News

 

ICMA responds to ESMA Consultation Paper on MiFID II/ MiFIR review on the functioning of Organised Trading Facilities (OTF)
25 November 2020 ICMA has provided feedback regarding ESMA’s surprisingly wide scoped consultation on the functioning of the Organised Trading Facility regime. The response was based on the views of members ICMA’s OTF taskforce representing buy-side and sell-side investment firms, trading venues and software and...
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Joint trade association letter regarding the third country transitional provisions of the EU Benchmarks Regulation
20 November 2020 ICMA and several other trade associations have endorsed a paper calling for an extension to the end of the transition period for third country benchmarks under Article 51 of the EU Benchmarks Regulation (BMR) from the end of 2021 to the end...
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ICMA responds to ESMA's MiFIR review report on the obligations to report transactions and reference data
20 November 2020 On 24 September, the European Securities and Markets Authority (ESMA) published a consultation paper examining transaction reporting and reference data obligations under the Market in Financial Instruments Regulation (MiFIR) (the Consultation Paper). ICMA's response is now available. ICMA believes that ESMA is...
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First edition of the ICMA ERCC's Repo and Collateral Newsletter – read about our work and other market news
We are pleased to launch the ICMA ERCC’s new Repo and Collateral newsletter which will provide you on a monthly basis with updates on the key initiatives and workstreams undertaken by ICMA’s European Repo and Collateral Council (ERCC) as well as other relevant repo market...
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ESG, finance, and building back better: a silver lining for COVID-19?
13 November 2020 (TOKYO, Japan) Conference gathers pivotal stakeholders in the global and in particular Asian green, social, and sustainability bond markets in Tokyo and online via Zoom to exchange views and practical expertise on how to foster and develop the market for sustainable financial...
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ICMA SFTR checklist for non-European firms
13 November 2020 ICMA has prepared a checklist for non-European firms to help them assess their reporting obligations under the EU’s SFT Regulation as well as the UK’s SFT Regulation post-Brexit. The document looks at not only the geographical scope of SFTR, but also the...
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ICMA publishes European and Asian repo surveys
12 November 2020 The European repo market in the aftermath of COVID-19 and the results of second survey of Asia repo markets.
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Participate in the ICMA European Repo and Collateral Council's 40th European repo market survey
All European repo market participants are invited to submit data on their repo business outstanding at close of business on Wednesday, 9 December 2020.
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ICMA launches a scholarship programme
ICMA, the global trade body that represents the international capital markets, is offering 25 scholarships in 2021 to individuals from countries in Sub-Saharan Africa who are unable to pursue a financial qualification due to their economic circumstances as part of ICMA's mission to raise standards...
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NEW: ICMA online self-study course
Fast growth in the sustainable bond market sector is driving unprecedented demand for skilled professionals and for targeted training in the fundamentals of the products and the application of the Green and Social Bond Principles, the foundation for green and social bond issuance.ICMA is...
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ICMA Electronic Trading Council (ETC) publishes paper on Axe Distribution Best Practice Standards
3 November 2020 The ICMA ETC has published a paper on axe distribution best practice standards. To some outside the fixed income trading world, the term ‘axe’ is an odd name to use for advertising buy or sell bond interests. In equities the self-explanatory term...
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ICMA ERCC publishes fifth edition of its SFTR recommendations
29 October 2020 The ICMA European Repo and Collateral Council (ERCC) has published today an updated version of the ICMA Recommendations for Reporting under SFTR. This is the fifth public edition of the document, which was initially released on 24 February and last updated on...
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ICMA AMIC responds to ESA's survey on templates for Environmental and/or Social financial products under SFDR
16 October 2020 ICMA AMIC submitted its response to the ESAs' survey on templates for Environmental and/or Social financial products under SFDR.
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Buy-side starts reporting under SFTR
12 October 2020 The third phase of SFTR reporting has gone live. As of today, SFTR reporting obligations will apply to investment funds, pensions funds and (re-)insurance undertakings, who will join sell-side firms, CCPs and CSDs, who have already been reporting for 3 months. The...
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ICMA AMIC publishes position paper on ESMA's letter on AIFMD review
12 October 2020 ICMA's Asset Management and Investors Council published a series of first views on the review of AIFMD following ESMA's letter and ahead of the upcoming EC consultation. AMIC argues that the current framework, which was continuously enhanced over the years has proven...
