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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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Participate in the ICMA European Repo and Collateral Council's 38th 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, 5 June 2019.
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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 publishes updated Electronic Trading Platform (ETP) mapping directory
22 November 2019 ICMA has updated its mapping directory of Electronic Trading Platforms (ETPs). The directory now lists a total of 41 electronic execution venues, Order Management Systems (OMS) and information networks. It is intended to help market participants understand what execution and non-execution venues...
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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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ICMA European repo survey sets market size at EUR 7,761 billion
13 November 2019 The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 37th semi-annual survey of the European repo market. The survey, which calculates the amount of repo business outstanding on 5 June...
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New ICMA members in October 2019
The following firms were admitted to ICMA membership in October 2019: Bank GPB International S.A., Luxembourg; Bank of America Merrill Lynch International Designated Activity Company, Dublin; Bundesrepublik Deutschland Finanzagentur GmbH, Frankfurt; Finnvera Oyj, Kuopio; ICBC Wealth Management Co., Ltd., Beijing; Mizuho...
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Green Bond Principles and Social Bond Principles Executive Committee announces 2019/2020 Advisory Council composition
11 October 2019 The Green Bond Principles and Social Bond Principles Executive Committee is pleased to announce the 2019/2020 Advisory Council composition.
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ICMA Quarterly Report Fourth Quarter 2019 now available
10 October 2019 The latest edition of the ICMA quarterly report is now available.To access the report, click here.
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Conference gathers pivotal stakeholders in Tokyo for the third time to exchange views and practical expertise on how to foster and develop the market for sustainable finance instruments
9 October 2019 The International Capital Market Association (ICMA) and the Japan Securities Dealers Association (JSDA) held their third joint conference on the “Developments in Green, Social, and Sustainability Bond Markets—Japan and Asia” at the Hotel New Otani in Tokyo.Building on the strong interest...
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ICMA launches CSDR buy-in impact study for bond markets
30 September 2019 Following its 2015 bond market impact study, ICMA is conducting a more granular study to ascertain market awareness, preparedness, concerns, and expected impacts on bond market pricing and liquidity. The new study uses three separate online surveys, targeted at: (i) Sell-side trading...
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ICMA ERCC publishes updated memorandum outlining recommendations for repo market best practice to address transition from EONIA to €STR on 1 October 2019
27 September 2019 The ICMA ERCC has today published an updated memorandum outlining recommendations for repo market best practice to address the transition from EONIA to €STR on 1 October 2019. View the memorandum.
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ICMA publishes update to primary markets technology mapping directory
18 September 2019 The International Capital Market Association (ICMA) has published the second edition of its primary markets technology mapping directory which compares the key features and capabilities of 28 technology solutions (up from 22 in December last year) that are available to automate all...
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ICMA with the Green Bond Principles Executive Committee responds to European Commission's consultation on TEG report on EU Taxonomy
13 September 2019 ICMA with the Green Bond Principles Executive Committee has responded to the European Commission's consultation on the TEG report on EU Taxonomy.View the response.
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ICMA responds to ESMA's MiFID II/MiFIR review report on the development in prices for pre- and post-trade data and on the consolidated tape for equity instruments
5 September 2019 ICMA has responded to ESMA's MiFID II/MiFIR review report on the development in prices for pre- and post-trade data and on the consolidated tape for equity instruments.View the...
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New ICMA members in August 2019
The following firms were admitted to ICMA membership in August 2019: Berlin Hyp AG, Berlin; Bombay Stock Exchange Brokers' Forum (BBF), Mumbai; Invest Banca S.p.A., Florence; Nomura Securities Co., Ltd., Tokyo; Pinsent Masons LLP, London; bringing the total number of...
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ICMA ERCC responds to ESMA’s consultation on SFTR Reporting Guidelines
30 July 2019 The ICMA ERCC has submitted a detailed response to ESMA’s consultation on draft Guidelines in relation to SFTR Reporting under articles 4 and 12. The response was prepared based on feedback from the ERCC’s SFTR Task Force, which brings together more than...
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ICMA publishes briefing on the importance of integrated capital markets and CMU
29 July 2019 ICMA has prepared a short briefing paper on the importance of integrated capital markets and CMU. To access the briefing, click here.
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ICMA AMIC responds to ESMA’s consultation on possible short-term pressure from the financial sector on corporations
29 July 2019 ICMA’s Asset Management and Investors Council (AMIC) has today submitted a response to ESMA’s consultation on possible short-term pressure from the financial sector on corporations. AMIC refutes the idea that short termism is as a prevalent bias of asset managers and calls...
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ICMA with the Green Bond Principles Executive Committee responds to Bloomberg Barclays MSCI Green Bond Index consultation
29 July 2019 ICMA with the Green Bond Principles Executive Committee has responded to Bloomberg Barclays MSCI Green Bond Index consultation. View the response.
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ICMA Ops FinTech mapping directory: updated version released
10 July 2019 ICMA’s Ops FinTech Working Group (WG), a subgroup of the ERCC, has conducted a review of the FinTech mapping directory for repo and cash bond operations (and ancillary services). During Q2 2019 members of the WG reached out to vendor firms with...
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ICMA responds to the ECB's market consultation on European Distribution of Debt Instruments (EDDI)
9 July 2019 ICMA has today responded to the ECB's market consultation on a potential Eurosystem initiative regarding a European mechanism for the issuance and initial distribution of debt securities in the European Union (EDDI).View the...
