ICMA SMPC
Terms of reference
The ICMA Secondary Market Practices Committee is an open forum for sell-side and buy-side member firms active in the international, cross-border secondary bond markets. Through open dialogue and engagement, as well as through its subsidiary working groups and work-streams, it seeks to be the representative body of the international, cross-border secondary bond markets: addressing practical issues directly relevant to market practitioners; standardising market best practice; disseminating relevant market information; and promoting the best interests of efficient and liquid markets.
2021 Priorities
Please find minutes from the previous SMPC meetings below.
The most recent meeting of the SMPC was held virtually on 15 September 2021 when the Committee was joined by the IOSCO Financial Stability Engagement Group (FESG) Corporate Bond Market Liquidity Working Group. The IOSCO FSEG updated the SMPC on its work on how corporate bond markets performed during the 2020 Covid turmoil, how corporate bond markets are structured, stakeholder behaviours in times of market stress, and identifying any potential structural vulnerabilities. This was also an opportunity for SMPC members to provide input to this regulatory workstream. Other agenda items included the latest developments and ICMA’s advocacy related to CSDR mandatory buy-ins, ICMA’s proposal for a new EU transparency regime for bonds, and the extension of the Common Domain Model to include bond transactions.
The next meeting of the SMPC will be a special ad hoc meeting on 11 October 2021 (4pm CEST) to continue to the discussion with the IOSCO FSEG on corporate bond market micro-structures and stakeholder behaviours. If you are interested in participating, please contact us. The final scheduled meeting of the SMPC for 2021 is expected to be held in late November or early December (to be confirmed soon).
The current composition of the Committee
David Camara
Co-chair
Goldman Sachs International
Yann Couellan
Co-chair
BNP Paribas AM
Ruud Teeuwen
ABN AMRO Bank N.V.
Christophe Marcilloux
Amundi Asset Management
Lee Sanders
AXA Investment Managers GS Limited
Mark Watters
AxeTrading Limited
Pablo Fenoll
Banco Bilbao Vizcaya Argentaria, S.A.
Daniel Stevens
Bank of Montreal
Christian Pfund
Bank Vontobel AG
Laura Coote
Bank of New York Mellon
Matthew Coupe
Barclays Bank PLC
Nick Atkinson
Bayerische Landesbank
Evgeniy Alexandrov
BCS Prime Brokerage Limited
Arran Rowsell
BGC Brokers L.P.
Stephen Fisher
BlackRock Investment Management (UK) Limited
Olivier Renart
BNP Paribas London Branch
Martina Ben-Shaul
Canadian Imperial Bank of Commerce London Branch
Gareth Barber
Citigroup Global Markets Limited
Heiko Goetz
Commerzbank AG
William Dawber
Commonwealth Bank of Australia London Branch
Fares Hajjar
Crédit Agricole Corporate and Investment Bank
Chris Orr
Credit Suisse Securities (Europe) Limited
Simon Elliott
Daiwa Capital Markets Europe Limited
Hans Henrik Duus
Danske Bank A/S
Marco Ferrari
EFG Bank AG
Goran Hoblaj
Erste Group Bank AG
Kemal Cenan
European Bank for Reconstruction and Development (EBRD)
Nicola Mercusa
European Investment Bank
Eric Heleine
Groupama Asset Management
Luke Eaton
HSBC Bank plc
Stephane Malrait
ING Bank N.V.
Nick Robinson
Insight Investment Management (Global) Limited
Gherardo Lenti Capoduri
Intesa Sanpaolo S.p.A
Barbara Zittucro
Intesa Sanpaolo S.p.A.
Paul Glasgow
J.P. Morgan Securities plc
Craig Colenso
Jefferies International Limited
Chris Muyldermans
KBC Bank N.V.
Shyam Kumar
Kotak Mahindra (UK) Limited
Antony Baldwin
LCH Limited
Andrew Khatri
Lord, Abbett & Co. LLC
Aalok Gupta
Merrill Lynch International
Aristo Vounakis
Mizuho International plc
Ruchi Gawri
Morgan Stanley & Co. International PLC
Rahni Soliman
National Australia Bank Limited
Katsuko Ishizeki
Natixis
Phil Lloyd
NatWest Markets plc
Oscar Kenessey
NN Investment Partners B.V.
