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European repo market continues to grow with latest ICMA survey indicating baseline market size at record EUR 7,351 billion
17 October 2018 (London, UK) The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 35th semi-annual survey of the European repo market. The survey, which calculates the amount of repo business outstanding on...
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Save the date! 2019 Green and Social Bond Principles Annual General Meeting and Conference
Save the date – ICMA is pleased to announce that the 2019 Green and Social Bond Principles Annual General Meeting and Conference will be held in Frankfurt on 13 June 2019 and will be co-hosted by the Green and Sustainable Finance Cluster Germany.
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ICMA Quarterly Report Fourth Quarter 2018 now available
11 October 2018 The latest edition of the ICMA quarterly report is now available.
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ICMA publishes discussion paper on CSDR mandatory buy-ins and securities financing transactions
3 October 2018 Today ICMA published a discussion paper on CSDR mandatory buy-ins and securities financing transactions. The paper is intended to complement ICMA’s previous work on the topic of CSDR Settlement Discipline, due to come into force in September 2020, and focuses more specifically...
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New ICMA members in October 2018
The following firms were admitted to ICMA membership in October 2018: CBP Quilvest S.A., Luxembourg; Electricite de France SA, Paris; ICAP Securities Limited, London; Industrial and Commercial Bank of China (Europe) S.A., Luxembourg; Lloyds Bank Corporate Markets plc, London; Nasdaq Stockholm...
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Amendments to the ICMA Primary Market Handbook published
26 September 2018 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 paper on Regulatory approaches to FinTech and innovation in capital markets
7 September 2018 The rise of FinTech has sparked increasing interest from financial regulators. Applications of distributed ledger technology, machine learning, big data analytics or cloud computing, to name a few, have significant potential to alter business models and impact the functioning of financial markets.
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ICMA publishes report on the Asia-Pacific cross-border corporate bond secondary market
30 August 2018 ICMA has published a report on the state and evolution of the Asia-Pacific cross border corporate bond secondary market. While the report is primarily focused on G3 (USD, EUR, GBP) denominated bonds of non-financial and financial corporate issuers, as defined by having...
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New ICMA members in August 2018
The following firms were admitted to ICMA membership in August 2018.China Construction Bank (Asia) Corporation Limited, Hong Kong CSI Capital Management Limited, Tortola Fieldfisher LLP, London Vanguard Asset Management, Ltd., London Bringing the total number of ICMA members to 542 members in 62...
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ICMA job opportunity - Associate, Green and Social Bonds, Market Practice and Regulatory Policy department
ICMA has a vacancy for a full-time position as Associate, Green and Social Bonds based in either the ICMA representative office in Paris or the ICMA Limited office in London to join the Market Practice and Regulatory Policy department.View the job description and application...
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ICMA publishes position paper on MiFID II Trading suspensions from the perspective of fixed income instruments
2 August 2018 ICMA has published a position paper on MiFID II Trading suspensions from the perspective of fixed income instruments. The paper highlights scenarios where a blanket suspension of trading in debt instruments or related derivatives could be damaging to investors’ interests and the...
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Publication of paper relating to new issuance of Sterling bonds referencing Libor by the Working Group on Sterling Risk-Free Reference Rates
23 July 2018 ICMA is playing an important role in the work that is underway globally to transition away from IBORs and towards risk-free rates. As part of that, Paul Richards, Head of Market Practice and Regulatory Policy at ICMA, chairs the Sterling Risk-Free Rate...
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ICMA publishes information brochure on CSD Regulation mandatory buy-ins
19 July 2018 ICMA has published an information brochure on CSD Regulation mandatory buy-ins, outlining the scope and regulatory requirements. The CSDR buy-in provisions are expected to come into force in September 2020 and will also apply to non-EU/EEA domiciled trading entities. The brochure is...
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Quarterly newsletter from the Green & Social Bond Principles - July 2018 now available
19 July 2018 The latest edition of the quarterly newsletter from the Green & Social Bond Principles is now available.VIEW THE...
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Publication of Consultation on Term SONIA Reference Rates by the Working Group on Sterling Risk-Free Reference Rates
ICMA wishes to draw its members’ attention to the publication of a Consultation on Term SONIA Reference Rates (TSRR) by the Working Group on Sterling Risk-Free Reference Rates. The Consultation focuses on how a TSRR can be constructed in order to facilitate sterling Libor transition...
