK LLP, London  
SumRidge Partners, LLC, Jersey City NJ

These new members bring the size of ICMA’s membership to 493 firms in 57 countries. 
Contact: Sanaa.clausse@icmagroup.org
ICMA European Repo Council changes its name to reflect increasing focus on collateral
The European Repo Council (ERC) was established by ICMA in December 1999, to represent the cross-border repo market in Europe. Since then it has continued to consolidate and codify best market practice, supporting the  development of a robust European repo market with measures including the development of the Global Master Repurchase Agreement (“GMRA”) and the publication of the ICMA ERC Guide to Best Practice in the European Repo Market; dissemination of market data through semi-annual surveys of the European repo market; and provision of education through courses on repo and collateral. The repo market is the main means by which collateral is sourced, priced and circulated. In the current environment, where post-crisis regulation has encouraged the increased use of high quality collateral to reduce risks in the financial system, the ERC has increasingly focused its efforts on working with the authorities to create an efficient collateral market. In recognition of this evolution of the market and the way in which the ICMA ERC now operates, the ICMA Board has changed the name of the ICMA ERC to the ICMA European Repo and Collateral Council (ERCC) with immediate effect. 

Contact: ercc@icmagroup.org
New study on ‘The current state and future evolution of the European repo market’  
A new study from the ICMA European Repo Council: ‘Perspectives from the eye of the storm: the current state and future evolution of the European repo market’, looks at how the repo market in Europe is changing in response to regulatory pressures. It is a qualitative assessment based on interviews with a wide range of market participants and stakeholders, including bank repo desks, fund managers, inter-dealer brokers, electronic trading platform providers, agency lenders and triparty agents. One of the main findings of the study is that Basel III, incorporating Risk Capital Requirements, Leverage Ratio, Liquid Coverage Ratio, and Net Stable Funding Ratio, is the single greatest regulatory driver of change, transforming the structure and dynamics of the repo market. 

Contact: andy.hill@icmagroup.org
ICMA concludes MoU with CMA, Sultanate of Oman 
ICMA has recently signed a memorandum of understanding with the Capital Market Authority (CMA) of the Sultanate of Oman, with the aim of enhancing mutual cooperation between the two l organisations, facilitating the two way exchange of information relating to capital market practices regulation, training and research.

Contact: allan.malvar@icmagroup.org
ICMA Electronic Trading Platform (ETP) Mapping Study
ICMA has undertaken a capabilities mapping initiative for participants in European fixed income markets to better understand the unique selling points of various electronic trading platforms (ETPs) and information networks. By offering a centralised one-stop shop to research the e-trading skills available in the market, ICMA members will be able to compare and contrast the various ETP providers in order to determine which platforms best suit their investment and/or trading strategies.
The mapping study does not constitute an exhaustive list of providers in the market. Relevant providers that are not yet covered by the mapping study and wish to join are very welcome to do so.

Contact: liz.callaghan@icmagroup.org
ICMA Africa Region
ICMA is pleased to announce that Gary Tamblyn, Deputy Treasurer of Nedbank, has taken over the position of Chairman of the ICMA Africa Region effective immediately. For a full list of the members of the ICMA Africa Regional Committee and ICMA member firms in Africa see the ICMA website.

Contact: candice.weinrich@icmagroup.org
The ICMA-NAFMII Working Group, which brings together experts from financial institutions in China and the UK to share expertise on processes, practices, and the associated market infrastructure in debt capital markets, has issued its first report: ‘Practices and procedures in the Chinese and international primary debt capital markets’.

ICMA has been accepted as a member of the Green Financing Committee under the People’s Bank of China and has already taken an active role advising on onshore regulations to promote a domestic green finance market. ICMA has also been asked to join a G20 Green Finance Study Group to be coordinated by the People’s Bank of China and the Bank of England, alongside the OECD and the UNEP.

Contact: ricco.zhang@icmagroup.org
Growth in the European repo market is stalled according to latest ICMA survey
ICMA’s European Repo Council released the results of its 29th semi-annual survey of the European repo market. The survey, which computes the amount of repo business outstanding on 10 June 2015, sets the baseline figure for market size at EUR 5,612 billion. This represents a very small (2%) increase from the headline figure of EUR 5,500 billion in December 2014 and a 2.9% decline in market size from the figure of EUR 5,782 billion recorded a year ago in the survey for June 2014. The next survey will take place this month.