Andrew Bowley
Nomura International plc
Fredrik Jenestrand
Nordea Bank Abp
Tina Bach
Nordea Investment Management AB
Pauli Mortensen
Norges Bank
Bernard Meillet
Oddo BHF SCA
Lorenzo Pagani
PIMCO Europe Ltd
Robert Kliesspiess
Raiffeisen Bank International AG
Tim Cole
RBC Europe Limited
Danny Ramos
Santander Asset Management
Ricardo Goddard
Schroder Investment Management Limited
David Eley
Skandinaviska Enskilda Banken AB (publ)
Marc Billy
Société Générale S.A.
Louise Drummond
Standard Life Investments Ltd.
Johan Wijkström
Swedbank AB (publ)
Paul Cable
T. Rowe Price International Ltd
Wilbur Yang
TD Securities
Sam Johnson
UBS AG
Martine Wehlen-Bodé
UBS AG
Carsten Richter
UniCredit Bank AG
Christoph Hock
Union Investment Privatfonds GmbH
Nick Bennet
Wells Fargo Bank, N.A.
William Martin
Westpac Banking Corporation
2021 Priorities
- Bond market functioning and liquidity
- MiFID II/R Review
- Transparency
- Consolidated tape
- Structure
- Access
- CSDR Mandatory buy-ins
- Advocacy
- Adoption & best practice (including updating the ICMA Buy-in Rules)
- E-trading & FinTech
- Best practice for price distribution
- Common data standards (CDM)
- Tokenization
- APAC bond markets
- Sustainability
- Bond ETFs
Please find minutes from the previous SMPC meetings below.
- 9 June 2021
- 16 March 2021
- 1 December 2020
- 15 September 2020
- 16 June 2020
- 11 March 2020
- 26 November 2019
- 24 September 2019
- 4 June 2019
- 19 March 2019
- 28 November 2018
- 19 September 2018
- 3 May 2018
- 6 February 2018
- 30 November 2017
- 18 September 2017
- 2 May 2017
- 25 January 2017
- 3 November 2016
- 10 August 2016
- 17 May 2016
- 4 February 2016
- 8 October 2015
- 2 July 2015
- 26 March 2015
The most recent meeting of the SMPC was held virtually on 15 September 2021 when the Committee was joined by the IOSCO Financial Stability Engagement Group (FESG) Corporate Bond Market Liquidity Working Group. The IOSCO FSEG updated the SMPC on its work on how corporate bond markets performed during the 2020 Covid turmoil, how corporate bond markets are structured, stakeholder behaviours in times of market stress, and identifying any potential structural vulnerabilities. This was also an opportunity for SMPC members to provide input to this regulatory workstream. Other agenda items included the latest developments and ICMA’s advocacy related to CSDR mandatory buy-ins, ICMA’s proposal for a new EU transparency regime for bonds, and the extension of the Common Domain Model to include bond transactions.
The next meeting of the SMPC will be a special ad hoc meeting on 11 October 2021 (4pm CEST) to continue to the discussion with the IOSCO FSEG on corporate bond market micro-structures and stakeholder behaviours. If you are interested in participating, please contact us. The final scheduled meeting of the SMPC for 2021 is expected to be held in late November or early December (to be confirmed soon).
The current composition of the Committee
David Camara
Co-chair
Goldman Sachs International
Yann Couellan
Co-chair
BNP Paribas AM
Ruud Teeuwen
ABN AMRO Bank N.V.
Christophe Marcilloux
Amundi Asset Management
Lee Sanders
AXA Investment Managers GS Limited
Mark Watters
AxeTrading Limited
Pablo Fenoll
Banco Bilbao Vizcaya Argentaria, S.A.
Daniel Stevens
Bank of Montreal
Christian Pfund
Bank Vontobel AG
Laura Coote
Bank of New York Mellon
Matthew Coupe
Barclays Bank PLC
Nick Atkinson
Bayerische Landesbank
Evgeniy Alexandrov
BCS Prime Brokerage Limited
Arran Rowsell
BGC Brokers L.P.
