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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 us 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 most recent meeting of the SMPC was held on 24 September 2019, hosted by T. Rowe Price in London. The agenda included a presentation by Jane Street on developments and trends in the Fixed Income ETF market, and Q&A led by ISDA on the Common Domain Model. Other discussion topics and briefings included ICMA’s work related to fixed income consolidate tape, benchmark reform, ESMA’s stress test simulation for investment funds, and various working group updates related to electronic trading, MiFIR data, and CSDR mandatory buy-ins. The minutes will be made available on this page following the next meeting.

The next meeting is scheduled for 26 November 2019 (with ICMA, London, hosting), from 3-5pm GMT. Yannig Loyer, Head of Global Trading at AXA IM, will lead our headline discussion on a buy-side electronification journey: toward automation. We will also provide updates on, and discuss, ICMA’s report for the European Commission on creating a European consolidated tape for fixed income, ICMA’s study into the state and evolution of the European IG corporate bond secondary market, and ICMA’s ongoing implementation and advocacy work related to CSDR mandatory buy-ins (including the results of our bond market impact study). This will also be an opportunity for members to provide guidance on ICMA’s secondary market work priorities for 2020.
The full agenda can be found here.
If you are interested in attending or dialing-in, please contact us.

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 us.

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

Gherardo Lenti Capoduri
Banca IMI S.p.A.

Pablo Fenoll
Banco Bilbao Vizcaya Argentaria, S.A.

Daniel Stevens
Bank of Montreal

Dominic Holland    
The Bank of New York Mellon

Christian Pfund    
Bank Vontobel AG

Andrew Wallhead
Barclays Capital Securities Limited

Nick Atkinson    
Bayerische Landesbank

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

Mariano Goldfischer

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

Stephane Malrait    
ING Bank N.V.

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.

Antony Baldwin
LCH Limited

Aalok Gupta
Merrill Lynch International

Ruchi Gawri    
Morgan Stanley & Co. International PLC

Andrew Santone   

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.

Joshua Masters    

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