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This update summarises developments and publications from ICMA over the past few weeks. Looking to the immediate future we are continuing to help our members with the implementation of MiFID II/R. As we enter the final lead-up to the 3 January 2018 deadline, we are providing updated briefing documents and workshops for our European members on the issues which will affect their fixed income business and a separate monthly briefing summary on outstanding practical issues. Whilst it is European legislation, MiFID II/R also has some serious implications for our members outside Europe, which we are reviewing in detail with a view to publishing a set of FAQs.

At the same time the discussions regarding the replacement of Libor have taken on a new dimension. Given the widespread use of Libor as a reference rate in the bond market this has direct implications for almost all our members. We are working with our members, other associations and law firms to provide clarity on the situation with regard to the emerging new arrangements and the impact on legacy trades. A briefing call for members on this topic was held on 7 September and a recording is now available (ICMA member login required). Work is ongoing and an update on the situation will be provided in the Quarterly Report due to be published on 11 October.
 

Martin Scheck

ICMA Chief Executive

 

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


New ICMA Members in August
Addleshaw Goddard LLP, London
Asian Development Bank (ADB), Metro Manila
Bangko Sentral ng Pilipinas, Manila
Larrain Vial S.A. Corredora de Bolsa, Santiago
Nederlandse Financierings-maatschappij voor Ontwikkelingslanden N.V. (FMO), The Hague
Otkritie Broker Joint Stock Company, Moscow
TD Securities (USA) LLC, New York
UniCredit International Bank (Luxembourg) S.A., Luxembourg

This brings the total number of ICMA members to 526 members in 62 countries. View the full list of ICMA members.
Contact: Sanaa.clausse@icmagroup.org
 
New ICMA Board members
We are pleased to welcome two new appointments to the ICMA Board: Suzanne Buchta, Bank of America Merrill Lynch, London; and Jean-Marc Mercier, HSBC Bank plc, London.

European Credit Repo Market study
The ICMA study, The European Credit Repo Market: The Cornerstone of Corporate Bond Market Liquidity explores and describes the state and evolution of the European corporate bond repo and securities lending market (the "credit repo market"). Building on ICMA’s previous work on both corporate bond market and repo market evolution and liquidity, the study investigates the European credit repo market from the perspective of its role, structure, participants, dynamics, external impacts, challenges, opportunities, and potential evolution, particularly to the extent that this plays a pivotal role in overall corporate bond market liquidity.
Contact: andy.hill@icmagroup.org

Report on the use of leverage in investment funds in Europe
ICMA's Asset Management and Investors Council (AMIC) and the European Fund and Asset Management Association (EFAMA) have published a report on leverage in investment funds. It analyses how leverage is used, how the European legislative framework regulates leverage, how international regulators are addressing this topic and how the risks related to leverage are addressed from a technical perspective.  The report also puts forward several recommendations to improve monitoring and analysis of leverage risk.
Contact: patrik.karlsson@icmagroup.org

European infrastructure finance: a stock-take
ICMA and AFME have produced a review of the state of infrastructure financing, investment and related initiatives in Europe, and an assessment of how to further advance and encourage private sector finance for infrastructure projects. The review was undertaken as a follow up to the AFME-ICMA Guide to Infrastructure Financing published by the two associations in June 2015.  Since the financial crisis, institutional investors have substantially increased their investment in infrastructure, but this welcome trend needs further encouragement, which may be achieved via a mix of financial instruments, innovative financing solutions and familiarity with the different risk and return profiles of individual projects. The review highlights some of the other measures which could help to generate a positive environment to boost private sector infrastructure investment.
Contact: katie.kelly@icmagroup.org

Data on European investment grade bond markets from multiple sources
Historical data on bond market trading activity, split into Financials and Non-Financials in both € and £, can be accessed from the ICMA website, including:  Contact: gabriel.callsen@icmagroup.org

Award for Social Bond Principles
The Social Bond Principles, voluntary process guidelines that recommend transparency and disclosure for bonds raising funds for social projects, have received the award for the  most valuable innovation for the Green/SRI bond market from Global Capital.

ICMA Asia-Pacific
“Developments in the Green and Social Bond Markets – the Asian Perspective” will take place in Tokyo on 2 November with the support of the Japan Securities Dealers Association (JSDA). The conference will build on the sharp growth in Asian green bond activity, the recent launch of guidelines by the Japanese Ministry of Environment, pioneering social bond issuance, and increased regional investment in such products.   It aims to bring together issuers, underwriters, investors, policymakers, market infrastructure and service providers and other green bond and social bond market stakeholders to discuss recent developments in Asia. With a focus on the application of the market standards represented by the Green Bond Principles, the Social Bond Principles and the Sustainability Bond Guidelines, as well as official sector guidelines, expert speakers will explore requirements for the further development of the green bond market in the region, as well as the increasingly active social and sustainability bond markets.
Contact: mushtaq.kapasi@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 2017 which was published on 12 July 2017. The Quarterly Report for the Fourth Quarter 2017 will be published in October.
 
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.

Responses to consultations
We are working on responses to the following:
 
IOSCO: Consultation on liquidity risk management 18 September
Questionnaire by the High Level Expert Group on
sustainable finance interim report
20 September
ESMA: Consultation on Prospectus Regulation Level 2 28 September    
IOSCO: Consultation on improving transparency of corporate bond markets 16 October
European Commission: Consultation on post trade
(follow-up to the EPTF)
15 November         

 
 
 
 

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

With an eye on the MiFID II/R implementation date of 3 January 2018, ICMA is running a series of workshops throughout Europe for its members to discuss some of the practical issues around the implementation of this wide-ranging regulation.

ICMA Workshops: MiFID II/R - Practical Implications for Fixed Income Trading
Brussels, 4 October
Luxembourg, 5 October
Paris, 6 October
Madrid, 19 October
Frankfurt, 26 October
Milan, 27 October

Meanwhile the rest of the ICMA autumn events calendar is now open for registrations including the European Repo and Collateral Council General Meeting, Brussels, 14 November the Asset Management and Investors Council Autumn meeting, London, 8 November and the Primary Market Forum, London, 8 November.
 


Save the date for the 50th ICMA AGM and Conference
Madrid, 30 May to 1 June 2018 


ICMA supported industry events in September

1st DVFA ETF Forum
Frankfurt, 12 September

Think Asia, Think Hong Kong
London, 21 September

ASIFMA Infrastructure Conference: The Path to the Belt and Road
Hong Kong, 26 September

Fixed Income Leaders Summit APAC 2017
Singapore, 26-28 September
 


 

New ICMA Mentoring Platform

The ICMA mentoring platform, which matches ICMA members looking for career development advice with suitable mentors went live in June. We already have more than 250 mentors and mentees signed up and starting their mentoring relationships. Find out if mentoring is for you.
Contact: allan.malvar@icmagroup.org
 


 

ICMA Executive Education

Take advantage of ICMA EE’s globally recognised certificate courses online. Study in your own time and at your own pace to get equipped with the skills you need for your career in the capital markets.

Sign up now for these courses and start studying in October!
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)

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

 

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