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.

• 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 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

Sonali Das Theisen
Co-chair
Bank of America Merrill Lynch

Yann Couellan
Co-chair
BNP Paribas AM

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