News
ICMA members elect new board at Paris annual meeting and new ICMA chair appointed
25 May 2023 Members of the International Capital Market Association (ICMA), the global trade association for the cross-border bond markets, have elected new board members at the ICMA annual general meeting in Paris.The board subsequently appointed Janet Wilkinson, Managing Director, Head of Global Markets Institutional Sales,...read more
25 May 2023 Members of the International Capital Market Association (ICMA), the global trade association for the cross-border bond markets, have elected new board members at the ICMA annual general meeting in Paris.The board subsequently appointed Janet Wilkinson, Managing Director, Head of Global Markets Institutional Sales,...read more
ACLI, The Credit Roundtable, ICI, ICMA, IIF and LICONY Oppose New York Legislature Bills on Sovereign Debt
22 May 2023 The proposed legislation would have unintended consequences for emerging economies, investors and state of New York.View the release.read more
22 May 2023 The proposed legislation would have unintended consequences for emerging economies, investors and state of New York.View the release.read more
ELFA and ICMA publish Practical Recommendations for High Yield Sustainability-Linked Bonds
22 May 2023 The European Leveraged Finance Association (ELFA) and the International Capital Market Association (ICMA) have partnered to create a set of recommendations for the high yield bond market in line with ICMA’s Sustainability-Linked Bond Principles (SLBP) and are today publishing the Practical Recommendations...read more
22 May 2023 The European Leveraged Finance Association (ELFA) and the International Capital Market Association (ICMA) have partnered to create a set of recommendations for the high yield bond market in line with ICMA’s Sustainability-Linked Bond Principles (SLBP) and are today publishing the Practical Recommendations...read more
ICMA launches new sustainable bond database powered by the LGX DataHub
17 May 2023 The International Capital Market Association (ICMA) and the Luxembourg Stock Exchange (LuxSE) are pleased to announce the launch of ICMA’s new database dedicated to sustainable bond data.Established by ICMA and built and fed by the Luxembourg Green Exchange (LGX), LuxSE’s leading platform...read more
17 May 2023 The International Capital Market Association (ICMA) and the Luxembourg Stock Exchange (LuxSE) are pleased to announce the launch of ICMA’s new database dedicated to sustainable bond data.Established by ICMA and built and fed by the Luxembourg Green Exchange (LGX), LuxSE’s leading platform...read more
ICMA publishes the second semi-annual report that provides detailed data on EU and UK bond market trading activity
25 April 2023 ICMA’s Secondary Market Practices Committee (SMPC) has published its second semi-annual report that provides detailed data on EU and UK bond market trading activity. This report was produced in collaboration with Propellant.digital.One of the core objectives of MiFID II/MiFIR was to provide...read more
25 April 2023 ICMA’s Secondary Market Practices Committee (SMPC) has published its second semi-annual report that provides detailed data on EU and UK bond market trading activity. This report was produced in collaboration with Propellant.digital.One of the core objectives of MiFID II/MiFIR was to provide...read more
New ICMA members in April 2023
ICMA welcomes the following new members in April 2023: Agora Digital Markets Ltd, United Kingdom; Arab Petroleum Investments Corporation (APICORP), Saudi Arabia; Bank of China (Europe) S.A., Luxembourg; Close Brothers Group plc, United Kingdom; Close Brothers Limited, United Kingdom; MCB Capital Markets Ltd, Mauritius; and...read more
ICMA welcomes the following new members in April 2023: Agora Digital Markets Ltd, United Kingdom; Arab Petroleum Investments Corporation (APICORP), Saudi Arabia; Bank of China (Europe) S.A., Luxembourg; Close Brothers Group plc, United Kingdom; Close Brothers Limited, United Kingdom; MCB Capital Markets Ltd, Mauritius; and...read more
Miriam Patterson: joining ICMA
ICMA has appointed Miriam Patterson, who has joined from Thomson Reuters, where she has worked since 2008, most recently as Senior Editor of Practical Law Global Capital Markets. Before Thomson Reuters, Miriam was at Latham & Watkins and at Allen & Overy. She has been...read more
ICMA has appointed Miriam Patterson, who has joined from Thomson Reuters, where she has worked since 2008, most recently as Senior Editor of Practical Law Global Capital Markets. Before Thomson Reuters, Miriam was at Latham & Watkins and at Allen & Overy. She has been...read more
ICMA Quarterly Report for the Second Quarter of 2023 now available
13 April 2023 The latest edition of the ICMA quarterly report is now available.To access the report, click here.read more
13 April 2023 The latest edition of the ICMA quarterly report is now available.To access the report, click here.read more
ICMA publishes 2023 legal opinion updates for the Global Master Repurchase Agreement
13 April 2023 Today ICMA announces the publication of the 2023 GMRA legal opinion updates. The opinions provide ICMA members with exclusive access to a substantive body of legal know-how in relation to the enforceability of the GMRA and, in particular, the GMRA netting provisions in over...read more
13 April 2023 Today ICMA announces the publication of the 2023 GMRA legal opinion updates. The opinions provide ICMA members with exclusive access to a substantive body of legal know-how in relation to the enforceability of the GMRA and, in particular, the GMRA netting provisions in over...read more
ICMA updates public version of its SFTR reporting recommendations
5 April 2023 ICMA has released today the ninth update to its detailed Recommendations for Reporting under SFTR. The updated version incorporates a few changes based on the recent updates made to ESMA’s validation rules on 8 March, as well as the ongoing discussions within...read more
5 April 2023 ICMA has released today the ninth update to its detailed Recommendations for Reporting under SFTR. The updated version incorporates a few changes based on the recent updates made to ESMA’s validation rules on 8 March, as well as the ongoing discussions within...read more
ICMA update on the EU GBS Provisional Agreement
