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 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.

• 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 minutes from the meeting held in Paris on 19 March 2019 will be published here in due course. This meeting included the advance approval of the proposed new sell-side Co-chair, David Camara of Goldman Sachs, the agreement to initiate a new Secondary Bond and Repo Market Technical Working Group to focus on Brexit related issues, and suggestions for areas of focus and research for the 3rd ICMA study into the state and evolution of the European IG corporate bone secondary market.

Details of the next SMPC meeting (in Q2) will be provided here soon.

The inaugural ICMA Secondary Market Forum will take place the next day, also in Paris, hosted by Refintiv. This is an open event for anybody who registers online.

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