ICMA’s Euro Commercial Paper (ECP) Committee comprises the heads and senior members of the ECP teams of those ICMA member banks who are the main dealers in the ECP market. It also involves active participation from invited observers, involved in topics relevant to the Committee’s agenda. The general nature of the Committee’s concerns (and so discussions) are those issues pertinent to the ongoing effective operation of the ECP market. These include not only general discussion of business, legal and technical concerns extant in the ECP market, but also specific practical concerns, such as the maintenance of the ECP markets standard documentation as found in the ICMA Primary Market Handbook and review of relevant EC, ESMA and national regulatory proposals (related documents).


February 2021: Proposed reconstitution of the Commercial Paper Committee

Following the ICMA European Commercial Paper workshop in November 2020 and follow-up call in December 2020, it is proposed that ICMA’s executive committee:
  • rename the Euro Commercial Paper Committee (ECP Committee) as the Commercial Paper Committee (CPC).
  • widen the membership of the CPC to reflect the entire ecosystem of the European commercial paper market, including representatives of issuers (financial and corporate), investors, dealers, and infrastructures.
An online meeting to discuss the scope, structure, and immediate deliverables of the CPC is scheduled for 2 March 2021 (1-2.30pm CET). Any members interested in participating in the new CPC and/or who would like to join the meeting on 2 March should contact Leonie Scott or Andy Hill.

November 2020: The European Commercial Paper Market Reimagined

In November 2020, in response to member interest, ICMA hosted a workshop entitled The European Commercial Paper Market Reimagined. The objectives of the workshop were: (i) to look back on how the European Commercial Paper (CP) market performed during the peak of the COVID-19 crisis, and (ii) to identify possible initiatives, whether market-based or regulatory, that could help in developing the market. Participants in the workshop included issuers (financial and corporate), investors (including money market funds), dealers, and infrastructures. ICMA has published a note of the workshop, which was held under Chatham House Rules.

The current composition of the ICMA Euro Commercial Paper (ECP) Committee is as follows:

Giles Chapman    

Mahmoud Francis    
Aurel BGC

Sylvie Nevejans    
Aurel BGC

Bruno Tokarski    
Aurel BGC

Stewart Cutler    
Barclays Capital Securities Limited

Audrey Berthe
BNP Paribas

Julien Tapin
BNP Paribas

Christine Mahamba
BRED Banque Populaire

Marc Ryszfeld

BRED Banque Populaire

James Barnard    
Citigroup Global Markets Limited

David Hayes    
Citigroup Global Markets Limited

Jean-Luc Sinniger    
Citigroup Global Markets Limited

Guenter Rutner    
Commerzbank Aktiengesellschaft

Alexander Stumpf    
Commerzbank Aktiengesellschaft

Robert Ruisch    
Coöperatieve Rabobank U.A. (trading as Rabobank)

Leon Vermeulen    
Coöperatieve Rabobank U.A. (trading as Rabobank)

Laurent Giovanetti    
Crédit Agricole Corporate and Investment Bank

Jonathan Eyles    
Credit Suisse Securities (Europe) Limited

Samora Hunt    
Credit Suisse Securities (Europe) Limited

Marnix Bruning    
ING Bank N.V.

Sietske de Bruine    
ING Bank N.V.

John Kodweis    
J.P. Morgan Securities plc

Daniel Singer    
J.P. Morgan Securities plc

Gary Arndt
Merrill Lynch International

Natalie Mordi-Hillaert    
Merrill Lynch International

Sloane Klonsky    
Morgan Stanley & Co. International PLC

Naeem Choudry    
MUFG Securities EMEA plc

Valerie Bichat    

Christophe Carlet    

Sylvain Teukap    

Jonathan Ragon-Paxton   
NatWest Markets plc

Jonas Andersson
Skandinaviska Enskilda Banken AB (publ)

Soazig Chapelain-Perfetti
Société Générale S.A.

Paolo Galimberti

Anthony Nicholls    

Alberto Covin    
UniCredit S.p.A.


Andy Hill
Senior Director, Market Practice and Regulatory Policy; secretary to the Secondary Market Practices Committee and also responsible for overseeing repo policy.
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