5 April 2023 On 28 February 2023, the EU co-legislators reached a milestone provisional agreement on the Regulation for European green bonds.ICMA welcomes the voluntary nature of the EU Green Bond Standard as well as of the disclosures recommended for the broader market.In this update note,...read more
5 April 2023 On 28 February 2023, the EU co-legislators reached a milestone provisional agreement on the Regulation for European green bonds.ICMA welcomes the voluntary nature of the EU Green Bond Standard as well as of the disclosures recommended for the broader market.In this update note,...read more
ICMA analysis: SFTR public data for repo in 2022
4 April 2023 ICMA released a report today which provides a closer look at SFTR public data for the year 2022. In line with SFTR itself, the data is split between figures reported for the EU repo market and those for the UK repo market.This follows...read more
4 April 2023 ICMA released a report today which provides a closer look at SFTR public data for the year 2022. In line with SFTR itself, the data is split between figures reported for the EU repo market and those for the UK repo market.This follows...read more
New ICMA members in March 2023
ICMA welcomed the following new members in March 2023: Bank of New York Mellon, United States; Bank of New York Mellon (International) Limited, United Kingdom; Bank of New York Mellon SA/NV, Belgium; Silk Road Fund Co., Limited, China; SNB Capital Co., Saudi Arabia.read more
ICMA welcomed the following new members in March 2023: Bank of New York Mellon, United States; Bank of New York Mellon (International) Limited, United Kingdom; Bank of New York Mellon SA/NV, Belgium; Silk Road Fund Co., Limited, China; SNB Capital Co., Saudi Arabia.read more
ICMA publishes a third edition of the report Asian International Bond Markets: Developments and Trends
29 March 2023 ICMA, supported by the Hong Kong Monetary Authority (HKMA), has today published the third edition of its report, The Asian International Bond Markets: Development and Trends. The report shows that annual issuance of cross-border bonds from Asia amounted to USD 346 billion in...read more
29 March 2023 ICMA, supported by the Hong Kong Monetary Authority (HKMA), has today published the third edition of its report, The Asian International Bond Markets: Development and Trends. The report shows that annual issuance of cross-border bonds from Asia amounted to USD 346 billion in...read more
Update to Members on Credit Suisse / UBS merger and the trading of Credit Suisse AT1 Bonds
24 March 2023 The recently announced combination of Credit Suisse and UBS together with the write down of Credit Suisse AT1 bonds has led to market participants not being able to settle trades that were agreed prior to issue of the write down notice. ICMA continues to...read more
24 March 2023 The recently announced combination of Credit Suisse and UBS together with the write down of Credit Suisse AT1 bonds has led to market participants not being able to settle trades that were agreed prior to issue of the write down notice. ICMA continues to...read more
Digital evolution in debt issuance - ICMA primary markets technology directory review
20 March 2023 The digital evolution of issuing bonds is driving both new solutions and at the same time vendor consolidation. ICMA's most recent assessment of its primary markets technology directory has identified several new and emerging platforms designed to facilitate the issuance of debt instruments.read more
20 March 2023 The digital evolution of issuing bonds is driving both new solutions and at the same time vendor consolidation. ICMA's most recent assessment of its primary markets technology directory has identified several new and emerging platforms designed to facilitate the issuance of debt instruments.read more
The European repo market – ICMA survey shows new record outstanding value of EUR 10,374 billion at year-end 2022
15 March 2023 The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 44th semi-annual survey of the European repo market.The survey, which measured the amount of repo business outstanding on 8 December 2022, from...read more
15 March 2023 The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 44th semi-annual survey of the European repo market.The survey, which measured the amount of repo business outstanding on 8 December 2022, from...read more
ICMA releases Bond Data Taxonomy
14 March 2023 As the digital transformation of primary bond markets continues to accelerate, ICMA and its primary market constituents have built consensus to represent key bond information. The Bond Data Taxonomy (BDT), formerly known as the Common Data Dictionary, provides an agreed language to...read more
14 March 2023 As the digital transformation of primary bond markets continues to accelerate, ICMA and its primary market constituents have built consensus to represent key bond information. The Bond Data Taxonomy (BDT), formerly known as the Common Data Dictionary, provides an agreed language to...read more
ICMA responds to FCA Discussion Paper - Future Disclosure Framework
7 March 2023 ICMA has responded to the FCA Discussion Paper - Future Disclosure Framework (DP22/6).read more
7 March 2023 ICMA has responded to the FCA Discussion Paper - Future Disclosure Framework (DP22/6).read more
ICMA supports voluntary nature of EU Green Bond (EU GB) label and of wider sustainable bond disclosures
1 March 2023 Following the announcement of the provisional agreement reached yesterday on the EU Green Bond Standard (EU GBS) under the Swedish Presidency of the Council of the EU, ICMA reiterates its support for the voluntary nature of the proposed EU Green Bond label...read more
1 March 2023 Following the announcement of the provisional agreement reached yesterday on the EU Green Bond Standard (EU GBS) under the Swedish Presidency of the Council of the EU, ICMA reiterates its support for the voluntary nature of the proposed EU Green Bond label...read more
ICMA responds to ESMA’s Guidelines on funds’ names using ESG or sustainability-related terms
20 February 2023 ICMA has responded to ESMA’s Guidelines on funds’ names using ESG or sustainability-related terms.ICMA is supportive of efforts to bring more clarity to the sustainable investment landscape, and believes that clarity in fund naming can be an important enhancement to the existing...read more
20 February 2023 ICMA has responded to ESMA’s Guidelines on funds’ names using ESG or sustainability-related terms.ICMA is supportive of efforts to bring more clarity to the sustainable investment landscape, and believes that clarity in fund naming can be an important enhancement to the existing...read more