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Video of international benchmark reform panel at ICMA's 50th AGM & Conference in Madrid, May 31, 2018
In order to continue to raise market awareness of the transition to risk-free rates, the video recording of the panel on international benchmark reform held at the 50th ICMA AGM & Conference in Madrid on May 31 may be viewed here.
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Enter the ICMA Future Leaders Essay Competition: How will the international bond markets look in 10 years’ time?
Professionals with a maximum of 8 years of experience in financial markets and who currently work for ICMA member firms are invited to write an essay on the broad theme ‘How will the international bond markets look in 10 years’ time?’. This will coincide...
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ICMA publishes new discussion paper on the CSD regulation: ‘How to survive in a mandatory buy-in world’
26 June 2018 The International Capital Market Association (ICMA) has today published a discussion paper on the potential market consequences of one of the provisions of the Central Securities Depository Regulation (CSDR), entitled: ‘How to survive in a mandatory buy-in world’.View the press release.
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ISDA, AFME, ICMA, SIFMA and SIFMA AMG Publish Global Benchmark Report
25 June 2018 The International Swaps and Derivatives Association, Inc. (ISDA), the Association of Financial Markets in Europe (AFME), International Capital Market Association (ICMA) and the Securities Industry and Financial Markets Association (SIFMA) and its asset management group (SIFMA AMG) have published a new report...
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An open letter to senior political leaders on 'Brexit: Cliff-edge risks in international capital markets'
22 June 2018 ICMA’s members in the UK, Continental Europe and beyond have real and increasingly pressing concerns about the cliff-edge risks of Brexit, which would fragment international debt capital markets and damage business in the real economy and financial stability. Accordingly, we have written...
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New ICMA members in June 2018
The following firms were admitted to ICMA membership in June 2018.Allen & Gledhill LLP, Singapore Baker & McKenzie LLP, London Bank of Nanjing, Nanjing FinecoBank Banca Fineco S.p.A., Milan Insight Investment Management (Global) Limited, London Jane Street Financial Limited, London Qatar...
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Asset purchases to end in December 2018
14 June 2018 Following its meeting on June 14 2018, the ECB’s Governing Council announced that its Asset Purchase Programme (APP) will reduce its purchases of €30bn per month to €15bn per month after September, and cease at the end of December, subject to future...
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Green Bond Principles and Social Bond Principles 2018 editions now released along with best practice guidelines for external reviewers, a mapping to the Sustainable Development Goals and a framework for social bonds impact reporting
14 June 2018 On the occasion of the 4th Annual General Meeting and Conference of the Green Bond Principles held in Hong Kong today, the updated versions of the Green Bond Principles, Social Bond Principles and the Sustainability Bond Guidelines (the “Principles”) were published. A...
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ICMA and HKMA co-host the 2018 Green and Social Bond Principles Annual General Meeting and Conference in Hong Kong
14 June 2018 The Green Bond Principles (GBP) and Social Bond Principles (SBP) AGM & Conference is an established, high-profile gathering for leaders in the green bond market and increasingly for the growing social and sustainable bond markets and other asset classes in sustainable finance.
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ICMA co-signs industry letter to European Commission on supporting securitisation
6 June 2018 ICMA has joined several other leading European trade associations in signing a letter to the European Commission expressing support for the recently agreed simple, transparent and standardised (STS) securitisation framework in Europe. However, the signatories stress that for STS securitisation to be...
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ICMA members elect new board at Madrid meeting and new ICMA Board Chair appointed
31 May 2018 (Madrid) Members of the International Capital Market Association (ICMA), the global trade association for cross-border bond markets, have elected new board members at the 50th ICMA AGM in Madrid. The new board subsequently appointed Mandy DeFilippo, a Managing Director and Head of...
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ICMA publishes briefing note on the RTS for CSDR-SD related to the mandatory buy-in regime
29 May 2018 ICMA has published a briefing note on the RTS for CSDR-SD related to the mandatory buy-in regime. The note outlines the key characteristics of the mandatory buy-in framework, and discusses the expected impacts this is likely to have with respect to bond...
