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Dear All,

 

ICMA/AMIC activities
 

The European Repo and Collateral Council (ERCC) of ICMA has released the results of its 37th semi-annual survey of the European repo market. The survey, which calculates the amount of repo business outstanding on 5 June 2019, from the returns of 55 offices of 51 financial groups, sets the baseline figure for European market size at EUR 7,761 billion, down by 1.1% on the December 2018 survey figure of EUR 7,846 billion. Year on year this is an increase of 5.6% from the June 2018 survey which set the figure for market size at EUR 7,351 billion.

ICMA will amend its Buy-in Rules to support the implementation of the EU Central Securities Depositories Regulation (CSDR) mandatory buy-in provisions. ICMA Buy-in Rules are part of its Secondary Market Rules & Recommendations which are widely relied upon by ICMA members in the international bond markets. The ICMA Rules apply automatically to trades in international securities between ICMA members.

The next AMIC conference will take place on 27 November in London and will be hosted by BlackRock. The conference will feature panel discussions led by industry practitioners on the development of the STS Securitisation market, the pension gap, PEPP and the effect of negative interest rates and a discussion on the possibility of an EU Ecolabel for funds. All market participants are welcome to attend for free however registration in advance is essential

The next AMIC Executive Committee meeting will take place on 28 November at ICMA's office in London. There will be a discussion with the FCA regarding their priorities in relation to wholesale asset management activities. Other topics which will feature on the agenda are: CSDR mandatory buy-ins, ICMA study on the corporate bond market, PRIIPS consultation and updates on the various AMIC working groups. 

Upcoming ICMA Courses

21-22 November:  Fixed Income Portfolio Management 
     25 November:  Portfolio Construction
       30-31 March: Collateral Management
             2-3 April:  Securitisation - An Introduction

ICMA initiatives 

    20 November: ICMA Women's Network - Gender Lens Investing: A fresh perspective
    21 November: ICMA Future Leaders: How do banks and their employees stay relevant in this rapidly changing industry?
 

 

 

EMIR
 
  • (11.11.2019) ESMA advises the European Commission on the supervisory regime for third-country CCPS

The European Securities and Markets Authority (ESMA), has published three sets of technical advice of the European Commission (EC) regarding third-country central counterparties (TC-CCPs) under the revised European Market Infrastructure Regulation (EMIR 2.2).

ESMA's advice details:
- how to specify the criteria to determine whether a TC-CCP is systemically important for the EU or a Member State's financial stability (tiering)
- how to assess comparable compliance
- the fees to be charged to TC-CCPs

MiFID II
 
  • (08.11.2019) ESMA makes new bond liquidity data available

The European Securities and Markets Authority (ESMA) has started to make available new data for bonds subject to the pre- and post-trade requirements of the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR) through its data register.

IBOR transition
 
  • (12.11.2019) ECB: working group on euro risk-free rates recommends fallback arrangement for users of €STR

The European Central Bank’s (ECB’s) working group on euro risk free rates has issued a report which details two options for possible fallback arrangements for €STR products.

The working group has decided to recommend that markets participants consider the measures that might be taken by the European Central Bank (ECB) as part of the regular review of the €STR methodology, as well as the policies and procedures to be followed in the event of the possible cessation of the €STR, along with the fallback provisions provided by the working group in the EONIA to €STR Legal Action Plan. The working group is of the opinion that this combination will provide sufficient contingency as fallback mesures for the €STR.

Financial Stability
 
  • (12.11.2019) Speech by Benoit Coeuré (ECB) about a tale of two money markets - Fragmentation or concentration 

Speech by Benoit Coeuré, Member of the Executive Board of the European Central Bank (ECB) on a tale of two money markets - Fragmentation or concentration.

Securitisation
 
  • (12.11.2019) Commission adopts RTS on STS notification requirements
 

The EU Commission has adopted a Delegated Regulation setting out the simple, transparent and standardised (STS) notification requirements under the Securitisation Regulation (EU) 2017/2402.
 

The Delegated Regulation is based on draft regulatory technical standards (RTS) submitted by the European Securities and Markets Authority (ESMA) specifying the information and format that originators and sponsors are required to provide to ESMA to comply with the STS notification obligations. 

The Regulation will enter into force on the twentieth day following its publication in the Official Journal.
 

  • (15.11.2019) ESMA updates its Q&As on the securitisation regulation

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has updated its Questions and Answers (Q&As) on the Securitisation Regulation (Regulation 2017/2402).
 

ESMA will continue to develop this Q&A on the Securitisation Regulation in the coming months and will review and update them where required.

Sustainable Finance
 

  • (14.11.2019) EIB launches new climate strategy

The European Investment Bank (EIB) announced a new climate strategy and Energy Lending Policy. Under its new policies, the EIB will end financing for fossil fuel energy projects from the end of 2021, and will align all financing activities with the goals of the Paris Agreement from the end of 2020.
The EIB’s new strategy for climate action and environmental sustainability includes three key elements:
- The EIB Group will aim to support EUR 1 trillion of investments in climate action and environmental sustainability in the critical decade from 2021 to 2030;
- The EIB will gradually increase the share of its financing dedicated to climate action and environmental sustainability to reach 50% of its operations in 2025 and from then on;
- The EIB Group will align all its financing activities with the principles and goals of the Paris agreement by the end of 2020.

Kind regards,

 

The AMIC Secretariat

 

Email: amic@icmagroup.org

Tel: +44 20 7213 0348

Website: www.icmagroup.org/amic

 

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