ICMA courses chosen for HKMA Sustainable Finance Support Scheme
20 February 2023 ICMA is at the forefront of the financial industry’s contribution to the development of sustainable finance and leads on many initiatives worldwide. We are proud to have two flagship sustainable finance courses – the Introduction to Sustainable Bonds and the Sustainable Bond...read more
20 February 2023 ICMA is at the forefront of the financial industry’s contribution to the development of sustainable finance and leads on many initiatives worldwide. We are proud to have two flagship sustainable finance courses – the Introduction to Sustainable Bonds and the Sustainable Bond...read more
FINOS Launches Common Domain Model Project in Partnership with ISDA, ISLA and ICMA for Standardizing Financial Products and Worksflows
16 February 2023 The three associations have teamed up with FINOS to provide a repository for the CDM project, aimed at fostering the growth of an open-source community for the CDM and ensuring neutralityToday, FINOS (the Fintech Open Source Foundation) announces the open source availability of its highly...read more
16 February 2023 The three associations have teamed up with FINOS to provide a repository for the CDM project, aimed at fostering the growth of an open-source community for the CDM and ensuring neutralityToday, FINOS (the Fintech Open Source Foundation) announces the open source availability of its highly...read more
Results of the ERCC Committee elections 2023
9 February 2023 We are pleased to announce the 19 individuals that were successfully elected to form the new ERCC Committee. The term of office of the Committee will be approximately one year starting immediately and ending on the day the results of the 2024...read more
9 February 2023 We are pleased to announce the 19 individuals that were successfully elected to form the new ERCC Committee. The term of office of the Committee will be approximately one year starting immediately and ending on the day the results of the 2024...read more
ICMA announces 2023 scholarship programme recipients
9 February 2023 ICMA is delighted to announce the students who were awarded its 2023 scholarship programme. The 23 individuals from Sub-Saharan Africa, 9 from Asia and 3 from Latin America were selected from an extensive number of applications received, based on their academic attainments...read more
9 February 2023 ICMA is delighted to announce the students who were awarded its 2023 scholarship programme. The 23 individuals from Sub-Saharan Africa, 9 from Asia and 3 from Latin America were selected from an extensive number of applications received, based on their academic attainments...read more
Response to the FCA’s consultation on Sustainability Disclosure Requirements (SDR) and investment labels
25 January 2023 ICMA submitted its response to the FCA’s consultation on Sustainability Disclosure Requirements (SDR) and investment labels.View the response here.read more
25 January 2023 ICMA submitted its response to the FCA’s consultation on Sustainability Disclosure Requirements (SDR) and investment labels.View the response here.read more
ICMA ERCC publishes its analysis of how the repo market performed over the 2022 year-end
26 January 2023 ICMA ERCC publishes its analysis of how the repo market performed over the 2022 year-endThe ICMA European Repo and Collateral Committee has published its annual analysis of how the repo market performed over the recent year-end: The repo market at 2022 year-end. The 2022 euro...read more
26 January 2023 ICMA ERCC publishes its analysis of how the repo market performed over the 2022 year-endThe ICMA European Repo and Collateral Committee has published its annual analysis of how the repo market performed over the recent year-end: The repo market at 2022 year-end. The 2022 euro...read more
ICMA consolidates its secondary market rulebook into a single document, including its buy-in provisions
25 January 2023 ICMA has updated its Secondary Market Rules & Recommendations to consolidate a number of updates over recent years in a single document.The Secondary Market Rules & Recommendations (“The Rules”) apply to all transactions conducted by members as buyer or seller, in either a principal or...read more
25 January 2023 ICMA has updated its Secondary Market Rules & Recommendations to consolidate a number of updates over recent years in a single document.The Secondary Market Rules & Recommendations (“The Rules”) apply to all transactions conducted by members as buyer or seller, in either a principal or...read more
ICMA response to the ESAs' Call for Evidence on greenwashing
12 January 2023 ICMA welcomes the opportunity to provide feedback to the European Supervisory Agencies’(ESA) Call for Evidence on greenwashing. This feedback is given on behalf of ICMA and its constituencies, and especially the Executive Committee of the Principles and the Asset Management and Investors Council (AMIC).Click...read more
12 January 2023 ICMA welcomes the opportunity to provide feedback to the European Supervisory Agencies’(ESA) Call for Evidence on greenwashing. This feedback is given on behalf of ICMA and its constituencies, and especially the Executive Committee of the Principles and the Asset Management and Investors Council (AMIC).Click...read more
ICMA Quarterly Report for the First Quarter of 2023 now available
11 January 2023 The latest edition of the ICMA quarterly report is now available.To access the report, click here.read more
11 January 2023 The latest edition of the ICMA quarterly report is now available.To access the report, click here.read more
ICMA and CCDC publish white paper on ESG Practices in China
10 January 2023 ICMA and the China Central Depository & Clearing Co., Ltd. (CCDC) have published a white paper on ESG Practices in China, detailing ESG development trends in China with relevant case studies. The white paper focuses on two aspects. First, it summarises China’s ESG-related policies...read more
10 January 2023 ICMA and the China Central Depository & Clearing Co., Ltd. (CCDC) have published a white paper on ESG Practices in China, detailing ESG development trends in China with relevant case studies. The white paper focuses on two aspects. First, it summarises China’s ESG-related policies...read more
