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.

2020 Priorities
  • Bond market liquidity (both sovereign and credit)
  • CSDR Settlement Discipline: including market preparedness and industry solutions
  • Updating the ICMA Buy-in Rules to create a contractual framework and market best practice for CSDR buy-ins
  • Staying abreast of ongoing developments and new initiatives in market infrastructure and technology
  • Advocating for and informing the developing of a European consolidated tape for bond markets
  • Readdressing the MiFID II/R liquidity assessments for bonds
  • Data ownership and use
  • The growing importance of the China bond market
Please find minutes from the previous SMPC meetings below.

The most recent meeting of the SMPC was held virtually on 15 September 2020. The SMPC was joined by Dr. Sebastian Thomasius, Financial Service Coordinator of the German Council Presidency for the German Ministry of Finance, to discuss the priorities of the Council Presidency with respect to financial markets, particularly from the perspective of secondary bond markets. Other topics discussed included the ICMA’s Brexit workshop with the FCA, ICMA’s advocacy and implementation work related to CSDR mandatory buy-ins, market standards for axe distribution, as well as an update on relevant FinTech developments. The minutes for that meeting will be published on the website in due course.

The date of the next meeting will be posted here soon (likely to be late November / Early December) . If you are interested in participating, please contact us. The meeting will be held via video conference.

The current composition of the Committee

David Camara    
Goldman Sachs International

Yann Couellan
BNP Paribas AM

Ruud Teeuwen    
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

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

Silas Findley
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

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

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    

Lorenzo Pagani    

PIMCO Europe Ltd

Robert Kliesspiess    

Raiffeisen Bank International AG

Tim Cole

RBC Europe Limited

Danny Ramos
Santander Asset Management

Vincent Grandjean
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

Wilbur Yang
TD Securities

Sam Johnson    

Martine Wehlen-Bodé    

Kai Seeger    

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.


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
ICMA Zurich

T: +41 44 363 4222
Dreikönigstrasse 8
8002 Zurich
ICMA London

T: +44 20 7213 0310
110 Cannon Street
London EC4N 6EU
ICMA Paris

T: +33 1 70 17 64 72
62 rue la Boétie
75008 Paris
ICMA Hong Kong

T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong
Copyright © 2020 International Capital Market Association.