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European Commission publishes regulatory technical standards (RTS) for CSDR Settlement Discipline
The European Commission has published the regulatory technical standards (RTS) for CSDR Settlement Discipline, including mandatory buy-ins, following ESMA’s submission of the draft RTS in February 2016.The European Parliament and Council will have three months to scrutinize the RTS, after which it will be...
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ICMA welcomes European Commission’s proposals for implementing its Action Plan on Sustainable Finance
24 May 2018 The International Capital Market Association (ICMA) welcomes the European Commission’s first proposals for implementing its Action Plan on Sustainable Finance aimed at delivering concrete actions to enable the EU financial sector to lead the way to a greener and cleaner economy.ICMA...
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ICMA Overview of the ESMA Liquidity Assessment for Bonds (May-Aug 2018), including the list of liquid bonds
21 May 2018 ICMA publishes an overview of the ESMA Liquidity Assessment for Bonds (May-Aug 2018), including the list of liquid bonds. Download the overview...
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ICMA AMIC publishes position on ESRB review
16 May 2018 AMIC has issued a position paper on the on-going review of the European Systemic Risk Board (ESRB). In light of the recent Recommendation on liquidity and leverage risks in investment funds (ESRB/2017/6), we believe that ESRB’s governance could be improved. AMIC believes...
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Participate in the ICMA European Repo and Collateral Council's 35th 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, 6 June 2018.
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ICMA CBIC issues position paper on EU covered bond legislation
20 April 2018 The Covered Bond Investor Council (CBIC) has issued a position paper on the recently released European Commission’s legislative proposal on covered bonds. The CBIC welcomes the legislative initiative on covered bonds. Investors appreciate the blueprint this law will provide to countries that...
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ICMA ERCC responds to Commission consultation on the finalisation of Basel III
12 April 2018 ICMA's ERCC has responded to a consultation by the European Commission on the finalisation of Basel III. The ERCC response calls for great care to be taken to fully assess the way in which further measures, particularly regarding haircuts, are calibrated.View...
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ICMA publishes 2018 legal opinions on global master repo agreement
11 April 2018 (Zurich, Switzerland) The International Capital Market Association (ICMA) has today published the 2018 updates to the ICMA GMRA legal opinions which support the Global Master Repurchase Agreement (GMRA), the standard agreement for international repo transactions. The 2018 opinions cover the use of...
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ICMA AMIC publishes statement on fund delegation
10 April 2018 ICMA’s Asset Management and Investors Council (AMIC) has today published a statement on fund delegation, underlining the importance of fund delegation to the asset management business model and the threat from recent legislative proposals.  Delegation is one of the key pillars supporting...
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ISDA, EBF, ICMA and ISLA Publish Whitepaper on Benefits of Post-Trade Risk Reduction Services
10 April 2018 The International Swaps and Derivatives Association, Inc. (ISDA), the European Banking Federation (EBF), International Capital Market Association (ICMA) and the International Securities Lending Association (ISLA) have today published a whitepaper on the benefits of post-trade risk reduction services as a crucial risk...
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ICMA’s ERCC has recently decided to discontinue coverage of the GMRA 1995 in the ICMA GMRA legal opinions from 2019 onwards
20 March 2018 Since the early 1990s, ICMA has devoted considerable resources to developing a standard master agreement for repo. The first version of the GMRA was published in 1992 and was followed by substantially revised versions in 1995, 2000 and 2011. ICMA obtains and...
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Latest ICMA survey sets baseline size of the European repo market at record EUR 7,250 billion - Repo market shows signs of adapting to new regulatory environment
14 March 2018 The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 34th semi-annual survey of the European repo market. The survey, which calculates the amount of repo business outstanding on 6 December...
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Press release on the Action Plan on sustainable finance of the European Commission
8 March 2018 The members of the Global Green Finance Council (GGFC) support the European Commission’s Action Plan on sustainable finance and note its breadth and ambition with 12 different workstreams promoting the transition to a sustainable economy. The Action Plan will help align further...