ICMA response to FCA CP22/21 on ‘synthetic’ US dollar LIBOR
6 January 2023 ICMA has responded to FCA CP22/21 on ‘synthetic’ US dollar LIBOR. The key points in ICMA’s response are: ICMA welcomes the FCA’s proposal to require the publication of the 1-, 3- and 6-month synthetic US dollar LIBOR settings from 30 June 2023, which is...read more
6 January 2023 ICMA has responded to FCA CP22/21 on ‘synthetic’ US dollar LIBOR. The key points in ICMA’s response are: ICMA welcomes the FCA’s proposal to require the publication of the 1-, 3- and 6-month synthetic US dollar LIBOR settings from 30 June 2023, which is...read more
New ICMA members in December 2022
13 December 2022 ICMA welcomes the following new members in December 2022: Bernstein Autonomous LLP, United Kingdom Citigroup Global Markets Japan Inc., Japan Consolidated Bank Ghana Limited, Ghana Covalent Capital Pte. Ltd., Singapore Ecobank Transnational International, Togo Global Islamic Financial Services Firm, South Africa KPMG Huazhen LLP, China Mizuho Securities (Singapore) Pte. Ltd., Singapore Standard...read more
13 December 2022 ICMA welcomes the following new members in December 2022: Bernstein Autonomous LLP, United Kingdom Citigroup Global Markets Japan Inc., Japan Consolidated Bank Ghana Limited, Ghana Covalent Capital Pte. Ltd., Singapore Ecobank Transnational International, Togo Global Islamic Financial Services Firm, South Africa KPMG Huazhen LLP, China Mizuho Securities (Singapore) Pte. Ltd., Singapore Standard...read more
ICMA statement with the Executive Committee of the Principles on the EU GBS
13 December 2022 ICMA statement with the Executive Committee of the Principles on the EU GBSICMA is a membership association, headquartered in Switzerland, committed to serving the needs of its wide range of members. These include private and public sector issuers, financial intermediaries, asset managers...read more
13 December 2022 ICMA statement with the Executive Committee of the Principles on the EU GBSICMA is a membership association, headquartered in Switzerland, committed to serving the needs of its wide range of members. These include private and public sector issuers, financial intermediaries, asset managers...read more
Letter to the Joint Committee of the ESAs - Securitisation Regulation - Request for Guidance on Article 5(1)(e)
9 December 2022 The promotion of well-functioning cross-border debt securities markets, without unnecessary fragmentation, is at the heart of ICMA’s mission and a priority for ICMA’s members. This includes a healthy, efficient international securitisation market promoting global diversification and financial stability. For this reason, ICMA is...read more
9 December 2022 The promotion of well-functioning cross-border debt securities markets, without unnecessary fragmentation, is at the heart of ICMA’s mission and a priority for ICMA’s members. This includes a healthy, efficient international securitisation market promoting global diversification and financial stability. For this reason, ICMA is...read more
ICMA and ASIFMA publish results of survey of Asia repo markets
5 December 2022 The ICMA European Repo and Collateral Council (ERCC) and ASIFMA‘s Secured Funding Markets Committee have published the results of the latest survey of the Asia-Pacific repo market. Using similar methodology to the established ICMA ERCC European repo market survey, the latest Asia-Pacific survey reports...read more
5 December 2022 The ICMA European Repo and Collateral Council (ERCC) and ASIFMA‘s Secured Funding Markets Committee have published the results of the latest survey of the Asia-Pacific repo market. Using similar methodology to the established ICMA ERCC European repo market survey, the latest Asia-Pacific survey reports...read more
ICMA has responded to the UK FCA’s Consultation Paper on the Trading Venue Perimeter
24 November 2022 ICMA considers all regulatory perimeter requirements, for large or small firms, should be flexible and principles based, in order to continue supporting innovation in the UK. This will make it easier for all trading participants to access UK bond markets, resulting in the...read more
24 November 2022 ICMA considers all regulatory perimeter requirements, for large or small firms, should be flexible and principles based, in order to continue supporting innovation in the UK. This will make it easier for all trading participants to access UK bond markets, resulting in the...read more
ICMA Awarded Industry Association of the Year
23 November 2022 International Capital Market Association (ICMA) was awarded Industry Association of the Year in the 5th Regulation Asia Awards for Excellence 2022 at an in-person ceremony on 22 November 2022.ICMA was recognised for its extensive work over the years to develop and introduce standards for...read more
23 November 2022 International Capital Market Association (ICMA) was awarded Industry Association of the Year in the 5th Regulation Asia Awards for Excellence 2022 at an in-person ceremony on 22 November 2022.ICMA was recognised for its extensive work over the years to develop and introduce standards for...read more
ICMA appointed by the FCA to jointly provide the Secretariat for a working group to develop a Code of Conduct for ESG data and ratings providers
22 November 2022 The International Capital Market Association (ICMA) is announcing that it has been appointed by the FCA to jointly provide the Secretariat with the International Regulatory Strategy Group (IRSG) for the newly formed ESG Data and Ratings Code of Conduct Working Group (DRWG). The...read more
22 November 2022 The International Capital Market Association (ICMA) is announcing that it has been appointed by the FCA to jointly provide the Secretariat with the International Regulatory Strategy Group (IRSG) for the newly formed ESG Data and Ratings Code of Conduct Working Group (DRWG). The...read more
ICMA publishes new climate resilient debt clauses to facilitate sovereign debt relief and financial stability
9 November 2022 The International Capital Market Association (ICMA) has today published new Climate Resilient Debt Clauses (CRDCs) which can defer a country’s debt repayments in the event of a pre-defined, severe climate shock or natural disaster. A standardised term sheet for this has been produced...read more
