ICMA Update for Members - March 2018

ICMA’s members in the UK, Continental Europe and beyond have real and increasingly pressing concerns about the cliff-edge risks of Brexit, which would fragment international debt capital markets and damage business in the real economy and financial stability. Accordingly, we have written an open letter to senior political leaders giving specific examples of these risks and proposing a way in which the situation might be resolved ahead of Brexit.

Martin Scheck
ICMA Chief Executive

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

New members in June

Allen & Gledhill LLP, Singapore
Baker & McKenzie LLP, London
Bank of Nanjing, Nanjing
FinecoBank Banca Fineco S.p.A., Milan
Insight Investment Management (Global) Limited, London
Jane Street Financial Limited, London
Qatar Financial Centre Authority, Doha
Roschier Advokatbyrå AB, Stockholm
State Street Bank and Trust Company, London Branch, London
The Central Bank of the Republic of Armenia, Yerevan
This brings the total ICMA membership to 540 firms in 62 countries.

Contact: sanaa.clausse@icmagroup.org
New ICMA Board and New ICMA Board Chair
ICMA members elected new board members at the 50th ICMA AGM in Madrid on 31 May. The new board subsequently appointed Mandy DeFilippo, a Managing Director and Head of Risk Management for Fixed Income & Commodities, EMEA at Morgan Stanley, as the ICMA Board Chair. She replaces Martin Egan, Vice Chairman of Global Markets Client Board at BNP Paribas SA, who stepped down at the end of his term as an ICMA board member. Jean-Marc Mercier, Global Co-Head Debt Capital Markets, HSBC Bank plc was appointed Deputy Chair.

The following were elected to the ICMA Board:
Marc Baigneres, J.P. Morgan Securities plc, London
Jakob Groot, Danske Bank A/S, Copenhagen
Nannette Hechler-Fayd’Herbe de Maudave, Credit Suisse AG, Zurich
Fabio Lisanti, Citigroup Global Markets Limited, London
Jean-Marc Mercier, HSBC Bank plc, London
Chris Muyldermans, KBC Bank N.V., Brussels 
View the full ICMA Board.
50th ICMA AGM and Conference

Thank you to more than 1000 of our members, speakers and sponsors who joined us for the 50th ICMA AGM and Conference in Madrid at the end of May.  

Special thanks to our Platinum sponsor, BBVA; Gold sponsor, Santander; Silver sponsor, DekaBank; and Bronze sponsors: Bank of China, BayernLB, BlackRock, BNP Paribas, ConvEx, Fitch Ratings, Fitch Solutions, HSBC, LIST, MarketAxess, Shanghai Clearing House and Societe General who made the event possible.


Don’t forget to save the date for the 2019 AGM and Conference in Stockholm, 15 to 17 May.


For programme and sponsorship enquiries contact: shannelle.rose@icmagroup.org

Sustainable finance
ICMA’s Nicholas Pfaff, has been nominated by the European Commission as a member of its Technical Expert Group on Sustainable Finance, recognising ICMA’s key role in green and sustainable finance and the global recognition of the Green and Social Bond Principles.
On 14 June ICMA and the HKMA co-hosted the 2018 Green and Social Bond Principles Annual General Meeting and Conference in Hong Kong. The conference brought together some 800 industry professionals from around the world, including investors, issuers, intermediaries, external reviewers and rating agencies, the official sector including policy makers and market supervisors, stock exchanges, law firms and other professional services firms, to debate advances in this market and the requirements for its future success.
The conference sessions covered developments in the global green, social and sustainability bond markets which raise capital for projects that provide environmental and social benefits. The agenda at the conference was particularly focused on the increasing maturity of these markets and the convergence towards market-based global standards. There was also a specific session on progress in the Green Bond Market of Hong Kong and mainland China.
The AGM of the GBP and SBP preceded the conference where a new Executive Committee for the GBP was elected by the members of the GBP/SBP community.
This was followed by the release of the 2018 update of the GBP, SBP and Sustainability Bond Guidelines, alongside new publications providing guidance designed to further strengthen and interconnect the market ecosystem.
These include:

Guidelines for External Reviews promoting best practice and integrity in the
provision of external review services for Green, Social and Sustainability Bonds.
• A High-Level Mapping to the UN’s Sustainable Development Goals of the Principles’
Eligible Project categories, recognizing investor and wider market interest in
referencing SDGs within this context.
• The Framework for Impact Reporting of Social Bonds designed to accelerate
progress on impact reporting for social and sustainability bonds.
In 2017, it is estimated that more than 85% of issuance in the global Green Bond market was aligned with the GBP.
Contact: greenbonds@icmagroup.org
CSDR mandatory buy-in regime

ICMA has published a briefing note on the European Commission’s Regulatory Technical Standards for CSDR related to the mandatory buy-in regime. The note outlines the key characteristics of the mandatory buy-in framework and discusses the expected impacts this is likely to have with respect to bond market liquidity, repo and lending markets, increased risks to buy-sides, market stability, potential extraterritorial implications, as well as conflicts with the aims of CMU. It also references the original marker impact study undertaken by ICMA in 2015, which suggests significant costs to buy-side firms, (running into €10s of billions per annum) through adjusted bond market pricing and reduced liquidity. A further more detailed report on the implications of mandatory buy-ins for bond markets will be published shortly.