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Green Bond Principles and Social Bond Principles Executive Committee announces 2020/2021 Advisory Council composition
9 October 2020 The Green Bond Principles and Social Bond Principles Executive Committee is pleased to announce the 2020/2021 Advisory Council composition.
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ICMA Quarterly Report Fourth Quarter 2020 now available
8 October 2020 The latest edition of the ICMA quarterly report is now available.To access the report, click here.
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Amendments to the ICMA Primary Market Handbook published
6 October 2020 Amendments to the ICMA Primary Market Handbook have been published today. For more information, see the ICMA Primary Market Handbook - Amendments/archive page.The associated circular to members is available here for ICMA members and ICMA Primary Market Handbook subscribers only (login...
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Translations of the Sustainability-Linked Bond Principles are published
6 October 2020 Sustainability-Linked Bonds aim to further develop the key role that debt markets can play in funding and encouraging companies that contribute to sustainability from an environmental and/or social and/or governance perspective. In June of this year, the Green and Social Bond Principles...
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New ICMA members in October 2020
ICMA welcomes the following new members in October 2020: Davis Polk & Wardwell LLP, New York; Flow Traders B.V., Amsterdam; Frontclear Management B.V., Amsterdam; Neptune Networks Limited, London; and TransFICC Limited, London; bringing the total number of ICMA members to 601...
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ICMA responds to the EC consultation on the EU Green Bond Standard (EU GBS)
2 October 2020 ICMA has responded to the EC consultation on the EU Green Bond Standard (EU GBS).
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Who is automating the primary bond markets? ICMA publishes new edition of technology directory
2 October 2020 In light of a rapidly expanding competitive marketplace, ICMA is publishing the third edition of its primary markets technology directory. It was initially launched in 2018 and seeks to compare the key features and capabilities of technology solutions available to automate all...
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ICMA publishes preliminary thoughts on the new Capital Markets Union Action Plan
1 October 2020 ICMA is pleased to share its preliminary thoughts on the European Commission’s new Capital Markets Union Action Plan highlighting the importance of Europe’s debt capital markets in funding the recovery from the COVID-19 pandemic. There are a range of associated issues that...
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ICMA’s Head of Sustainable Finance, Nicholas Pfaff appointed to the Platform on Sustainable Finance
1 October 2020 We are delighted that ICMA’s Head of Sustainable Finance, Nicholas Pfaff has been appointed to the Platform on Sustainable Finance. ICMA working with the Green and Social Bond Principles has been a major supporter of the sustainable debt markets and looks forward...
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ICMA publishes discussion paper on Transparency and liquidity in the European bond markets
29 September 2020 The state of liquidity in the European bond markets has been hotly debated for a number of years, with the growing realization that due to a culmination of factors market liquidity has been in serial decline for more than a decade. There...
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ICMA publishes updated Guide to Best Practice in the European Repo Market
24 September 2020 The ICMA European Repo and Collateral Council (ERCC) is the principal industry standards setting body for the European repo market. To this end, the ERCC publishes, and routinely updates, the Guide to Best Practice in the European Repo Market. The Guide provides...
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ICMA responds to ESMA consultation on calculation of positions under SFTR
15 September 2020 ICMA’s ERCC submitted its response to the ESMA consultation on draft Guidelines on calculation of positions under SFTR. The aim of the Guidelines is to ensure consistency of position calculations across TRs. In its response the ERCC commented on many areas of...
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ICMA AMIC responds to EC consultation on investment research
11 September 2020 AMIC submitted its response to the EC consultation on investment research. The response explains that partially reviewing unbundling rules will not contribute to reviving SME research to a meaningful extent as a majority of members would practically not be able to make...
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ICMA ERCC publishes fourth edition of its SFTR recommendations
7 September 2020 The ICMA European Repo and Collateral Council (ERCC) has published today an updated version of the ICMA Recommendations for Reporting under SFTR. This is the fourth public edition of the document, which was initially released on 24 February and previously updated on...
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ICMA publishes a briefing note on CSDR mandatory buy-ins and the requirement to appoint a buy-in agent
7 September 2020 The CSDR-SD regulatory technical standards require that in the case of failing non-cleared transactions, at the start of the mandatory buy-in process the purchasing party must appoint a buy-in agent. This may not be possible, particularly since a buy-in agent may not...