9 November 2022 The International Capital Market Association (ICMA) has today published new Climate Resilient Debt Clauses (CRDCs) which can defer a country’s debt repayments in the event of a pre-defined, severe climate shock or natural disaster. A standardised term sheet for this has been produced...read more
ICMA opens its scholarship programme for 2023
9 November The International Capital Market Association (ICMA) is offering 35 scholarships in 2023 to individuals from selected countries in Sub-Saharan Africa, Asia Pacific and Latin America who are unable to pursue a financial qualification due to their economic circumstances as part of ICMA's mission to...read more
9 November The International Capital Market Association (ICMA) is offering 35 scholarships in 2023 to individuals from selected countries in Sub-Saharan Africa, Asia Pacific and Latin America who are unable to pursue a financial qualification due to their economic circumstances as part of ICMA's mission to...read more
ICMA publishes new majority voting clauses for commercial loans to sovereign borrowers to facilitate sovereign debt restructuring
1 November 2022 The International Capital Market Association (ICMA) has today published new majority voting specimen clauses for inclusion in commercial loan agreements’ payment terms for sovereign borrowers which have been produced by an HM Treasury-led public-private sector working group established by the United Kingdom during its time...read more
1 November 2022 The International Capital Market Association (ICMA) has today published new majority voting specimen clauses for inclusion in commercial loan agreements’ payment terms for sovereign borrowers which have been produced by an HM Treasury-led public-private sector working group established by the United Kingdom during its time...read more
ICMA publishes European repo market survey showing new record outstanding value of EUR 9,680 billion at half-year 2022
31 October 2022 The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 43rd semi-annual survey of the European repo market.The survey, which measured the amount of repo business outstanding on 8 June 2022, from...read more
31 October 2022 The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 43rd semi-annual survey of the European repo market.The survey, which measured the amount of repo business outstanding on 8 June 2022, from...read more
ICMA writes to ECB raising concerns about Eurozone repo and money market conditions
26 October 2022 The International Capital Market Association (ICMA) has written to the ECB expressing industry concerns about current conditions in the Eurozone repo and money markets, and the risk that rising dysfunction in the market could imperil the transmission of monetary policy. The letter is co-signed by...read more
26 October 2022 The International Capital Market Association (ICMA) has written to the ECB expressing industry concerns about current conditions in the Eurozone repo and money markets, and the risk that rising dysfunction in the market could imperil the transmission of monetary policy. The letter is co-signed by...read more
ICMA and UAE Financial Markets Association formalise cooperation in securities markets
26 October 2022 (London, UK - Dubai, UAE) The International Capital Market Association (ICMA) and the United Arab Emirates Financial Markets Association (UAE FMA) today formalised their cooperation to further develop and foster closer engagement. ICMA Chief Executive Bryan Pascoe and UAE FMA Chairman Mohammed Al...read more
26 October 2022 (London, UK - Dubai, UAE) The International Capital Market Association (ICMA) and the United Arab Emirates Financial Markets Association (UAE FMA) today formalised their cooperation to further develop and foster closer engagement. ICMA Chief Executive Bryan Pascoe and UAE FMA Chairman Mohammed Al...read more
ICMA publishes report setting out a high-level categorisation relating to sustainability in the repo market
26 October 2022 ICMA’s Repo & Sustainability Taskforce has published a paper which sets out observations and categorisations relating to sustainability in the repo market. The paper is a reflection on recent market developments and looks at the different intersections between repo and sustainable finance from...read more
26 October 2022 ICMA’s Repo & Sustainability Taskforce has published a paper which sets out observations and categorisations relating to sustainability in the repo market. The paper is a reflection on recent market developments and looks at the different intersections between repo and sustainable finance from...read more
ICMA publishes the first semi-annual report that provides detailed data on EU and UK bond market trading activity
24 October 2022 ICMA has published the first semi-annual report providing detailed data on the EU and UK bond market trading landscape. The report was produced in collaboration with Propellant digital.The report captures more than 80% of all secondary bond market transactions (both corporate bonds and...read more
24 October 2022 ICMA has published the first semi-annual report providing detailed data on the EU and UK bond market trading landscape. The report was produced in collaboration with Propellant digital.The report captures more than 80% of all secondary bond market transactions (both corporate bonds and...read more
The European Parliament’s Committee on Economic and Monetary Affairs draft report on the review of the Central Securities Depository Regulation (CSDR)
13 October 2022 ICMA welcomes the draft report from the European Parliament’s Committee on Economic and Monetary Affairs on the review of the Central Securities Depository Regulation (CSDR).In line with the ECB’s opinion on CSDR Refit, Rapporteur Johan Van Overtveldt considers regulation-driven mandatory buy-ins (MBIs) as a significant...read more
13 October 2022 ICMA welcomes the draft report from the European Parliament’s Committee on Economic and Monetary Affairs on the review of the Central Securities Depository Regulation (CSDR).In line with the ECB’s opinion on CSDR Refit, Rapporteur Johan Van Overtveldt considers regulation-driven mandatory buy-ins (MBIs) as a significant...read more
ICMA co-signs joint trade association response to BCBS second consultation on the prudential treatment of crypto-assets exposures
4 October 2022 ICMA has co-signed, alongside the Global Financial Markets Association and its members, the Futures Industry Association, the Institute of International Finance, the International Swaps and Derivatives Association, the International Securities Lending Association, the Bank Policy Institute, and the Financial Services Forum, a joint...read more
