News

 

ICMA publishes analysis of the first year of data on repo from SFTR reporting
28 September 2021 Reporting under the EU’s Securities Financing Transactions Regulation (SFTR) went live on 13 July 2020. Based on the first full year of SFTR reported data, ICMA has published today an analysis of the key market features and trends in the European repo...
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ICMA responds to HM Treasury Wholesale Markets Review
24 September 2021 ICMA has now published its response to the HM Treasury Wholesale Markets Review Consultation Paper. The response was drafted primarily by ICMA’s MiFID II transparency taskforce but a few responses also take into account the views of ICMA’s other working groups and...
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NAFMII and ICMA jointly release handbook on financing and investment in the China interbank bond market
24 September 2021 The International Capital Market Association (ICMA) and the National Association of Financial Market Institutional Investors (NAFMII) today launched two publications intended to encourage understanding and participation by international institutions in China’s interbank bond market.Investing in China’s Interbank Bond Market: A Handbook...
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ICMA responds to HM Treasury’s UK Prospectus Regulation Regime Review
23 September 2021 ICMA has responded to HM Treasury’s consultation on the UK Prospectus Regulation on 23 September. ICMA members’ overarching concern is to ensure that the currently well-functioning and efficient pan-European primary wholesale bond market is not disrupted or subjected to unnecessary additional or...
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ESMA writes to the European Commission supporting a delay of mandatory buy-ins and asking for urgent clarification
23 September 2021 Anneli Tuominen, interim Chair of ESMA, has written an open letter to Commissioner McGuiness, copying representatives from the European Parliament and Council, supporting a postponement of the mandatory buy-in regime and requesting urgent action to provide a signal that a modification of...
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ICMA publishes an update on the EU sustainability disclosure regime
22 September 2021 New and amended EU legislation is introducing significant sustainability and ESG related disclosure requirements that are impacting all participants in the European capital markets. This publication provides a summary of these various requirements, how they interact with each other and most importantly...
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IOSCO AMCC member survey on corporate bond market microstructure and participant behaviour
21 September 2021 IOSCO Affiliate Members Consultative Committee (AMCC) Bond Market Liquidity Working Party launches its market survey on corporate bond market microstructure and participant behaviour. The purpose of the survey is to help to build a picture of corporate bond market microstructures across different...
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ICMA’s ERCC publishes summary report following market consultation on the role of repo in green and sustainable finance
20 September 2021 ICMA’s European Repo and Collateral Council (ERCC) has published a summary report on the role of repo in green finance, following its consultation to reflect feedback received in response to a market consultation on the role of repo in sustainable finance which took...
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ICMA AMIC responds to EC consultation to review the EU securitisation regulation (SECR)
17 September 2021 ICMA’s Asset Management and Investors Council has responded to the EC consultation to review the EU securitisation regulation (SECR). The response highlights that the low level of securitisation issuances since the entry into application of the SECR is mainly due to the...
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ICMA notice: Pricing references for new sterling Eurobonds
10 September 2021 ICMA Recommendation R7.3 on pricing references for new sterling Eurobonds was introduced into the ICMA Primary Market Handbook in February 2015 and last updated July 2016. The purpose of the Recommendation is to clarify the appropriate gilt to use when pricing...
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ICMA responds to UK FCA CP21/18: Enhancing climate-related disclosures by standard listed companies and seeking views on ESG topics in capital markets
10 September 2021 ICMA has submitted its response to the UK FCA CP21/18: Enhancing climate-related disclosures by standard listed companies and seeking views on ESG topics in capital markets. It focuses on the parts that are relevant to the international bond market and reflects the...
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ICMA AMIC responds to UK FCA CP21/17: Enhancing climate-related disclosures by asset managers, life insurers and FCA-regulated pension providers
10 September 2021 ICMA’s Asset Management and Investors Council has submitted its response to the UK FCA CP 21/17: Enhancing climate-related disclosures by asset managers, life insurers and FCA regulated pension providers. AMIC welcomed the FCA’s proposals and noted that that the sequencing of the...
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ICMA submitted its feedback on the draft Report of the EU Platform on Sustainable Finance on a Social Taxonomy
6 September 2021 ICMA submitted its feedback on the draft Report of the EU Platform on Sustainable Finance on a Social...