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ICMA AMIC responds to ESMA consultation on guidelines for NCAs when they consider potential financial stability risk associated with leverage in AIFs
1 September 2020 In its response AMIC, the buy-side voice of ICMA, recommends focusing on funds with substantial leverage as a first screening phase and  conducting an analysis of  relevant parameters related to a given fund. AMIC strongly recommends analysing funds individually and not in...
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ICMA AMIC responds to ESAs' consultation on the Sustainable Finance Disclosure Regulation
1 September 2020 In its response AMIC, the buy-side voice of ICMA, highlighted several challenges with the implementation measures proposed by the three European authorities, including both firm and product disclosure requirements. For instance, the proposed quantitative disclosure of asset management companies' ESG footprints would...
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Amendments to the ICMA Primary Market Handbook published
21 August 2020 Amendments to the ICMA Primary Market Handbook have been published today. For more information, see the ICMA Primary Market Handbook - Amendments/archive page.The associated circular to members is available here for ICMA members and ICMA Primary Market Handbook subscribers only (login...
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ICMA responds to EBA consultation on contractual recognition of stay powers under BRRD
14 August 2020 The ICMA Legal & Documentation Committee and the ICMA European Repo and Collateral Council submitted a response to the EBA’s consultation paper on draft RTS on the contractual recognition of stay powers under Article 71a(5) of Directive 2014/59/EU (BRRD) expressing concerns with...
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Update on netting enforceability in the People's Republic of China
5 August 2020 Earlier this year the China Banking and Insurance Regulatory Commission (CBIRC) issued a consultation draft of a notice, “Notice on Issues Relating to the Rules for the Measurement of Default Risk Assets of Counterparties in the Trading of Derivatives”. We understand that...
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Joint association letter on digital future for financial markets
29 July 2020 ICMA, along with ISDA, ISLA, LBMA, UK Finance, Association of German Banks (BdB), AFMA  and  International Islamic Financial Market, have jointly submitted a letter to policy-makers asserting their commitment to defining and promoting the development of a digital future for financial markets.
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ESMA preparing new RTS to further postpone CSDR Settlement Discipline to 1 February 2022
28 July 2020 ESMA has announced that it is working on a proposal to possibly delay the entry into force of the CSDR settlement discipline regime until 1 February 2022. ESMA confirms that this is due to the impact of the COVID-19 pandemic on the...
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New ICMA members in July 2020
The following firms were admitted to ICMA membership in July 2020: Barclays Bank Delaware, Wilmington; Hunton Andrews Kurth (UK) LLP, London; Lord, Abbett & Co. LLC, Jersey City; Moody's Corporation, New York; and Simpson Thacher & Bartlett LLP, London; bringing the total number of ICMA...
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Almost 1.5 million trades reported under SFTR in week one
22 July 2020 In the first week of reporting under the Securities Financing Transactions Regulation (SFTR), firms reported 1,435,727 SFTs with a cash value of EUR 14.3 trillion and collateral value of EUR 17.8 trillion. Repo (both repurchase transactions and buy/sell-backs) accounted for...
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ICMA responds to EC consultation on the Renewed Sustainable Finance Strategy
15 July 2020 ICMA has responded to the EC consultation on the Renewed Sustainable Finance Strategy.
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SFTR goes live
13 July 2020 Reporting under the EU’s SFT Regulation (SFTR) has started. Banks and investment firms, as well as CCPs and CSDs have an obligation to report all SFTs executed from today to authorised trade repositories, who in turn will validate and reconcile the reports...
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ICMA submits response to ESMA Survey on Topics for the CSDR Review
10 July 2020 On behalf of its members, ICMA has submitted its response to the ESMA Survey on Topics for the CSDR Review. The ICMA response focuses on Article 7, Measures to address settlement fails, and in particular the mandatory buy-in (MBI) provisions. ICMA’s strong...
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ICMA AMIC submits response to the EC consultations on the integration of sustainability risks in UCITS, AIFMD and MiFID
6 July 2020 AMIC submitted its response to the EC consultations on the integration of sustainability risks in UCITS, AIFMD and MiFID. In its reponse AMIC fully supports the integration of sustainability risks among other risks to be considered by fund managers and investors, which...
