ICMA SMPC and Terms of reference

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Secondary Market Practices Committee (SMPC) and related Working Groups
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
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

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
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

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
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.

Joshua Masters
Westpac Banking Corporation