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ICMA submitted its feedback on the draft Report of the EU Platform on Sustainable Finance for an extended taxonomy to support economic transition
3 September 2021 ICMA submitted its feedback on the draft Report of the EU Platform on Sustainable Finance for an extended taxonomy to support economic transition.
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ICMA responds to FCA CP 21/19 on the proposed decision under Article 23D BMR for 6 sterling and yen LIBOR settings
25 August 2021 ICMA responded to UK FCA CP 21/19 on the FCA’s proposed decision under Article 23D BMR to require the administrator of LIBOR, ICE Benchmark Administration (IBA), to change the way six identified LIBOR settings (namely the 1-month, 3-month and 6-month sterling and Japanese...
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New ICMA members in August 2021
ICMA welcomes the following new members in August 2021: Ediphy Markets Ltd, London; Federal Home Loan Mortgage Corporation, McLean; Joint-Stock Commercial Bank of Support to Commerce and Business, Yekaterinburg; International Fund for Agricultural Development, Rome; and Kaizen Reporting Ltd., London. Click here to view the full...
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ICMA AMIC responds to IOSCO’s consultation on Sustainability-Related Practices, Policies, Procedures and Disclosure in Asset Management
13 August 2021 ICMA’s Asset Management and Investors Council has submitted its comments on IOSCO’s consultation on Sustainability-Related Practices, Policies, Procedures and Disclosure in Asset Management. AMIC expressed its support for IOSCO’s recommendations and highlighted the key priority areas in needing to address the risk...
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ICMA, ISDA and ISLA sign MoU on the Common Domain Model, laying the foundations for a digital future for financial markets
2 August 2021 ICMA, ISDA and ISLA have signed a Memorandum of Understanding (MoU) to strengthen collaboration between them on the future development of the Common Domain Model (CDM), the single, common digital representation of trade events and actions across the lifecycle of financial products.
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SFTR reporting one year on
15 July 2021 Since the start of SFTR reporting on 13 July 2020, ICMA has been collecting and aggregating the SFTR public data on a weekly basis. Following the buy-side go-live in October 2020 and the start of reporting for non-financial counterparties in the EU ...
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ICMA AMIC co-signs joint trade association letter
15 July 2021 ICMA’s Asset Management and Investors Council has co-signed on a joint trade association letter calling for regulatory stability for investment funds in the context of the AIFMD review.
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ICMA commentary on the new EC sustainable finance strategy
15 July 2021 On 6 July 2021, the European Commission (EC) published its Strategy for Financing the Transition to a Sustainable Economy. The International Capital Market Association (ICMA) supports the overall ambition and key objectives of the new strategy: (1) financing the transition, (2) inclusiveness,...
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Industry calls for clarity on mandatory buy-in rules
15 July 2021 On 14 July 2021, sixteen trade associations* representing buy-side, sell-side and market infrastructures, wrote to ESMA and the European Commission regarding the timeline for implementation of the mandatory buy-in rules as part of the Central Securities Depositories Regulation (CSDR) Settlement Discipline Regime.
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ICMA Quarterly Report Third Quarter 2021 now available
8 July 2021 The latest edition of the ICMA quarterly report is now available.To access the report, click here.
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ICMA analysis of the EU Commission proposal for a regulation on European green bonds
8 July 2021 On 6 July 2021, the European Commission published its proposal for a Regulation on European green bonds (“EuGBs”), which will be negotiated in the European Parliament and among Members of the Council of the European Union as part of the co-legislative process.ICMA...
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New ICMA members in July 2021
ICMA welcomes the following new members in July 2021: Aktieselskabet Arbejdernes Landsbank, Copenhagen; Banco de España, Madrid; BondCliQ Inc., New York; Continental Capital Markets Limited, Croydon; Deloitte Audit s.r.o., Prague; DTCC Europe Limited, London; GLMX Technologies, LLC, New York; The International...
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Common Domain Model (CDM) for repo and bonds
2 July 2021 ICMA is cooperating with ISDA, ISLA and REGnosys to extend the Common Domain Model (CDM) to include repo and, by extension, outright bond transactions. The CDM is a standardised, machine-readable and machine-executable blueprint for how financial products are traded and managed across...