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ICMA publishes updated FinTech Mapping Directory
2 July 2020 ICMA has updated its mapping directory of technology solutions for repo and cash bond operations. The directory now lists a total of 159 solutions, compared to 130 solutions last year and 87 solutions when it was first launched in November 2017. It...
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Transition to risk-free rates: an official sector panel discussion from ICMA
In this panel discussion held on 25 June, the official sector panellists discuss three main issues during the panel: first, progress on the transition to risk-free rates so far, despite the market impact of the coronavirus pandemic; second, remaining challenges to complete implementation of the...
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ICMA responds to the European Commission call for feedback on the Report from the High Level Forum (HLF) on Capital Markets Union
30 June 2020 ICMA has responded to the European Commission call for feedback on the Report from the High Level Forum (HLF) on Capital Markets Union.
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ICMA expands scope of Bond Market Transparency Directory
30 June 2020 ICMA has expanded its Bond Market Transparency Directory to include pre-trade reporting obligations, in addition to post-trade obligations across multiple jurisdictions from Europe, the Americas and Asia-Pacific. The purpose of the mapping is to provide a consolidated view to compare both regulatory...
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ICMA ERCC publishes second update to its SFTR recommendations
30 June 2020 The ERCC has today published a further update to the ICMA Recommendations for Reporting under SFTR. The document was initially published on 24 February, followed by a first comprehensive update on 22 April. The third public version published today includes a number...
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ICMA responds to European Commission Consultation on a new digital finance strategy for Europe / FinTech Action Plan
25 June 2020 ICMA has responded to the European Commission’s Consultation on a new digital finance strategy for Europe / FinTech Action Plan, notably to questions on the use of identifiers (LEI, UTI, UPI), access to publicly available data, areas for AI-applications in the financial...
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ICMA statement on decision of UK government not to implement CSDR-SD measures
24 June 2020 On 23 June 2020 the UK Treasury published a Written Ministerial Statement from the Chancellor of the Exchequer, Rishi Sunak. The Statement outlines a number of areas where the UK is looking to tailor the implementation of EU financial regulation. Of note,...
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ICMA ERCC responds to ESMA’s consultation on its First Report on Central Clearing Solutions for Pension Scheme Arrangements
15 June 2020 ICMA’s ERCC has submitted its response to the ESMA consultation on its First Report on Central Clearing Solutions for Pension Scheme Arrangements. The ERCC has limited its response to the Questions related to Section 6.3 of the report: The market-based repo...
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ICMA preliminary thoughts on the Report of the High Level Forum on the Capital Markets Union
12 June 2020 ICMA has published its preliminary thoughts on the Report of the High Level Forum on the Capital Markets Union.
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ICMA responds to ESMA's consultation paper on MiFID II/ MiFIR review report on the transparency regime for non-equity and the trading obligations for derivatives
12 June 2020 ESMA recently reached out to the industry for consultation and feedback regarding effective application of transparency rules and whether the provisions in MiFID II/R have delivered on their objectives. ESMA also sought out reaction to its liquidity assessment. In particular, whether it...
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ICMA responds to EC consultation on the Review of the Non-Financial Reporting Directive (NFRD)
11 June 2020 ICMA today submitted its response to the NFRD review consultation. Both ICMA's Corporate Issuer Forum and the Asset Management and Investors Council support the review, which provides the opportunity to achieve a greater level of standardisation of ESG disclosures, a perequisite to...
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Green & Social Bond Principles publish Sustainability-Linked Bond Principles and update the Social Bond Principles and other key guidance
9 June 2020 The Green & Social Bond Principles released Sustainability-Linked Bond Principles (SLBP) at their 6th Annual General Meeting today. These are voluntary guidelines for sustainability-linked bonds (SLBs) defined as forward-looking performance-based bond instruments where the issuer is committing to future improvements in sustainability...
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ICMA publishes update memorandum to the 2020 ICMA GMRA legal opinion for Russia relating to moratorium measures introduced to the Bankruptcy Law
ICMA has published an update memorandum to the 2020 ICMA GMRA legal opinion for Russia relating to moratorium measures introduced to the Bankruptcy Law.The document is available alongside the Russian opinion here (ICMA members only).
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First edition of ICMA’s FinTech Newsletter – read about our work and other market news on FinTech and market electronification
We are pleased to share the first edition of ICMA’s newsletter focusing on our work from a FinTech and market electronification perspective. We intend to bring our members up to speed on our cross-cutting technology initiatives across our key market areas and provide insights into...
