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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 European investment grade corporate bond secondary market. 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 European corporate bond secondary market: addressing practical issues directly relevant to market practitioners; standardising market best practice; disseminating relevant market information; and promoting the best interests of an efficient and liquid market.

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 precious SMPC meetings below.
The minutes from the meeting held on 2 May 2017, featuring a discussion with the FCA on critical issues related to MiFID II/R and the fixed income markets, will be published here in due course. The date and location of the next meeting of the SMPC (likely to be early September) will also be published here soon. In the meantime, anybody interested in the various SMPC work-streams and Working Groups should contact Andy Hill or Vanessa Verdier.

The current composition of the Committee

Sonali Das Theisen
Citigroup Global Markets Limited    

Yann Couellan
AXA Investment Managers GS Limited

Mr. Ruud Teeuwen    
Christophe Marcilloux    

Philip Read    
Australia and New Zealand Banking Group Limited

Stéphane Janin    

AXA Investment Managers GS Limited

Mathieu Wadleb    

AXA Investment Managers GS Limited

Mark Watters    

AxeTrading Limited

Mr. Christian Pfund    
Bank Vontobel AG

Mr. Nick Atkinson    
Bayerische Landesbank

Jeffrey Hogan    

BGC Brokers L.P.

Stephen Fisher    

BlackRock Investment Management (UK) Limited

Olivier Renart    

BNP Paribas London Branch

Godfried De Vidts    
BrokerTec Europe Limited

Marco Ferrari    


Martina Ben-Shaul    

Canadian Imperial Bank of Commerce London Branch (trading as CIBC World Markets plc)

Gherardo Lenti
Capoduri Banca IMI S.p.A.

Arran Rowsell    
Commerzbank AG London Branch

Heiko Goetz    
Commerzbank Aktiengesellschaft

Mr. Pieter Bierkens    
Commonwealth Bank of Australia

Mariano Goldfischer    

Crédit Agricole Corporate and Investment Bank

Mr. Sean Richards    
Credit Suisse Securities (Europe) Limited

Morten Grove    

Danske Bank A/S

Mario Muth    

Deutsche Bank AG, London Branch

Mr. Paul Becker    
Dinosaur Merchant Bank Limited

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.

Craig Colenso    

Jefferies International Limited

Paul Glasgow    

JPMorgan Securities Japan Co., Ltd

Chris Muyldermans    

KBC Bank N.V.

Ms. Kristina Hannah    
Lloyds Bank plc

Andrew Lally    
Merrill Lynch International

James Daunt    

Mizuho International plc

Ruchi Gawri    

Morgan Stanley & Co. International PLC

Nigel Owen    

National Australia Bank Limited

Oscar Kenessey    

NN Investment Partners B.V.

Andrew Bowley    

Nomura International plc

Fredrik Jenestrand    

Nordea Bank AB (publ)

Brett Chappell    

Nordea Bank Danmark A/S

Pauli Mortensen    

Norges Bank

Mr. David Blake    
Northern Trust Global Services Limited

Lorenzo Pagani    

PIMCO Europe Ltd

Robert Kliesspiess    

Raiffeisen Bank International AG

Tim Cole    

RBC Europe Limited

Mr. Ricardo Goddard    
Schroder Investment Management Limited

David Eley    

Skandinaviska Enskilda Banken AB (publ)

Marc Billy    

Société Générale S.A.

Matthew Miller    

Société Générale S.A.

Johan Wijkström    

Swedbank AB (publ)

Dominic Holland    
The Bank of New York Mellon

Elaine Kealy    
The Toronto-Dominion Bank

Linda Wells    

UBP Securities (UK) Limited

Martine Wehlen-Bodé    


Sam Johnson    

UBS Limited

Kai Seeger    

UniCredit Bank AG

Christophe Hock    

Union Investment Privatfonds GmbH

Joshua Masters    

Westpac Banking Corporation
The ICMA SMPC has updated its Terms of Reference and mission statement to better reflect 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 market, it is also broadening its membership to include both sell-side and buy-side trader representation from ICMA members.

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.


Andy Hill
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Secondary Market Practices Committee.
Direct line: +44 20 7213 0335

Liz Callaghan
Director, Market Practice and Regulatory Policy, focused on secondary markets.
Direct line: +44 20 7213 0313