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The International Capital Market Association announces new Chief Executive
1 July 2021 The Board of the International Capital Market Association (ICMA) has announced today that Bryan Pascoe has been appointed as Chief Executive of the Association, succeeding Martin Scheck, who has been Chief Executive since 2009. Bryan will formally take up the role on...
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ICMA responds to ESMA consultation on potential reforms of the EU Money Market Funds Regulation (MMFR)
30 June 2021 ICMA has today responded to ESMA's consultation on potential reforms of the EU Money Market Funds Regulation (MMFR). Our Asset Management and Investors Council (AMIC), the buy-side voice of ICMA, mainly drafted this response. It also draws on the work done by...
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ICMA elects new board members at 2021 AGM
24 June 2021 Four existing board members were re-elected at the 2021 ICMA AGM: Amine Bel Hadj Soulami, BNP Paribas, Bahrain; Marc Lewell, J.P. Morgan Securities Limited, London; Jean-Marc Mercier, HSBC Bank plc, London; and Chris Muyldermans, KBC Bank N.V., Brussels. The...
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ICMA AMIC responds to FCA consultation on UK MiFID research and best execution
23 June 2021 ICMA’s Asset Management and Investors Council has responded to the FCA consultation paper CP21/9 on UK MiFID research and best execution. In its response, ICMA welcomed an exemption for FICC research from unbundling rules as well as the proposal to remove the...
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ICMA responds to FCA CP 21/15 on use of critical benchmarks
16 June 2021 ICMA has responded to an important FCA consultation on powers over use of critical benchmarks such as LIBOR, noting the importance for the bond market of a broad permission to use synthetic LIBOR for legacy LIBOR bonds.
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ICMA responds to US SEC request for public input on climate change disclosures
15 June 2021 ICMA has submitted its response to the US SEC consultation on climate-related disclosures, in which ICMA supported SIFMA’s letter and emphasised important points relating to a global coordinated approach, principles-based materiality, safe-harbour protection and a handful of other issues.
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Participate in the ICMA European Repo and Collateral Council's 41st 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 June 2021.
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Green & Social Bond Principles 2021 edition issued
10 June 2021 The Green and Social Bond Principles are the global standard for a $1.6 trillion market representing the largest source of market finance dedicated to sustainability and climate transition available internationally to corporates, banks and sovereigns. In 2020, these standards were referenced...
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Asia-Pacific to tackle USD 190 billion of tough legacy bonds as LIBOR transition looms
25 May 2021 A report by ICMA and Bloomberg on tough legacy bonds in APAC has found that work will need to accelerate significantly to mitigate potential for disruption of the APAC bond markets as a result of the transition from LIBOR to risk free...
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ICMA publishes overview of ‘taxonomies’ for sustainable finance and recommends success criteria
18 May 2021 There have been both market and official sector initiatives to develop ‘taxonomies’ (classification systems) in an effort to provide clear guidance on which activities, assets and/or projects qualify for sustainable finance, and more widely in some cases as sustainable for regulatory or...
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ICMA AMIC publishes discussion paper on ESG KPIs for Auto-loans/leases ABS
17 May 2021 In the context of growing demands from asset owners to evaluate their ESG footprint and greater regulatory scrutiny (such as SFDR), ICMA’s Asset Management and Investors Council has set up an ad hoc working group to discuss ESG transparency of Asset-Backed Securities.
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New ICMA industry guide to definitions and best practice for bond pricing distribution
17 May 2021 Pre-trade information on bond pricing is currently non-standardised and often misunderstood. The term ‘axe’ is used in fixed income trading to represent a sell-side advertising buy or sell bond interests. These are traditionally tied in some form to the sell-side’s book but...
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Industry associations publish UK version of the SFTR article 15 information statement
17 May 2021 The Association for Financial Markets in Europe (AFME), FIA, the International Capital Market Association (ICMA), the International Swaps and Derivatives Association, Inc. (ISDA) and the International Securities Lending Association (ISLA) jointly published a statement to help market participants comply with requirements under...
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ICMA AMIC responds to ESAs consultation on taxonomy disclosure for financial products
12 May 2021 ICMA AMIC has submitted its response to the ESAs consultation on taxonomy disclosure for financial products. The EU Taxonomy regulation requires certain financial products with environmental characteristics/objectives (as defined under the EU Sustainable Finance Disclosure Regulation (SFDR)) to report how their underlying...