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ICMA issues report on performance of the European investment grade corporate bond markets during the COVID-19 crisis
28 May 2020 A new report published today by the International Capital Market Association (ICMA) documents the performance of the investment grade secondary bond market in Europe during the last weeks of February through March and April 2020, as the COVID-19 pandemic caused levels of ...
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Message from Martin Scheck, ICMA’s Chief Executive
ICMA's Chief Executive, Martin Scheck, talks about COVID-19 and its effect on capital markets, and how ICMA is adapting its approach to supporting its global membership.Listen to the...
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ESMA confirms ICMA proposals for reporting of central bank repos under MiFIR
21 May 2020 In response to an ICMA query, ESMA has provided some clarifications on the reporting of repos transacted with EU central banks. Under SFTR, SFTs transacted with one of the 27 EU central banks that are part of the European System of Central...
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ICMA publishes briefing note on CSDR Settlement Discipline - cash compensation in the case of bond markets
21 May 2020 ICMA has published a briefing note outlining the identified deficiencies in the CSDR provisions for cash compensation in the case of bond markets, as well highlighting some of the potential market solutions under discussion, including the not insignificant challenges associated with these.
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ICMA submits letter to European Commission and ESMA outlining industry concerns on timely implementation of CSDR mandatory buy-in provisions
20 May 2020 ICMA has submitted a letter to the European Commission and ESMA outlining the industry concerns related to timely implementation of the CSDR mandatory buy-in provisions. The letter highlights the ongoing lack of regulatory clarification required by the industry to facilitate successful implementation,...
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ICMA responds to European Commission MiFID II/R review consultation paper
15 May 2020 ICMA has today responded to the European Commission's MiFID II/R review consultation paper.Primary markets can be found on the following pages:Investor protection aspects, including product governance and inducements – p. 36-56 Secondary bond markets and fintech can be found on the...
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New online education courses from ICMA
ICMA has launched a new suite of its market leading foundation courses on a new digital platform. You can register now for these completely redesigned and interactive programmes, which are certified and suitable for those in the front, middle or back office functions.The new...
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ICMA issues high-level definitions for sustainable finance
11 May 2020 Sustainability has become a mainstream consideration for the financial sector. There is however a need for convergence on terminology among market participants and wider stakeholders. In this publication, ICMA is proposing high-level definitions building on current market usage and existing official sector...
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ICMA publishes update memorandum on the EU’s sustainability disclosure regime
30 April 2020 New and amended EU legislation is introducing significant sustainability and ESG related disclosure requirements that will impact all participants in the European capital markets. This is arguably leading to what we are referring to as an “EU sustainability disclosure regime”. Our publication...
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ICMA publishes an in-depth report on consolidated tape for greater post-trade transparency in the EU bond markets
29 April 2020 ICMA has today published a report into considerations surrounding the establishment of an EU consolidated tape (CT) for bond markets. This report was produced in response to a request from the European Commission’s DG-FISMA for a bespoke study assessing the feasibility of...
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ICMA ERCC releases updated version of its SFTR recommendations
22 April 2020 The ICMA European Repo and Collateral Council (ERCC) has today published an updated version of the ICMA Recommendations for Reporting under SFTR. The ICMA guide was initially published on 24 February and aims to help members interpret the regulatory reporting framework specified...
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ICMA publishes 38th survey of the European repo market and report on market conditions during the COVID-19 pandemic
21 April 2020 ICMA today published the 38th in its series of semi-annual surveys of the repo market in Europe, together with a report on market performance during the COVID-19 pandemic.The survey measured outstandings in the European repo market on 11 December 2019 based...
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ICMA AMIC publishes its response to the EC consultation on the EU Ecolabel for financial products
17 April 2020 ICMA's Asset Management and Investors Council has today published its response to the EC consultation on the EU Ecolabel for financial products. While AMIC supports the idea of an EU quality stamp for ESG retail investments funds it also warns that some...
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ICMA publishes 2020 legal opinions on global master repo agreement
16 April 2020 The International Capital Market Association (ICMA) has today published the 2020 ICMA GMRA legal opinions which support the Global Master Repurchase Agreement (GMRA), the standard agreement for international repo transactions, including a new opinion for Argentina. Please see ICMA circular No. 2...
