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.

2020 Priorities

• Bond market liquidity (both sovereign and credit)
• CSDR Settlement Discipline: including market preparedness and industry solutions
• Updating the ICMA Buy-in Rules to create a contractual framework and market best practice for CSDR buy-ins
• Staying abreast of ongoing developments and new initiatives in market infrastructure and technology
• Advocating for and informing the developing of a European consolidated tape for bond markets
• Readdressing the MiFID II/R liquidity assessments for bonds
• Data ownership and use
• The growing importance of the China bond market

Please find minutes from the previous SMPC meetings below.

• 11 March 2020
• 26 November 2019
• 24 September 2019
• 4 June 2019
• 19 March 2019
• 28 November 2018
• 19 September 2018
• 3 May 2018
• 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 most recent meeting of the SMPC was held virtually on 16 June 2020. The SMPC was joined by Lia Vaz Cruz, Portfolio Management Expert from the ECB’s CSPP Team, to discuss with the members the current status of corporate bond purchases under the CSPP and, more recently, the PEPP, as well as the market impacts of the Programmes. SMPC members also discussed with the ECB corporate bond market conditions through and post the COVID-19 crisis. Other agenda items included ICMA’s report for the European Commission on creating a Consolidated Tape for European bond markets, ICMA’s responses to the recent ESMA and European Commission MiFID II/R consultations, ICMA’s ongoing work related to CSDR-SD (in particular mandatory buy-ins), ICMA’s new report on the European corporate bond secondary market, and ICMA’s FinTech work (particularly in relation to secondary bond markets). The minutes from that meeting will be published here following the next meeting of the SMPC.

The next meeting is scheduled for 15 September 2020. If you are interested in participating, please contact us. It is not yet known whether it will be possible to hold this meeting in person or whether it will be solely video conference.


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