Quick Find:
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.

2018 Priorities
  • Closely monitor MiFID II/R implementation and impacts on bond market functioning and liquidity
  • Consider the possible development of market best practice to support MiFID II/R implementation
  • Review and potentially revise the ICMA Secondary Market Rules and Recommendations in light of MiFID II/R, CSDR, and other regulatory initiatives
  • Formalize cooperation with ISDA on advocacy related to credit derivatives (in particular SN-CDS)
  • Continue to monitor impacts of the ECB’s CSPP
  • Raise FRTB as a potential issue for bond market liquidity
  • Look to expand ICMA’s secondary market work streams in the APAC region
  • Continue to advocate for effective, efficient, and resilient international secondary bond markets
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 on 3 May 2018, will be published here in due course. Items discussed and actioned include the action points arising from the inaugural meeting of the Electronic Trading Council; ongoing post-implementation MiFID II priorities for secondary fixed income markets; the potential impact of trading suspensions under MiFID II (and related advocacy); CSDR mandatory buy-ins (renewed advocacy and prospective revision of the ICMA Buy-in Rules); benchmark reform and bond markets; coverage of the ICMA Rules for special situations (such as bail-in); and the ongoing market impacts of the ECB’s CSPP. The full agenda for that meeting can be found here.

The next meeting of the SMPC will be announced in due course and is likely to take place in early September 2018 (location to be determined).

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

Yann Couellan
Chair
BNP Paribas AM

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

Stéphane Janin
AXA Investment Managers GS Limited

Mathieu Wadleb
AXA Investment Managers GS Limited

Mark Watters    

AxeTrading Limited

Gherardo Lenti Capoduri
Banca IMI S.p.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 Partners

Stephen Fisher    

BlackRock Investment Management (UK) Limited

Olivier Renart    

BNP Paribas London Branch

Godfried De Vidts    
BrokerTec (Nex Group)

Martina Ben-Shaul    
Canadian Imperial Bank of Commerce London Branch

Heiko Goetz    
Commerzbank AG

Pieter Bierkens    
Commonwealth Bank of Australia

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.

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.

Andrew Lally    
Merrill Lynch International

James Daunt    

Mizuho International plc

Ruchi Gawri    

Morgan Stanley & Co. International PLC

Andrew Santone   

National Australia Bank Limited

Oscar Kenessey    

NN Investment Partners B.V.

Andrew Bowley    

Nomura International plc

Fredrik Jenestrand    

Nordea Bank AB (publ)

Pauli Mortensen    
Norges Bank

David Blake    
Northern Trust Global Services Limited

Barnard Meillet    
Oddo BHF SCA

Lorenzo Pagani    

PIMCO Europe Ltd

Robert Kliesspiess    

Raiffeisen Bank International AG

Tim Cole

RBC Europe Limited

Peter Duenas-Brckovich
The Royal Bank of Scotland plc

Daniel Wynne
Santander UK plc

Ricardo Goddard    
Schroder Investment Management Limited

David Eley    

Skandinaviska Enskilda Banken AB (publ)

Marc Billy    

Société Générale S.A.

Matthew Dunker    
Standard Chartered Bank

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 ICMA Secondary Market Practices Committee.
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
EMAIL | DOWNLOAD BUSINESS CARD

Gabriel Callsen
Associate, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0334
EMAIL | DOWNLOAD BUSINESS CARD