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ICMA ERCC launches webinars on key topics that have impacted the repo market
8 April 2020 The ERCC has today launched webinars to bring members and the wider market up-to-date on key topics that have impacted the repo market.The webinars include presentations on the two important regulatory initiatives that are set to reshape the market, the EU...
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ICMA publishes Bond Market Post-Trade Transparency Directory
7 April 2020 ICMA has compiled an overview of current post-trading reporting obligations across multiple jurisdictions from Europe, the Americas and Asia-Pacific. The purpose of the mapping is to provide a consolidated view to compare both regulatory rules and best practice guidance on bond post-trade...
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ICMA Quarterly Report Second Quarter 2020 now available
6 April 2020 The latest edition of the ICMA quarterly report is now available.To access the report, click here.
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ICMA publishes Repo Trading Technology Directory
2 April 2020 In light of increasing electronification of repo markets, ICMA has conducted a mapping exercise of electronic repo trading platforms. The directory is intended to help market participants understand what execution venues are available for repo trading (D2D or D2C, for instance), product...
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ICMA offers clarification of ESMA’s delay to the SFTR go-live
31 March 2020 ICMA has published a summary of the latest ESMA statements issued on 19 March (and updated on 26 March) and their practical implications for reporting parties. The conclusions set out in the note have been agreed with members of ICMA’s SFTR Task...
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Green and Social Bond Principles with ICMA underline relevance of Social Bonds in addressing COVID-19 crisis and provide additional guidance
31 March 2020 The Executive Committee of the Green Bond Principles, the Social Bond Principles and the Sustainability Bond Guidelines (the Principles), supported by the International Capital Market Association (ICMA), underline that existing guidance for Social and Sustainability Bonds is immediately applicable to efforts addressing...
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New ICMA members in March 2020
The following firms were admitted to ICMA membership in March 2020: BCS Prime Brokerage Limited, London; Cantor Fitzgerald Europe, London; China Securities Depository and Clearing Corporation Limited (CSDC), Beijing; Etrading Software Limited, London; Ferrovie dello Stato Italiane S.p.A., Rome; Iberdrola S.A.
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ESMA clarifies position on backloading
26 March 2020 ESMA issued an updated version of their initial statement (published on 19 March) which granted a 3-month delay to the SFTR phase 1 go-live to 13 July. Responding to requests by ICMA and others, the updated statement clarifies some aspects of the...
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Amendments to the ICMA Primary Market Handbook published
25 March 2020 Amendments to the ICMA Primary Market Handbook have been published today. For more information, see the ICMA Primary Market Handbook - Amendments/archive page.The associated circular to members is available here for ICMA members and ICMA Primary Market Handbook subscribers only (login...
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ICMA Euro commercial paper (ECP) materials are made available to the wider market
23 March 2020 Following the announcement of the Bank of England’s Covid Corporate Financing Facility (CCFF) and in the interest of supporting the overall market, ICMA is making generally available to non-ICMA members the Euro commercial paper materials from the ICMA Primary Market Handbook previously...
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COVID-19 – ESMA postpones reporting obligations under SFTR
19 March 2020 In response to concerns raised by ICMA and ISLA in a letter on 16 March, ESMA has issued a public statement on Actions to mitigate the impact of COVID-19 on the EU financial markets – postponement of the reporting obligations related to...
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ICMA AMIC responds to EC consultation on improving resilience of financial services against cyberattacks
19 March 2020 Based on the ESA’s opinion issued in April 2019, the EC is considering introducing changes to the sectorial legislation (e.g. UCITS, AIFMD) to enhance cyber-resilience. In our response we argue that the regulatory framework already allows us to address cyber-risk in...
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ICMA responds to the European Commission's consultation on an EU framework for markets in crypto-assets
18 March 2020 ICMA has responded to the European Commission's consultation on an EU framework for markets in crypto-assets, solely in relation to selected aspects of EU legislation applying to “security tokens”, defined by the European Commission as “crypto-assets issued on a DLT and that...
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ICMA together with ISLA writes to ESMA to request a delay to the implementation of reporting under SFTR
16 March 2020 Amidst the escalating COVID-19 pandemic, ICMA and ISLA have sent a joint letter to ESMA to ask for a delay to the SFTR reporting go-live date, due on 11 April 2020. In support of this request, the letter includes concrete examples of...