4 October 2022 ICMA has co-signed, alongside the Global Financial Markets Association and its members, the Futures Industry Association, the Institute of International Finance, the International Swaps and Derivatives Association, the International Securities Lending Association, the Bank Policy Institute, and the Financial Services Forum, a joint...read more
ICMA has recently become a signatory to the Women in Finance Charter
27 September 2022 ICMA has recently become a signatory to the Women in Finance Charter, a Charter introduced by the UK government to help build greater gender balance in financial services.read more
27 September 2022 ICMA has recently become a signatory to the Women in Finance Charter, a Charter introduced by the UK government to help build greater gender balance in financial services.read more
ICMA publishes updated version of its SFTR reporting recommendations
23 September 2022 ICMA has published today an updated version of its detailed Recommendations for Reporting under SFTR. This is the eighth update to the public version of the SFTR Guide since its initial release in February 2020. Compared to the previous public version, the updated Guide...read more
23 September 2022 ICMA has published today an updated version of its detailed Recommendations for Reporting under SFTR. This is the eighth update to the public version of the SFTR Guide since its initial release in February 2020. Compared to the previous public version, the updated Guide...read more
ICMA publishes FAQs on DLT and blockchain in bond markets
22 September 2022 ICMA has published a set of FAQs on Distributed ledger technology (DLT) and blockchain in bond markets. DLT and blockchain represent an exciting new frontier in the evolution of fixed income securities issuance and trading. To raise market awareness and clarify some...read more
22 September 2022 ICMA has published a set of FAQs on Distributed ledger technology (DLT) and blockchain in bond markets. DLT and blockchain represent an exciting new frontier in the evolution of fixed income securities issuance and trading. To raise market awareness and clarify some...read more
ICMA, ISLA & ISDA Appoint FINOS for CDM Repository
8 September 2022 The International Capital Market Association (ICMA), the International Securities Lending Association (ISLA), and the International Swaps and Derivatives Association (ISDA) have announced the appointment of FINOS to provide a repository, with a view to fostering the growth of an open-source community for the...read more
8 September 2022 The International Capital Market Association (ICMA), the International Securities Lending Association (ISLA), and the International Swaps and Derivatives Association (ISDA) have announced the appointment of FINOS to provide a repository, with a view to fostering the growth of an open-source community for the...read more
Chinese translation of the Global Master Repurchase Agreement (GMRA) is now available
7 September 2022 The ICMA GMRA is widely used throughout Asia and, for those in Chinese speaking jurisdictions, ICMA is pleased to announce the publication of a Chinese translation of the GMRA 2011 produced in partnership with Clifford Chance and King & Wood Mallesons. This new...read more
7 September 2022 The ICMA GMRA is widely used throughout Asia and, for those in Chinese speaking jurisdictions, ICMA is pleased to announce the publication of a Chinese translation of the GMRA 2011 produced in partnership with Clifford Chance and King & Wood Mallesons. This new...read more
ICMA’s response to the 'Call for feedback on the Platform for Sustainable Finance's report on minimum safeguards
7 September 2022 ICMA has responded to the call for feedback on the Platform for Sustainable Finance's report on minimum safeguards.The key points that we are making in our response are in summary:▪ ICMA welcomes the draft report which provides proposed advice on the last missing component of the...read more
7 September 2022 ICMA has responded to the call for feedback on the Platform for Sustainable Finance's report on minimum safeguards.The key points that we are making in our response are in summary:▪ ICMA welcomes the draft report which provides proposed advice on the last missing component of the...read more
ICMA appoints Head of Fintech and Digitalisation
5 September 2022 ICMA is pleased to announce the appointment of Georgina Jarratt as Managing Director, Head of Fintech and Digitalisation and as a new member of the Executive Committee.Fintech and digitalisation are transforming financial markets which are now well embedded in all of the association’s work in primary,...read more
5 September 2022 ICMA is pleased to announce the appointment of Georgina Jarratt as Managing Director, Head of Fintech and Digitalisation and as a new member of the Executive Committee.Fintech and digitalisation are transforming financial markets which are now well embedded in all of the association’s work in primary,...read more
New ICMA members in August 2022
31 August 2022 ICMA welcomes the following new members in August 2022: Bank Handlowy w Warszawie SA, Poland BOCI Asia Limited, Hong Kong China Lianhe Credit Rating Co., Ltd., China CMBC Investment (HK) Limited, Hong Kong Finastra International Limited, United Kingdom Inveztor Ltd., United Kingdom Propellant.digital B.V., Netherlands Société Générale-Forge, France Tudor Investment Corporation,...read more
31 August 2022 ICMA welcomes the following new members in August 2022: Bank Handlowy w Warszawie SA, Poland BOCI Asia Limited, Hong Kong China Lianhe Credit Rating Co., Ltd., China CMBC Investment (HK) Limited, Hong Kong Finastra International Limited, United Kingdom Inveztor Ltd., United Kingdom Propellant.digital B.V., Netherlands Société Générale-Forge, France Tudor Investment Corporation,...read more
ICMA responds to draft European Sustainability Reporting Standards proposed by EFRAG
8 August 2022 ICMA has responded to the draft European Sustainability Reporting Standards proposed by EFRAG.read more
8 August 2022 ICMA has responded to the draft European Sustainability Reporting Standards proposed by EFRAG.read more
ICMA responds to consultation on ISSB’s first two exposure drafts for general requirements and climate-related disclosures