Stephen Fisher
BlackRock Investment Management (UK) Limited
Olivier Renart
BNP Paribas London Branch
Martina Ben-Shaul
Canadian Imperial Bank of Commerce London Branch
Gareth Barber
Citigroup Global Markets Limited
Heiko Goetz
Commerzbank AG
William Dawber
Commonwealth Bank of Australia London Branch
Fares Hajjar
Crédit Agricole Corporate and Investment Bank
Chris Orr
Credit Suisse Securities (Europe) Limited
Simon Elliott
Daiwa Capital Markets Europe Limited
Hans Henrik Duus
Danske Bank A/S
Marco Ferrari
EFG Bank AG
Goran Hoblaj
Erste Group Bank AG
Kemal Cenan
European Bank for Reconstruction and Development (EBRD)
Nicola Mercusa
European Investment Bank
Eric Heleine
Groupama Asset Management
Luke Eaton
HSBC Bank plc
Stephane Malrait
ING Bank N.V.
Nick Robinson
Insight Investment Management (Global) Limited
Gherardo Lenti Capoduri
Intesa Sanpaolo S.p.A
Barbara Zittucro
Intesa Sanpaolo S.p.A.
Paul Glasgow
J.P. Morgan Securities plc
Craig Colenso
Jefferies International Limited
Chris Muyldermans
KBC Bank N.V.
Shyam Kumar
Kotak Mahindra (UK) Limited
Antony Baldwin
LCH Limited
Andrew Khatri
Lord, Abbett & Co. LLC
Aalok Gupta
Merrill Lynch International
Aristo Vounakis
Mizuho International plc
Ruchi Gawri
Morgan Stanley & Co. International PLC
Rahni Soliman
National Australia Bank Limited
Katsuko Ishizeki
Natixis
Phil Lloyd
NatWest Markets plc
Oscar Kenessey
NN Investment Partners B.V.
Andrew Bowley
Nomura International plc
Fredrik Jenestrand
Nordea Bank Abp
Tina Bach
Nordea Investment Management AB
Pauli Mortensen
Norges Bank
Bernard Meillet
Oddo BHF SCA
Lorenzo Pagani
PIMCO Europe Ltd
Robert Kliesspiess
Raiffeisen Bank International AG
Tim Cole
RBC Europe Limited
Danny Ramos
Santander Asset Management
Ricardo Goddard
Schroder Investment Management Limited
David Eley
Skandinaviska Enskilda Banken AB (publ)
Marc Billy
Société Générale S.A.
Louise Drummond
Standard Life Investments Ltd.
Johan Wijkström
Swedbank AB (publ)
Paul Cable
T. Rowe Price International Ltd
Wilbur Yang
TD Securities
Sam Johnson
UBS AG
Martine Wehlen-Bodé
UBS AG
Carsten Richter
UniCredit Bank AG
Christoph Hock
Union Investment Privatfonds GmbH
Nick Bennet
Wells Fargo Bank, N.A.
William Martin
Westpac Banking Corporation
In 2015, the SMPC updated its Terms of Reference and mission statement to reflect better its role as the representative body of the European corporate bond secondary market. As well as becoming more focused on issues and developments affecting the credit markets, it broadened its membership to include both sell-side and buy-side trader representation from ICMA members.
In 2018, the SMPC revised its Terms of Reference to reflect the broader scope of ICMA’s secondary market remit, members, and the application of its Secondary Market Rulebook. Accordingly, the scope of the SMPC covers all international securities (primarily, though not exclusively, government, agency, supranational, and corporate bonds).
If your firm is interested in becoming a member of the SMPC, please contact us.
To view the Terms of Reference, click here.
Contacts:
Andy Hill
Senior Director, Market Practice and Regulatory Policy; secretary to the Secondary Market Practices Committee and also responsible for overseeing repo policy.
Direct line: +44 20 7213 0335
Liz Callaghan
Director, Market Practice and Regulatory Policy, focused on secondary markets.
Direct line: +44 20 7213 0313
Gabriel Callsen
Director, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0334
In 2018, the SMPC revised its Terms of Reference to reflect the broader scope of ICMA’s secondary market remit, members, and the application of its Secondary Market Rulebook. Accordingly, the scope of the SMPC covers all international securities (primarily, though not exclusively, government, agency, supranational, and corporate bonds).
If your firm is interested in becoming a member of the SMPC, please contact us.
To view the Terms of Reference, click here.
Contacts:
Andy Hill
Senior Director, Market Practice and Regulatory Policy; secretary to the Secondary Market Practices Committee and also responsible for overseeing repo policy.
Direct line: +44 20 7213 0335
Liz Callaghan
Director, Market Practice and Regulatory Policy, focused on secondary markets.
Direct line: +44 20 7213 0313
Gabriel Callsen
Director, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0334