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Announcement re: 52nd ICMA AGM & Conference, Vienna, June 24 - 26
After careful consideration, we have decided to reorganise our 2020 Annual General Meeting and Conference on 24 to 26 June in Vienna, as a result of the current Coronavirus (Covid-19) situation, and the uncertainty as to the future development of the epidemic.We will postpone...
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ICMA AMIC publishes its first Review of 2020
10 March 2020 ICMA’s Asset Management and Investors Council (AMIC) publishes its first Review of 2020, featuring articles on Sustainable Finance, Fund Liquidity and Primary Markets. This bi-annual publication highlights the role of the buy-side community within ICMA, reminds readers of AMIC’s objectives and priorities...
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European Commission’s TEG on Sustainable Finance releases Usability guide for the EU Green Bond Standard and the Final report on the EU Taxonomy
9 March 2020 The European Commission’s Technical Expert Group on Sustainable Finance of which ICMA is a member has released today the Usability guide for the EU Green Bond Standard and the Final report on the EU taxonomy. Both reports are designed to provide essential...
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ICMA publishes FAQs on CSDR mandatory buy-ins and Securities Financing Transactions
5 March 2020 ICMA has today published FAQs on CSDR mandatory buy-ins and Securities Financing Transactions. The FAQs are intended to outline considerations and, where possible, to provide clarity with respect to the application of CSDR buy-ins in the case of repos and other SFTs.
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Time to act - ICMA issues study on the state of the European investment grade corporate bond secondary market
4 March 2020 ICMA has today issued the third in its series of studies into the state and evolution of the European investment grade corporate bond secondary market. Based on quantitative market data, stakeholders surveys, as well as in interviews with market participants, the study...
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ICMA publishes Quick Guide to the transition to risk-free rates in the bond market
27 February 2020 The International Capital Market Association (ICMA) has today published its Quick Guide to the transition to risk-free rates in the bond market, which is intended to highlight progress on the key issues on which ICMA is focused in this area and provide...
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ICMA’s ERCC publishes guide to reporting under the SFTR
24 February 2020 ICMA’s European Repo and Collateral Council (ERCC) has today published its guide to reporting repo transactions under the EU Securities Financing Transactions Regulation (SFTR). The new reporting regime introduced by SFTR will start its phased implementation in April 2020 and will require...
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ICMA publishes a Compendium of international policy initiatives and best market practice for sustainable finance
20 February 2020 As the international market for sustainable finance continues to grow rapidly, supported by initiatives from governments, regulators, exchanges, financial industry associations and market participants themselves, ICMA has published a Compendium intended to provide stakeholders with an easy reference point to the numerous...
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Results of the 2020 ICMA ERCC elections
We are pleased to announce the results of the 2020 ICMA ERCC elections. The 19 individuals that were elected to the new ERCC Committee are listed below. The term of office of the new Committee will be approximately one year starting immediately and ending on...
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New ICMA members in February 2020
The following firms were admitted to ICMA membership in February 2020: Amherst Pierpont Securities LLC, New York; Banque Centrale de Compensation (trading as LCH SA), Paris; Ghana Stock Exchange, Accra; Matheson, Dublin; Nomura Financial Products Europe GmbH, Frankfurt; Norinchukin Bank Europe N.V., Amsterdam;...
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ICMA AMIC and the IA write to European Commission expressing concerns about the potential bond market impacts of the CSDR mandatory buy-in provisions
30 January 2020 ICMA's AMIC and the IA have written to Executive Vice-President Dombrovskis of the European Commission, on behalf of their members, expressing concerns about the potential bond market impacts of the CSDR mandatory buy-in provisions (due to come into force in early 2021).
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Green Bond Principles establishes a Working Group on sustainability/KPI-linked bonds
23 January 2020 On 14 January 2020, the Executive Committee of the Green Bond Principles, the Social Bond Principles and the Sustainability Bond Guidelines (the Principles), supported by the International Capital Market Association (ICMA), decided to establish a working group on emerging sustainability/KPI-linked bond products.
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ICMA AMIC and EFAMA update their report on Managing Fund Liquidity Risk in Europe
22 January 2020 In 2019, AMIC and EFAMA decided to update their 2016 report “Managing Fund Liquidity Risk in Europe” following important policy and regulatory developments at EU and international levels. The purpose of this updated report is to outline the practical liquidity risk management...