29 July 2022 ICMA has responded to the consultation on the ISSB’s first two exposure drafts for general requirements and climate-related disclosures.read more
29 July 2022 ICMA has responded to the consultation on the ISSB’s first two exposure drafts for general requirements and climate-related disclosures.read more
ICMA responds to the UK Transition Plan Taskforce’s Call for Evidence
13 July 2022 ICMA has responded to the UK Transition Plan Taskforce’s Call for Evidence.read more
13 July 2022 ICMA has responded to the UK Transition Plan Taskforce’s Call for Evidence.read more
ICMA response to IOSCO discussion paper
8 July 2022 ICMA has submitted its response to the Corporate Bond Markets – Drivers of Liquidity During COVID-19 Induced Market Stresses, IOSCO discussion paper. ICMA’s response, drafted under the guidance of its Secondary Market Practices Committee (SMPC), is predominantly from a European market perspective and offers...read more
8 July 2022 ICMA has submitted its response to the Corporate Bond Markets – Drivers of Liquidity During COVID-19 Induced Market Stresses, IOSCO discussion paper. ICMA’s response, drafted under the guidance of its Secondary Market Practices Committee (SMPC), is predominantly from a European market perspective and offers...read more
New ICMA members in June 2022
30 June 2022 ICMA welcomes the following new members in June 2022: Arteria AI Inc., Toronto; Bank of Tianjin Co., Ltd., Tianjin; China Securities (International) Finance Holding Company Limited, Hong Kong; CSCI Pengyuan Credit Rating Co., Ltd., Shenzen; Goldman Sachs Bank Europe SE, Frankfurt; Goldman...read more
30 June 2022 ICMA welcomes the following new members in June 2022: Arteria AI Inc., Toronto; Bank of Tianjin Co., Ltd., Tianjin; China Securities (International) Finance Holding Company Limited, Hong Kong; CSCI Pengyuan Credit Rating Co., Ltd., Shenzen; Goldman Sachs Bank Europe SE, Frankfurt; Goldman...read more
The Principles announce key publications and resources in support of market transparency and development
28 June 2022 The Green Bond Principles (GBP), Social Bond Principles (SBP), Sustainability Bond Guidelines (SBG) and Sustainability-Linked Bond Principles (SLBP) (the “Principles”) - the global standard for a $2.4 trillion market, representing the largest source of market finance dedicated to sustainability and climate transition...read more
28 June 2022 The Green Bond Principles (GBP), Social Bond Principles (SBP), Sustainability Bond Guidelines (SBG) and Sustainability-Linked Bond Principles (SLBP) (the “Principles”) - the global standard for a $2.4 trillion market, representing the largest source of market finance dedicated to sustainability and climate transition...read more
ICMA's response to the ECB questionnaire on financial market stakeholders’ potential interest in the Eurosystem providing EUR central bank money settlement of wholesale transactions in the payments, securities settlement and collateral management domains
28 June 2022 ICMA submitted its response to the ECBquestionnaire on financial market stakeholders’ potential interest in the Eurosystem providing EUR central bank money settlement of wholesale transactions in the payments, securities settlement and collateral management domains using new technologies such as Distributed Ledger Technology (DLT). ICMA’s...read more
28 June 2022 ICMA submitted its response to the ECBquestionnaire on financial market stakeholders’ potential interest in the Eurosystem providing EUR central bank money settlement of wholesale transactions in the payments, securities settlement and collateral management domains using new technologies such as Distributed Ledger Technology (DLT). ICMA’s...read more
ICMA publishes market best practice recommendations to support settlement efficiency in the secondary bond markets
22 June 2022 ICMA has published secondary market best practice in support of settlement efficiency, intended to be applied by ICMA members in the context of the international secondary bond markets. These best practice recommendations have been developed through the work of ICMA European Repo and Collateral Committee...read more
22 June 2022 ICMA has published secondary market best practice in support of settlement efficiency, intended to be applied by ICMA members in the context of the international secondary bond markets. These best practice recommendations have been developed through the work of ICMA European Repo and Collateral Committee...read more
Updated analysis of the proposals for the EuGB Regulation
22 June 2022 Trilogue discussions are beginning between the co-legislators to determine a final text for the Regulation on European green bonds. We strongly support the progress towards a consensus on a voluntary standard, as well as potentially on grandfathering of Technical Screening Criteria of the Taxonomy...read more
22 June 2022 Trilogue discussions are beginning between the co-legislators to determine a final text for the Regulation on European green bonds. We strongly support the progress towards a consensus on a voluntary standard, as well as potentially on grandfathering of Technical Screening Criteria of the Taxonomy...read more
ICMA submits feedback for the European Commission’s proposed amendments to CSDR
26 May 2022 ICMA has submitted its formal feedback for the European Commission’s proposed amendments to CSDR. ICMA’s members provide three main recommendations to enhance the effectiveness of the proposed revisions, along with some more technical refinements, such as amending the regulatory text to address the asymmetry in the...read more
26 May 2022 ICMA has submitted its formal feedback for the European Commission’s proposed amendments to CSDR. ICMA’s members provide three main recommendations to enhance the effectiveness of the proposed revisions, along with some more technical refinements, such as amending the regulatory text to address the asymmetry in the...read more
Digitising legal documentation for future repo market efficiency
25 May 2022 The repo market, valued at over EUR 9,000 billion at year end 2021 (source: ICMA European Repo Survey December 2021), is essential to the functioning of financial markets, allowing cash and collateral to be moved efficiently around the system. Standardisation of the documentation...read more
25 May 2022 The repo market, valued at over EUR 9,000 billion at year end 2021 (source: ICMA European Repo Survey December 2021), is essential to the functioning of financial markets, allowing cash and collateral to be moved efficiently around the system. Standardisation of the documentation...read more