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ICMA AMIC responds to FRC consultation on corporate governance and stewardship
28 February 2018 ICMA's AMIC has responded to a consultation by the UK Financial Reporting Council (FRC) on the review of the UK Corporate Governance Code and on the UK Stewardship Code. The AMIC response calls for an enhanced role for bond holders in corporate...
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ICMA responds to the European Commission’s 'Public consultation on building a proportionate regulatory environment to support SME listing'
22 February 2018 ICMA has responded to the European Commission’s consultation 'Public consultation on building a proportionate regulatory environment to support SME listing'. Limited to one question relating to the applicability of the MAR soundings regime to private placement, the response was supported by the...
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ICMA publishes study into the European single name credit default swap market
15 February 2018 ICMA has published a report on the current state and evolution of the European corporate single name credit default (SN-CDS) market, focused on its benefits for liquid and efficient corporate bond markets.The report is based on interviews with market participants, including...
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Results of the 2018 ICMA European Repo and Collateral Committee elections
We are pleased to announce the results of the 2018 ICMA European Repo and Collateral Committee 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...
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Registration opens for the 50th ICMA Annual General Meeting and Conference, May 30 - June 1, 2018 - Madrid
ICMA's 50th AGM and Conference will bring issuers, investors, intermediaries and market infrastructure providers from the cross-border fixed income markets, together with market experts, regulators and policy makers to Madrid to discuss the state of the global industry and future developments. Financial markets are continuing...
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New ICMA members in February 2018
6 February 2018 The following firms were admitted to ICMA membership in February 2018, bringing the total number of ICMA members to 531 members in 61 countries.
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ISDA, AFME, ICMA, SIFMA and SIFMA AMG Launch Benchmark Transition Roadmap
1 February 2018 The International Swaps and Derivatives Association, Inc. (ISDA), the Association of Financial Markets in Europe (AFME), International Capital Market Association (ICMA) and the Securities Industry and Financial Markets Association (SIFMA) and its asset management group (SIFMA AMG) have today launched a roadmap...
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EU’s High Level Expert Group report on sustainable finance published
31 January 2018 ICMA, which was represented on the HLEG group, comments on the report:“We have been pleased to contribute to the European Commission’s HLEG on Sustainable Finance from the outset, and see the final report released today as a real step forward in creating...
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ICMA launches Introduction to Green Bonds Workshop, London, 5-6 March
The new ICMA Workshop, Introduction to Green Bonds will take place for the first time in London on 5-6 March.View details and...
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ICMA AMIC responds to publication of the ESAs Review
23 January 2018 Today ICMA’s Asset Management and Investors Council (AMIC) has published its response to the publication of the proposals to review the European Supervisory Authorities (ESAs) and the European Systemic Risk Board (ESRB). AMIC welcomes many of the very positive aspects of the...
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HKMA and ICMA to co-host the Green and Social Bond Principles Annual General Meeting and Conference in Hong Kong in June
16 January 2018 The Hong Kong Monetary Authority (HKMA) and the International Capital Market Association (ICMA) will co-host the Green and Social Bond Principles Annual General Meeting and Conference in Hong Kong in June.The annual general meeting and conference is a flagship international green...
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ICMA publishes report on state of the European repo market at year-end 2017
15 January 2018 (London, UK) ICMA has published a report on the European repo market at year end 2017, based on market data and interviews with market participants (sell-side and buy-side) to provide a brief analysis of the way the market performed and the underlying...
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Michael Sansen of ING appointed as the new Chairman of the ICMA Future Leaders Committee
We are delighted to announce that Michael Sansen of ING has been appointed as the new Chairman of the Future Leaders Committee, with a term date of 3 years. Michael has been an active and dedicated committee member since the Future Leaders committee was launched...
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Updated version of the ICMA ERCC Guide to Best Practice in the European Repo Market now available
18 December 2017 ICMA has today published an updated version of the ICMA ERCC Guide to Best Practice in the European Repo Market along with a consolidated blackline of amendments to the Guide since it was previously updated in February 2017.Download the ICMA ERCC...
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New ICMA members in December 2017
12 December 2017 The following firms were admitted to ICMA membership in December 2017, bringing the total number of ICMA members to 536 members in 61 countries.