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ICMA AMIC publishes discussion paper - review of the European Long-Term Investment Fund (ELTIF) Regulation
17 January 2020 In this discussion paper, the AMIC proposes concrete regulatory changes to facilitate the take-up of ELTIFs and significantly boost their contribution towards the financing of much needed longer-term investment.
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The European repo market at 2019 year-end - an ICMA European Repo and Collateral Council Briefing Note
14 January 2020 The ICMA European Repo Market and Collateral Council has published a briefing note on events in the European repo market over year end 2019. The report focuses on the euro, sterling, and USD markets, and given the significant attention on the USD...
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ICMA responds to ESAs’ Joint Consultation Paper concerning amendments to the PRIIPs KID
13 January 2019 ICMA’s Asset Management and Investors Council (AMIC) and ICMA's primary market constituency have submitted responses to the ESAs’ 16 October 2019 Joint Consultation Paper concerning amendments to the PRIIPs KID.View the AMIC response.View the primary market response.
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ICMA Quarterly Report First Quarter 2020 now available
10 January 2020 The latest edition of the ICMA quarterly report is now available.To access the report, click here.
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New ICMA members in January 2020
The following firms were admitted to ICMA membership in January 2020: Bank of Cyprus Public Company Limited, Nicosia; Development Bank of Japan Inc., Tokyo; Development Bank of Southern Africa (DBSA), Midrand; european primary placement facility (eppf) S.A., Luxembourg; London Stock Exchange Plc,...
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ICMA ERCC responds to the European Commission’s public consultation on Implementing the Final Basel III Reforms in the EU
2 January 2020 The ERCC’s response focuses on the questions in Section 2 which relate specifically to Securities Financing Transactions (SFTs). In particular, the ERCC addresses a number of issues related to the Basel provisions for minimum haircut floors for SFTs, drawing on the work...
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European bond markets still facing challenges in 2nd year of MIFD II/R implementation
20 December 2019 The International Capital Market Association (ICMA) has today published a new report on the impact and challenges of MiFID II/R for the international bond markets two years after the regulatory regime took effect. The report is intended to provide an overview of...
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ICMA responds to the European Commission’s consultation on the EU Benchmarks Regulation
19 December 2019 ICMA has responded to the European Commission’s consultation on the EU Benchmarks Regulation.View the response.More on benchmark reform and transition to risk-free rates.
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ICMA publishes Master Regulatory Reporting Agreement
19 December 2019 ICMA has jointly published the Master Regulatory Reporting Agreement (MRRA), in association with AFME, FIA, ISDA and ISLA. The MRRA provides users with a template agreement for documenting regulatory reporting arrangements in relation to derivatives and securities financing transactions entered into under...
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ICMA publishes briefing note on the political agreement on the EU taxonomy
19 December 2019 The European Council and the European Parliament reached a political agreement on the Taxonomy Regulation on 18 December 2019. The Taxonomy Regulation will introduce a complex classification system of sustainable activities based on contributions to environmental objectives and technical criteria, as well...
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ICMA publishes Distributed Ledger Technology (DLT) Regulatory Directory and Brief
18 December 2019 There have been a growing number of use cases of Distributed ledger technology (DLT) in the international bond markets over the last three years. While the majority of transactions have been of experimental nature, legal and regulatory uncertainty around the treatment of...
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Amendments to the ICMA Primary Market Handbook published
26 March 2019 Amendments to the ICMA Primary Market Handbook have been published today. For more information, see the ICMA Primary Market Handbook - Amendments/archive page.The associated circular to members is available here for ICMA members and ICMA Primary Market Handbook subscribers only (login...
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New market buy-in regime threatens European bond market liquidity
27 November 2019 ICMA has today published a study on the expected impact of the new mandatory buy-in regime, to be introduced in 2020 under the EU Central Securities Depositories Regulation (CSDR), on bond markets in Europe.The results of the survey of ICMA members,...
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ICMA AMIC publishes its latest Review
Ahead of the ICMA Asset Management and Investors Council (AMIC) Conference to be held at BlackRock in London today, here is the annual AMIC Review - written by experts on current asset management industry issues and trends. Read the AMIC...
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ICMA to update its buy-in rules to support implementation of EU CSDR mandatory buy-in provisions
14 November 2019 The International Capital Market Association (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...
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