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.
2020 Priorities
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
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
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
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
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
UBS AG
Martine Wehlen-Bodé
UBS AG
Kai Seeger
UniCredit Bank AG
Christoph Hock
Union Investment Privatfonds GmbH
Nick Bennet
Wells Fargo Bank, N.A.
William Martin
Westpac Banking Corporation
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
- 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 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
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
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
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
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
UBS AG
Martine Wehlen-Bodé
UBS AG
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.
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