Contact: andy.hill@icmagroup.org
Repo and collateral

The ERCC’s General Meetings provide a good opportunity to hear about the various issues that the market is currently facing and the steps being taken to address these; they are open to anyone with an interest in repo and collateral. The autumn meeting will be held in London on 17 October.
One of the key topics this autumn will be the EU’s upcoming SFT Regulation, which will introduce extensive reporting requirements. Besides SFTR, the agenda also includes updates on other regulations that are impacting repo markets, including CSDR, NSFR and many others. As usual, participants will also hear about recent legal issues, current operational challenges and technology, as well as the evolving market best practices.
Contact: alexander.westphal@icmagroup.org
Asset Management and Investors Council

ICMA has joined several other leading European trade associations in signing a letter to the European Commission expressing support for the recently agreed simple, transparent and standardised (STS) securitisation framework in Europe. However, the signatories stress that for STS securitisation to be successful, and for the wider securitisation market to recover, it is critical that other pieces of EU legislation are calibrated appropriately to create the right conditions and incentives to support and encourage securitisation. Important calibrations for securitisation investments in Solvency 2 and the Liquidity Coverage Ratio (LCR) do not go far enough in addressing the harsh treatment of securitisation. The associations are concerned that without a more ambitious approach that fully recognises the prudential strength of securitisation in Europe, especially STS securitisations, the new Common Framework and STS Framework may become a missed opportunity.

The next covered bond investor conference, organised by the AMIC Covered Bond Investor Council (CBIC) in cooperation with the Covered Bond Report, will be held in Frankfurt on Wednesday 27 June. We have speakers from both the EBA on European Secured Notes (ESNs) and from the European Commission on the recently released covered bond directive.

Contact: patrik.karlsson@icmagroup.org and bogdan.pop@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 Second Quarter 2018 which was published on 12 April 2018.  The Quarterly Report for the Third Quarter 2018 will be published on 5 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 section). It is a working draft provided by the ICMA Market Practice and Regulatory Policy team and is periodically updated (most recently on 8 June 2018).

Mentoring platform

The ICMA mentoring platform can help you find a career mentor in the international capital market. Join over 300 registered mentees and 120 mentors on the platform.
"I would absolutely recommend the programme, and have done to several colleagues, as well as senior people who could become mentees. A lot of people are surprised that it is available to them." 
- Rob Matthews, BNP Paribas
"I decided to actively spend more time on my personal development and the ICMA Mentoring Programme was a great opportunity to do that." 
- Patrik Saner, Swiss Re
find out more…


ICMA Legal and Regulatory

Helpdesk numbers

(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

Get Involved!

New to the industry? Read Get involved! our quick guide to the international capital market and how to engage with ICMA.

ICMA Events
There are a number of ICMA Future Leaders networking events this summer where you can meet and mix in a relaxed environment with others starting out in the industry. More senior ICMA members are also welcome of course!
In Amsterdam on 5 July, guest speaker Carsten Brzeski, Chief Economist of ING Germany will start the evening with a topic which will certainly influence the career of anyone starting out in financial markets now “The Impact of digitalization on financial and labour markets”. This will be followed by structured networking and a chance to socialise.
In London on 19 July the focus will be on ‘How to survive a career in financial markets’ featuring among others the newly appointed Chair of ICMA, Mandy DeFilippo, Managing Director, Head of Risk Management for Fixed Income & Commodities, EMEA, Morgan Stanley.
Save the date for Future Leaders’ events in Zurich on 28 August and in Paris on 17 October.
All events are open to all ICMA members and are free to attend.
Contact: futureleaders@icmagroup.org
Highlights of the autumn events schedule include the first ICMA Women’s Network networking event in Madrid on 4 October hosted by BBVA. Also the 9th Annual bwf and ICMA Capital Markets Conference in Frankfurt on 18 October, the annual Primary Market Forum on 8 November in London and the Annual ICMA and JSDA Joint Conference on Developments in the green and social bond markets in Tokyo on 29 November. Save the date for these, with more to come! 
ICMA Executive Education

The autumn course schedule for our flagship qualifications has been announced and you can start booking these now, starting with our Introduction to Fixed Income Qualification (IFIQ) in London, 3-5 October 2018.
Alternatively, now is a good time to get ahead by signing up for online learning to advance your career with ICMA qualifications.
Sign up today for these online programmes and you can start as soon as the 2nd of July and get your qualification by the end of the summer at our discounted member rates.

Financial Markets Foundation Qualification (FMFQ) Online Programme
Provides a good foundation knowledge of the key players in the financial markets, the main equity and debt products, cash and derivatives and the FX markets.
Traditionally attended by professionals with up to 5 years' experience in operations, this qualification looks at securities products and their life cycle, equity and debt issuance, repos and securities lending & borrowing.

ICMA Fixed Income Certificate (FIC) Online Programme 
(Advanced qualification)
Our flagship course is internationally recognised as the benchmark qualification for professionals in the middle and front office.

To book your place on ICMA EE online or classroom courses visit icmagroup.org/EE


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