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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.

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 19 September 2018 will be published here in due course. This meeting included a presentation by, and discussion with, the ECB on the current state and imminent wind-down of the CSPP. Other topics discussed included ICMA’s in progress paper on Brexit and secondary bond markets, CSDR mandatory buy-ins, and updates on the secondary market work-streams related to electronic trading, MiFID II data, and ICMA’s various FinTech initiatives. The full agenda for that meeting can be found here.

The next meeting of the SMPC will take place on 28 November 2018 from 12pm-1.30pm GMT, and be held at ICMA’s London offices. A dial-in facility will also be available.

The subsequent meeting of the SMPC is scheduled to be held in Paris on 19 March 2018. Further details can be found here in due course.

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

Godfried De Vidts   

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

Martina Ben-Shaul    
Canadian Imperial Bank of Commerce London Branch

Jeannie Tan
Citigroup Global Markets Limited

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.

Sil Melendez
Kepler Cheuvreux SA

Antony Baldwin
LCH Limited

Andrew Lally    
Merrill Lynch International

James Daunt    

Mizuho International plc

Ruchi Gawri    

Morgan Stanley & Co. International PLC

Andrew Santone   

National Australia Bank Limited

Rahni Soliman
National Australia Bank Limited

Oscar Kenessey    

NN Investment Partners B.V.

Andrew Bowley    

Nomura International plc

Koji Nakaya
Nomura International plc

Fredrik Jenestrand    

Nordea Bank Abp

Pauli Mortensen    
Norges Bank

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

Danny Ramos
Santander Asset Management

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

Nicholas Philpott
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
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Gabriel Callsen
Associate, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0334
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