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ICMA responds to HK SFC consultation paper on its proposed code of conduct on bookbuilding and placing activities
7 May 2021 ICMA has responded to the Hong Kong Securities and Futures Commission (HK SFC) consultation on its potential code on bookbuilding and placing. ICMA’s response comes from the DCM perspective, and attempts to foster consistency in the HK SFC’s understanding of, and approaches...
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ICMA’s Head of Sustainable Finance, Nicholas Pfaff, wins IFLR 2021 award for Outstanding Contribution to Regulatory Reform; ICMA supported standards for sustainable bonds now underpin an estimated 97% of issuance globally.
Congratulations to ICMA’s Head of Sustainable Finance, Nicholas Pfaff, on winning the IFLR 2021 award for Outstanding Contribution to Regulatory Reform for his work on developing legal and market frameworks for sustainable bonds with the Green and Social Bond Principles community, most recently for sustainability-linked...
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ICMA opens a representative office in Brussels
26 April 2021 The International Capital Market Association (ICMA) has announced that it will be opening a representative office in Brussels in May 2021. The global trade association for international securities markets currently supports its 600 strong membership of financial institutions in more than 60...
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ICMA ERCC publishes consultation paper on the role of repo in green and sustainable finance
22 April 2021 The ICMA European Repo and Collateral Council (ERCC) has published a consultation paper on the role of repo in green and sustainable finance, exploring the sustainability aspects of repo and collateral as well as assessing the existing opportunities and potential risks in...
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ICMA AMIC and EFAMA issue joint response to IOSCO consultation on fund liquidity management by open-ended funds
21 April 2021 ICMA’s AMIC and EFAMA have submitted a joint response to the IOSCO consultation on fund liquidity management by open-ended funds. The response highlights how industry practices and existing regulatory provisions in Europe are well aligned with the Liquidity Risk Management (LRM) recommendations...
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ICMA employment opportunity - Associate, Primary and Secondary Markets, Market Practice and Regulatory Policy, ICMA London
A new opportunity has been created for an Associate to join ICMA’s Market Practice and Regulatory Policy Department, for a role covering both primary markets and secondary bond markets on a full-time basis. This role will be based at ICMA’s London office. To apply please...
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ICMA publishes 2021 legal opinions on global master repo agreement
15 April 2021 ICMA is pleased to announce the publication of the 2021 ICMA GMRA legal opinions. While all 2021 GMRA opinion updates cover, as a minimum, companies, banks and securities dealers, most opinions now additionally cover insurance companies, hedge funds and mutual funds as...
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ICMA updates repo best practices to support post-trade efficiency
30 March 2021 ICMA’s European Repo and Collateral Council (ERCC) has published an updated version of the ERCC’s Guide to Best Practice in the European Repo Market. The targeted updates published today were prepared jointly by the ERCC Operations Group and the ERCC’s Guide Working...
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ICMA publishes landmark 40th survey of the European repo market
23 March 2021 The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 40th semi-annual survey of the European repo market. The survey, which calculated the amount of repo business outstanding on 9 December...
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ICMA AMIC statement on ESG transparency of Asset-Backed Securities
18 March 2021 ICMA AMIC has set up an ad hoc working group to discuss ESG transparency of Asset-Backed Securities. As a first step the working group has issued a statement laying down current challenges for this specific asset class and the buy-side. Next steps...
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Establishment of a new ICMA region for Ireland
16 March 2021 ICMA member firms in Ireland have worked independently within ICMA’s regional structure for many years in the form of an Irish chapter with its own chair and committee members, while technically remaining part of the ICMA United Kingdom, Ireland and the Americas...
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ICMA responds to ESMA consultation paper on algo trading
12 March 2021 The ICMA algo taskforce (Taskforce) member response is based on consensus view and relates solely to bonds. The Taskforce represents buy-side and sell-side investment firms, trading venues and software and technology providers. The motivation for regulating algo trading is the mitigation of...
