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ICMA SMPC and 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.

2019 Priorities
  • Bond market liquidity
  • MiFID II/R implementation (particularly with respect to data and reporting)
  • Market electronification and technology
  • Developing the Secondary Market Rules & Recommendations
  • CSDR mandatory buy-ins 
  • Brexit implications for secondary bond markets
  • Developing ICMA’s secondary markets franchise in the APAC region
Any member firms active in the European IG corporate bond secondary market should contact Andy Hill, secretary to the SMPC, to learn more about its objectives, work-streams, and output, as well as to participate in future meetings.

Please find minutes from the previous SMPC meetings below.
The minutes from the meeting held in Paris on 19 March 2019 will be published here in due course. This meeting included the advance approval of the proposed new sell-side Co-chair, David Camara of Goldman Sachs, the agreement to initiate a new Secondary Bond and Repo Market Technical Working Group to focus on Brexit related issues, and suggestions for areas of focus and research for the 3rd ICMA study into the state and evolution of the European IG corporate bone secondary market.

Details of the next SMPC meeting (in Q2) will be provided here soon.

The inaugural ICMA Secondary Market Forum will take place the next day, also in Paris, hosted by Refintiv. This is an open event for anybody who registers online.

Sell-side and buy-side traders and market structure experts active in the international cross-border secondary bond markets are encouraged to participate in the SMPC meetings. Anybody interested in attending the next meeting, or wishing to learn more about the various SMPC work-streams and Working Groups, should contact Andy Hill or Mathilde Babel.


The current composition of the Committee

Sonali Das Theisen
Co-chair
Bank of America Merrill Lynch

Yann Couellan
Co-chair
BNP Paribas AM

Godfried De Vidts

Ruud Teeuwen    
ABN AMRO Bank N.V.
   
Christophe Marcilloux    
Amundi Asset Management

Stéphane Janin
AXA Investment Managers GS Limited

Mark Watters    
AxeTrading Limited

Gherardo Lenti Capoduri
Banca IMI S.p.A.

Pablo Fenoll
Banco Bilbao Vizcaya Argentaria, S.A.

Dominic Holland    
The Bank of New York Mellon

Christian Pfund    
Bank Vontobel AG

Andrew Wallhead
Barclays Capital Securities Limited

Nick Atkinson    
Bayerische Landesbank

Jeffrey Hogan    

BGC Brokers L.P.

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

Jeannie Tan
Citigroup Global Markets Limited

Heiko Goetz
Commerzbank AG

William Dawber 
Commonwealth Bank of Australia London Branch

Mariano Goldfischer

Crédit Agricole Corporate and Investment Bank

Sean Richards
Credit Suisse Securities (Europe) Limited

Morten Grove    

Danske Bank A/S

Mario Muth
Deutsche Bank AG London Branch

Marco Ferrari
EFG Bank AG

Harald Müller    

Erste Group Bank AG

Kemal Cenan    

European Bank for Reconstruction and Development (EBRD)

Nicola Mercusa    

European Investment Bank

David Camara    

Goldman Sachs International

Hussein Dbouk
HSBC Bank plc

Stephane Malrait    
ING Bank N.V.

Vanaja Indra
Insight Investment Management (Global) Limited

Nick Robinson
Insight Investment Management (Global) Limited

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.

Sil Melendez
Kepler Cheuvreux SA

Antony Baldwin
LCH Limited

Andrew Lally    
Merrill Lynch International

Tanya Kiefer

Mizuho International plc

Ruchi Gawri    

Morgan Stanley & Co. International PLC

Andrew Santone   

National Australia Bank Limited

Rahni Soliman
National Australia Bank Limited

Katsuko Ishizeki
Natixis

Peter Duenas-Brckovich
NatWest Markets plc

Oscar Kenessey    

NN Investment Partners B.V.

Andrew Bowley    

Nomura International plc

Koji Nakaya
Nomura International plc

Fredrik Jenestrand    

Nordea Bank Abp

Tina Bach
Nordea Investment Management AB

Pauli Mortensen    
Norges Bank

Barnard 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

Daniel Wynne
Santander UK plc

Ricardo Goddard    
Schroder Investment Management Limited

David Eley    

Skandinaviska Enskilda Banken AB (publ)

Marc Billy    

Société Générale S.A.

Nicholas Philpott
Standard Chartered Bank

Louise Drummond
Standard Life Investments Ltd.

Johan Wijkström    
Swedbank AB (publ)

Paul Cable
T. Rowe Price International Ltd

Alex Sedgwick
T. Rowe Price International Ltd

Wilbur Yang
TD Securities

Steph Duckworth    
Tullett Prebon (Securities) Limited

Martine Wehlen-Bodé    
UBS AG

Sam Johnson    

UBS Limited

Kai Seeger    

UniCredit Bank AG

Christoph Hock    

Union Investment Privatfonds GmbH

Joshua Masters    

Westpac Banking Corporation

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.

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 Andy Hill, secretary to the SMPC.

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
EMAIL | DOWNLOAD BUSINESS CARD

Liz Callaghan
Director, Market Practice and Regulatory Policy, focused on secondary markets.
Direct line: +44 20 7213 0313
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Gabriel Callsen
Director, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0334
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