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New executive education program on green bonds and sustainable finance welcomed by EM issuers
8 July 2019 A landmark in international green bond and sustainable finance education was achieved recently with the delivery of a one-week in-depth executive education course centred on green bonds. It was led by the International Capital Market Association (ICMA) and Stockholm School of Economics...
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ICMA summarises and comments on EU TEG reports and status of EU sustainable finance plan
21 June 2019 Following the publication in March 2018 of the Action Plan on sustainable finance of the European Commission, the Technical Working Group on Sustainable Finance (TEG) was established in June 2018.  ICMA, with the support of the GBP SBP Executive Committee, was...
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ICMA Future Leaders podcasts added to ICMA Podcast
Welcome to the ICMA podcast! We’ll be talking to market figures and our own experts at ICMA to get their insights about what’s happening in fixed income markets and regulation and also looking at some broader themes relating to career development.You can listen from...
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GBP & SBP publish key documents – Impact Reporting Handbook, Green Project Mapping and Guidance Handbook – and announce Advisory Council, Executive Committee election result
13 June 2019 On the occasion of the 5th Annual General Meeting and Conference of the Green & Social Bond Principles held in Frankfurt today, the Executive Committee announced publications providing key guidance to complement the Principles (the Green Bond Principles, the Social Bond Principles...
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New ICMA members in June 2019
The following firms were admitted to ICMA membership in June 2019: BofA Securities Europe Société Anonyme, Paris; ENGIE, Paris; ICBC International Securities Limited, Hong Kong; Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH, Frankfurt; and NatWest Markets N.V., Amsterdam, bringing the total number of ICMA...
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A comparative review of practices and procedures in the Russian and international primary debt capital markets - an ICMA-NFA report
5 June 2019 This bi-lingual report is focused on processes and practices in the Russian and international debt primary markets – i.e., the market in which bonds are initially offered to investors before they begin to trade freely among investors and dealers in...
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ICMA’s 3rd European IG Corporate Bond Secondary Market Study
21 May 2019 ICMA launches online buy-side and sell-side surveys as part of its 3rd European IG Corporate Bond Secondary Market Study. Members and other market stakeholders are encouraged to participate in this important initiative. All responses will be treated anonymously and only published in...
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ICMA elects new board members at Stockholm AGM
16 May 2019 Two existing board members were re-elected at the 51st ICMA AGM in Stockholm: Joanna Cound, BlackRock Investment Management (UK) Limited, London and Roman Schmidt, Commerzbank AG, Frankfurt am Main. The following new board members were elected: Amine Bel Hadj Soulami, BNP Paribas,...
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ICMA publishes 2019 legal opinions on global master repo agreement
9 April 2019 The International Capital Market Association (ICMA) has today published the 2019 updates to the ICMA GMRA legal opinions which support the Global Master Repurchase Agreement (GMRA), the standard agreement for international repo transactions. Updates have been obtained only for jurisdictions which are not...
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ICMA survey shows continuing steady growth in the European repo market - market size reaches EUR 7,739 billion
4 April 2019 The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 36th semi-annual survey of the European repo market. The survey, which calculates the amount of repo business outstanding on 5 December 2018,...
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ICMA with the Green Bond Principles Executive Committee responds to European Commission's consultation on the TEG preliminary recommendations for an EU Green Bond Standard
3 April 2019 ICMA with the Green Bond Principles Executive Committee has responded to the European Commission's consultation on the TEG preliminary recommendations for an EU Green Bond Standard.
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ICMA with the Green Bond Principles Executive Committee responds to IOSCO consultation on sustainable finance in emerging markets and the role of securities regulators
1 April 2019 ICMA with the Green Bond Principles Executive Committee has responded to IOSCO consultation on sustainable finance in emerging markets and the role of securities regulators.
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ICMA AMIC responds to ESMA consultation on liquidity stress testing guidelines
28 March 2019 ICMA’s Asset Management and Investors Council (AMIC) has today submitted a response to ESMA’s consultation on liquidity stress testing in UCITS and AIFs. AMIC is supportive of ESMA’s overall approach. However, AMIC cautions that some implementation time is necessary for firms to...
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New ICMA members in March 2019
The following firms were admitted to ICMA membership in March 2019: Advokatfirmaet BAHR AS, Oslo; African Export Import Bank, Cairo; Banca Credinvest SA, Lugano; Barclays Bank Ireland PLC, Dublin; Broadridge Financial Solutions Limited, London; Central Securities Depository (GH) Limited, Accra; CMS Hasche Sigle Partnerschaft von...
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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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ICMA is delighted to have been able to contribute to the LMA, APLMA and LSTA's new Sustainability Linked Loan Principles
20 March 2018 ICMA is delighted to have been able to contribute to the LMA, APLMA and LSTA's new Sustainability Linked Loan Principles.
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ICMA CIF reponds to ESMA consultation paper - Guidelines on Disclosure Requirements applicable to Credit Ratings
18 March 2019 ICMA Corporate Issuer Forum (CIF) has reponded to ESMA's consultation paper - Guidelines on Disclosure Requirements applicable to Credit Ratings.View the...
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ICMA ERCC responds to BCBS consultation on leverage ratio disclosure
13 March 2019 The ICMA ERCC has today responded to a consultative document published by the Basel Committee on Banking Supervision (BCBS), on proposed revisions to leverage ratio Pillar 3 disclosure requirements to include disclosures of the leverage ratio exposure measure amounts of SFTs, derivatives...
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