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ICMA and other associations write to European Commission and ESMA on implementation of the CSDR Settlement Discipline Regime
11 March 2021 ICMA and 14 trade associations representing a wide range of stakeholders in the European and global financial markets have written to the European Commission and ESMA raising concerns about the implementation of the mandatory buy-in requirement under the EU’s CSDR Settlement Discipline...
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ICMA Women’s Network joins the world in celebrating International Women’s Day 2021
At ICMA Women’s Network (IWN), we celebrate and support women in the financial industry throughout the year. For this International Women’s Day, IWN is pleased to back the #IWD2021 #ChooseToChallenge campaign in solidarity with women around the world.
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Joint industry letter on the reporting of issuer LEIs under SFTR
8 March 2021 ICMA, in association with ISLA, AFME, and AMAFI sent a joint communication to ESMA, various NCAs, and the FCA to reiterate concerns around the lack of availability of Legal Entity Identifiers (LEIs) for issuers outside of Europe. The letter was sent ahead...
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ICMA Scholarship Programme – first students from Sub-Saharan Africa
ICMA is delighted to welcome the first cohort of students from Sub-Saharan Africa to its new scholarship programme. The 25 successful individuals from Ghana, Kenya, Nigeria, Rwanda, Tanzania, Uganda, Zambia and Zimbabwe were selected from an extensive number of applications received, based on their academic...
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Asian International Bond Markets – new report from ICMA
3 March 2021 The International Capital Market Association (ICMA) has today launched a new report on developments in Asian bond markets, supported by the Hong Kong Monetary Authority (HKMA). Asian International Bond Markets: Development and Trends focuses on the international, offshore bond market in Asia,...
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New ICMA members in March 2021
ICMA welcomes the following new members in March 2021: ANZ Bank New Zealand Limited, Auckland; Barclays Bank (Suisse) SA, Geneva; Eversheds Sutherland (International) LLP, London; Hengeler Mueller Partnerschaft von Rechtsanwälten mbB, Frankfurt am Main; and HPC SA, Paris. Click here to view the full list...
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ICMA responds to IOSCO survey on bond ETF in the context of March/April 2020 market meltdown
1 March 2021 ICMA has responded to IOSCO survey on bond ETF in the context of March/April 2020 market meltdown. ICMA’s response involved members representing issuers, investors and authorised participants and market makers. The recent crisis shows that overall the ETF ecosystem functioned well despite...
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ICMA issues a note following the publication of the ESAs' final recommendations for the regulatory technical standards (RTS) of the Sustainable Finance Disclosure Regulation (SFDR)
22 February 2021 ICMA has issued a note following the publication of the ESAs' final recommendations for the regulatory technical standards (RTS) of the Sustainable Finance Disclosure Regulation (SFDR). The note explains the next steps regarding the decision making process and points out implementation challenges...
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Sustainability-linked bonds – new Q&As and other resources published by the Green & Social Bond Principles
17 February 2021 The Executive Committee of the Green and Social Bond Principles has published new Q&As for sustainability-linked bonds (SLBs). These are designed to promote understanding of this important new financial instrument and its place in an issuer’s overall sustainability strategy, as well as...
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Sixth version of the ICMA SFTR Recommendations published
17 February 2021 The ICMA European Repo and Collateral Council (ERCC) has released the sixth edition of the detailed ICMA Recommendations for Reporting under SFTR. Compared to the previous version published on 29 October 2020, the updated edition of the guide reflects the end of...
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Results of the 2021 ICMA ERCC elections
We are pleased to announce the results of the 2021 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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ICMA submits its response to the Targeted consultation on the review of CSDR
2 February 2021 ICMA’s response focuses exclusively on the section relating to Settlement Discipline, in particular the provisions relating to mandatory buy-ins, which ICMA points out is market regulation, not post-trade regulation. In its response ICMA provides data and analysis to illustrate the expected impacts...
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ICMA AMIC responds to EC consultation on the review of the alternative investment fund managers directive (AIFMD)
29 January 2021 ICMA's Asset Management and Investors Council has responded to the EC's consultation on the review of the Alternative Investment Fund Managers Directive (AIFMD). AMIC argues in favour of legislative stability given (1) the findings of the recent COVID-19 crisis (no suspension for...