Contact: reposurvey@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 Fourth Quarter 2015 which was published on 9 October 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 autumn 2015
11 November 2015 ICMA published Q&A on MiFID II/R and Repo.
1 October 2015 ICMA ERC Operations Group responded to Bank of England’s public consultation on “A new sterling money market data collection and the reform of SONIA.
ICMA Events 
In 2015 we organised over 100 events for members in 2015 in the financial centres of Europe and in Asia, covering almost the whole of our work programme, from Green bonds to repo, from challenges to the asset management community to the complexities of MiFID II. Many of you joined us for our Future Leaders and ICMA Women’s Network events, which will also feature in the 2016 programme in European cities.

The first few events of 2016 programme are already open for registration, take a look at the side bar of this e-mail and click to the links to book your place.
The ICMA AGM and Conference is our flagship event, this year almost 900 capital market professionals from all over the world joined us for the conference in Amsterdam. We expect similar numbers to attend the 48th conference in Dublin on 18 to 20 May 2016, registration opens on 1 February. For more information about the programme and sponsorship opportunities contact shannelle.rose@icmagroup.org

ICMA supported industry events

The Future of European Securitisation in the Emerging Regulatory Environment
London, 11 December

XI International REPO FORUM in Moscow
Moscow, 17-18 December

Fifth Annual Exchange Conference: Innovation and Transformation; Euronext at the heart of financing
Paris, 19 January

Central & Eastern European Forum
Vienna, 19-20 January

IFLR India Capital Markets Forum
Mumbai, 21 January

IFLR European In-House Counsel Summit 2016
London, 28 January

AFME's 11th Annual European Fixed Income and FX Market Liquidity Conference
London, 25 February

New ICMA Members autumn 2015
ICMA European Repo Council changes its name to reflect increasing focus on collateral
New study on ‘The current state and future evolution of the European repo market’  
ICMA concludes MoU with CMA, Sultanate of Oman 
ICMA Electronic Trading Platform (ETP) Mapping Study
ICMA Africa Region
ICMA in Asia Pacific
Growth in the European repo market is stalled according to latest ICMA survey
Market Practice and Regulatory Policy 
Consultation responses and briefing notes autumn 2015
ICMA Events 
ICMA Executive Education
ICMA Ski Annual Charity Ski Weekend

Zermatt, 15-17 January
ICMA European Repo and Collateral Council Annual General Meeting 

Luxembourg, 27 January
ICMA Capital Market Lecture featuring Lachlan Burn, Linklaters

London, 9 February
ICMA Workshop: Bond syndication practices for compliance professionals and other non-bankers

London, 23 February
ICMA Workshop: Ethics and the Capital Markets 

London, 1 March
ICMA Workshop: Professional Repo and Collateral Management 

London, 11-12 April
ICMA Executive Education
Part I, Introductory Programmes

Financial Markets Foundation Course (FMFC):
London: 4-6 May 2016
Luxembourg: 8-10 June 2016

Financial Markets Foundation Course (FMFC) Online Programme:
Next start date: 11 January 2016 (register by 6 January)

Securities Operations Foundation Course (SOFC):
London: 7-9 March 2016
Brussels,13-15 April 2016

Securities Operations Foundation Course (SOFC) Online Programme:
Next start date: 11 January 2016 (register by 6 January)

Introduction to Fixed Income (IFI):
London, 13-15 April 2016
London, 19-21 October 2016

  Part II, Intermediate Programmes

Fixed Income Certificate (FIC):
Barcelona, 24-30 April 2016
London, 20-24 June 2016

Fixed Income Certificate (FIC) Online Programme:
Next start date: 1 March 2016 (register by 25 February)

Operations Certificate Programme (OCP):
Brussels,17-23 April 2016

Primary Market Certificate (PMC):
London, 9-13 May 2016

  Part III, Specialist Programmes

Collateral Management:
London, 28-29 April 2016

Corporate Actions - An Introduction:
London, 10-11 May 2016

Inflation-linked bonds and structures:
London, 16-17 May 2016

The ICMA Guide to Best Practice in the European Repo Market:
London, 1 April 2016
London, 31 October 2016


The full 2016 course schedule is available here.

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