ICMA response to the European Commission’s Targeted Consultation on the functioning of the Money Market Fund Regulation
13 May 2022 ICMA responded to the European Commission’s Targeted Consultation on the functioning of the Money Market Fund Regulation. As well as addressing the technical points in the Consultation, ICMA suggested that a shift of focus away from individual MMF structures towards the efficiency and resilience of...read more
13 May 2022 ICMA responded to the European Commission’s Targeted Consultation on the functioning of the Money Market Fund Regulation. As well as addressing the technical points in the Consultation, ICMA suggested that a shift of focus away from individual MMF structures towards the efficiency and resilience of...read more
ISDA, ICMA and ISLA Seek Third-Party Solution for CDM Repository
10 May 2022 The International Swaps and Derivatives Association (ISDA), the International Capital Market Association (ICMA) and the International Securities Lending Association (ISLA) have announced a request for proposal for a third-party organization to provide an open-source repository for the Common Domain Model (CDM).The three...read more
10 May 2022 The International Swaps and Derivatives Association (ISDA), the International Capital Market Association (ICMA) and the International Securities Lending Association (ISLA) have announced a request for proposal for a third-party organization to provide an open-source repository for the Common Domain Model (CDM).The three...read more
New ICMA members in April & May 2022
4 May 2022 ICMA welcomes the following new members in April & May 2022: Arab Federation of Capital Markets, Lebanon Conv-Ex Advisors Limited, United Kingdom KPMG International Limited, United Kingdom MarkitServ LLC, United States State Street Bank and Trust Company, United States State Street Global Advisors Limited, United Kingdom Valantic Transaction Solutions...read more
4 May 2022 ICMA welcomes the following new members in April & May 2022: Arab Federation of Capital Markets, Lebanon Conv-Ex Advisors Limited, United Kingdom KPMG International Limited, United Kingdom MarkitServ LLC, United States State Street Bank and Trust Company, United States State Street Global Advisors Limited, United Kingdom Valantic Transaction Solutions...read more
ICMA has responded to ESMA’s consultation on trading venue perimeter
4 May 2022 ICMA has clarified its member’s interpretation of the definition of multilateral system. The response also covers the key characteristics (automated and non-automated) required in order for an entity to be authorised or not authorised as a trading venue. In addition, ICMA has made...read more
4 May 2022 ICMA has clarified its member’s interpretation of the definition of multilateral system. The response also covers the key characteristics (automated and non-automated) required in order for an entity to be authorised or not authorised as a trading venue. In addition, ICMA has made...read more
ICMA publishes Guide to Asia Repo Markets: Vietnam
3 May 2022 ICMA has published the third instalment of its Guide to Asia Repo Markets, which covers Vietnam. The report covers financial infrastructure, types of repo and collateral, market participants and dynamics, post trade operations, and the legal and regulatory framework. It also highlights...read more
3 May 2022 ICMA has published the third instalment of its Guide to Asia Repo Markets, which covers Vietnam. The report covers financial infrastructure, types of repo and collateral, market participants and dynamics, post trade operations, and the legal and regulatory framework. It also highlights...read more
AMIC response to the ESMA consultation paper ‘Guidelines on certain aspects of the MiFID II suitability requirements’
27 April 2022 AMIC submitted its response to the ESMA consultation paper on the ‘Guidelines on certain aspects of the MiFID II suitability requirements’. In its response, AMIC highlighted the implementation challenges of the 2 August application date from product manufacturer, distributor and end-investor perspectives; and made specific suggestions on the...read more
27 April 2022 AMIC submitted its response to the ESMA consultation paper on the ‘Guidelines on certain aspects of the MiFID II suitability requirements’. In its response, AMIC highlighted the implementation challenges of the 2 August application date from product manufacturer, distributor and end-investor perspectives; and made specific suggestions on the...read more
Financing social projects to support fragile and conflict states with Social and Sustainability Bonds
27 April 2022 The Executive Committee of the Principles, supported by the International Capital Market Association (ICMA), underline that existing guidance for Social and Sustainability Bonds is appropriate for use in the support of fragile and conflict states.Social Bonds finance projects that directly aim to address...read more
27 April 2022 The Executive Committee of the Principles, supported by the International Capital Market Association (ICMA), underline that existing guidance for Social and Sustainability Bonds is appropriate for use in the support of fragile and conflict states.Social Bonds finance projects that directly aim to address...read more
Sanctions on Russia: Considerations for repo and secondary trading
21 April 2022 ICMA members can access a paper on ‘Sanctions on Russia: Considerations for repo and secondary trading’ illustrating how repo transactions and secondary trading may be affected by the sanction regimes.read more
21 April 2022 ICMA members can access a paper on ‘Sanctions on Russia: Considerations for repo and secondary trading’ illustrating how repo transactions and secondary trading may be affected by the sanction regimes.read more
European repo market - ICMA publishes survey showing record outstandings of EUR 9,198 billion at year end 2021
20 April 2022 The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 42nd semi-annual survey of the European repo market. The survey, which measured the amount of repo business outstanding on 8 December 2021,...read more
20 April 2022 The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 42nd semi-annual survey of the European repo market. The survey, which measured the amount of repo business outstanding on 8 December 2021,...read more