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First edition of the ICMA Corporate Issuer Forum Newsletter
We are pleased to launch the ICMA Corporate Issuer Forum’s newsletter which will provide a periodic snapshot of the CIF’s key priorities, initiatives and workstreams. ICMA Corporate Issuer Forum Newsletter - January 2021. To receive future editions of this newsletter, sign up here or update...
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ICMA AMIC responds to EC consultation on the review of the European long-term investment funds (ELTIF) regulatory framework
28 January 2021 ICMA's Asset Management and Investors Council has submitted its response to the European Commission's consultation on the review of the European Long-Term Investment Funds (ELTIFs) Regulation. AMIC welcomes this review and encourages the EU to have a bold approach given that no...
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ICMA compiles FinTech and sustainable finance library
26 January 2021 ICMA has compiled a non-exhaustive list of recent publications on the topic of FinTech and sustainable finance, with a focus on bond markets. The FinTech and sustainable finance library intends to complement other ICMA members’ resources and help inform broader discussions on...
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ICMA responds to SFC Consultation Paper on the Management and Disclosure of Climate-related Risks by Fund Managers
15 January 2021 ICMA has responded to the SFC Consultation Paper on the Management and Disclosure of Climate-related Risks by Fund Managers.
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The internationalization of the China corporate bond market – new report from ICMA
14 January 2021 Recognising the increasing importance of China in the global bond markets, and in light of significant reforms and initiatives to attract foreign investors, as well as the inclusion of China in major global bond indices, the International Capital Market Association (ICMA) has...
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New ICMA members in January 2021
ICMA welcomes the following new members in January 2021: Bird & Bird LLP, London; ICICI Bank UK Plc, London; Jane Street Netherlands B.V., Amsterdam; Origin Primary Limited, London; and Standard Chartered Bank (China) Limited, Shanghai. Click here to view the full list of...
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The European repo market at 2020 year-end
13 January 2021 The ICMA European repo and Collateral Council (ERCC) has published a report on the performance of the European repo market at year-end 2020, focused on the euro, sterling, US dollar and Japanese yen markets and based on market data and accounts provided...
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ICMA responds to the UK Listings Review call for evidence
18 December 2020 ICMA’s primary market community has responded to the UK Listing Review call for evidence, suggesting changes that could be made to the UK Prospectus Regulation while protecting the overall smooth functioning of the pan-European wholesale bond issuance process. The response also raises...
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ICMA responds to the draft Delegated Act supplementing the EU Taxonomy Regulation
17 December 2020 ICMA today published its response to the draft Delegated Act supplementing the EU Taxonomy Regulation. Overall, ICMA believes that while Substantial Contribution and DNSH are recognised as fundamental concepts of the Taxonomy, the Delegated Acts or associated commentary could go further to...
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Amendments to the ICMA Primary Market Handbook published December 2020
17 December 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 publishes updated Electronic Trading Platform (ETP) directory
16 December 2020 ICMA has updated its mapping of Electronic Trading Platforms (ETPs) available for cash bonds. The directory now includes 49 technology solutions, up from 41 in the November 2019 publication.
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ICMA AMIC responds to third EC consultation on the EU Ecolabel for financial products
11 December 2020 ICMA's Asset Management and Investors Council has today published its response to the third EC consultation on the EU Ecolabel for financial products. While AMIC continues to support the idea of an EU sustainable label for retail investments funds, it also warns...
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Green & Social Bond Principles launch new guidelines on climate transition finance
9 December 2020 Major economies are now striving to meet the objectives enshrined in the Paris Agreement, limiting the global temperature increase this century to lower than 2°C above pre-industrial levels by cutting greenhouse gas emissions. Capital markets play a critical role in this climate...
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Access ICMA’s 2020 podcasts and webinars from our new media library
We are pleased to announce the ICMA Media Library which features our extensive offering of webinars and podcasts covering a variety of current issues and themes relating to capital markets, including sustainable finance, the transition to risk free-rates, repo & collateral and the effect of...
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ICMA AMIC responds to ESMA's public consultation on Article 8 of the Taxonomy regulation
4 December 2020 ICMA AMIC submitted its response to ESMA's public consultation on Article 8 of the Taxonomy regulation which requires companies in the scope of NFRD (i.e. large listed companies ) to disclose their level of taxonomy alignment (turnover, capex, opex) in their...
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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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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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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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