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Joint-industry group publishes directory of global and regional green finance policy initiatives
7 December 2017 The Global Green Finance Council (GGFC) has today published the first version of its reference guide to global and regional policy initiatives on green finance.The “Global and European Green Finance Policy Directory” is authored by the GGFC, a group comprised of...
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ICMA publishes new FinTech mapping directory for repo and cash bond operations
22 November 2017 ICMA’s ERCC Ops FinTech Working Group (WG), a subgroup of the ICMA European Repo and Collateral Council (ERCC), has published today a mapping directory of over 80 technology solutions available for repo and cash bond operations. The directory is divided into 10...
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European Commission publishes final report of the Expert Group on Corporate Bond Markets 'Improving European Corporate Bond Markets'
20 November 2017 Today the European Commission published the final report of the Expert Group on Corporate Bond Markets, Improving European Corporate Bond Markets. The Expert Group on Corporate Bond Markets (originally the Expert Group on Corporate Bond Market Liquidity) was created in late 2016,...
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ICMA ERCC responds to the European Commission’s post-trade consultation
15 November 2017 The ICMA ERCC has submitted a response to the European Commission’s consultation on “Post-trade in a Capital Market Union: dismantling barriers and strategy for the future”. The response focused on collateral and repo specific aspects of the consultation and was prepared based...
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AMIC survey on FICC research unbundling
8 November 2017 ICMA’s Asset Management and Investors Council (AMIC) today issued a survey it conducted on the intentions of investors with regard to the unbundling of FICC research as a result of the new rules coming from MiFID II. The survey was conducted in...
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New ICMA members in November 2017
6 November 2017 The following firms were admitted to ICMA membership in November 2017, bringing the total number of ICMA members to 533 members in 62 countries.
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Rapid growth of the green and social bond markets in Asia attracts market attention
2 November 2017 (Tokyo, Japan) The International Capital Market Association and the Japan Securities Dealers Association, have today co-hosted a conference in Tokyo focused on the rapidly growing green and social bond markets of Asia. Investors, underwriters, issuers, policy makers, service providers and other stakeholders...
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Frontclear study - Repo: OTC or exchange-traded?
Frontclear, whose purpose is to facilitate more participative interbank markets, has commissioned a study to assess whether an exchange is likely to be more effect than an over-the counter (OTC) market in fostering the development of domestic repo trading in emerging financial markets, particularly frontier...
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ECB announcement on the Asset Purchase Programme
27 October 2017 On 26 October 2017 the ECB’s Governing Council announced changes to its Asset Purchase Programme (APP). This was largely in line with consensus expectations of an extension of purchases, at a reduced rate, and with a shift in emphasis towards forward guidance.
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Panda bonds - the foreign issuer perspective - new report from ICMA and NAFMII outlines progress made in making China’s domestic bond markets accessible to international issuers
19 October 2017 NAFMII and ICMA, have jointly published ‘The panda bond market and perspectives of foreign issuers’ detailing the views of foreign issuers on the attractiveness of China’s panda bond market. (A panda bond is a debt security issued in the domestic Chinese bond...
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Latest ICMA survey sets baseline size of the European repo market at EUR 6,455 billion - Suggests recovery in market volumes since December 2016
17 October 2017 The European Repo and Collateral Council of the International Capital Market Association (ICMA) has released the results of its 33rd semi-annual survey of the European repo market. The survey, which calculates the amount of repo business outstanding on 7 June 2017 from...
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ICMA responds to IOSCO’s consultation paper on Regulatory Reporting and Public Transparency in the Secondary Corporate Bond Markets
16 October 2017 ICMA’s members have used IOSCO’s consultation on regulatory reporting and public transparency in the secondary corporate bond markets to voice concerns about the imminent implementation of the MIFID II/R pre- and post-trade transparency regime. In particular, members are keen to stress that...
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ICMA responds, jointly with the ASF, GFMA and IIF, re BCBS/IOSCO’s Consultative Documents on “Criteria for and capital treatment of simple, transparent and comparable short-term securitisations
5 October 2017 ICMA responded, jointly with the ASF, GFMA and IIF, to the BCBS/IOSCO’s Consultative Documents on criteria for and capital treatment of simple, transparent and comparable (STC) short-term securitisations.Although the Associations support the Committee’s goal of “assisting the financial industry in its...
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