ICMA Commercial Paper (and Certificates of Deposit) Committee


ICMA Commercial Paper (and Certificates of Deposit) Committee

ICMA’s Commercial Paper (and Certificates of Deposit) Committee (known as the ‘CPC’ for short), replaces ICMA’s longstanding Euro Commercial Paper (ECP) Committee. The CPC seeks to be the representative voice of the European and international Commercial Paper and Certificates of Deposit (CP/CD) market, bringing together all relevant stakeholders with the goal of supporting market development. It aims to do this by:
  • Providing a platform for dialogue and the sharing of ideas between market stakeholders
  • Developing and supporting market standards and best practices
  • Facilitating the dissemination of relevant information amongst members related to market developments and, where possible, data and research
  • Promoting the best interests of the market with regulators, policy makers, and other key stakeholders
Members of the CPC are intended to represent the entire European and international CP/CD market ecosystem, including: issuers (both financial and corporate); investors; dealers and originators; and infrastructures.

The composition of the ICMA CPC will be published here in the very near future. Anyone interested in joining the committee should contact Andy Hill or Leonie Scott.

ICMA’s standard form Euro Commercial Paper programme documentation for Investment Grade issuers is available in the ICMA Primary Market Handbook.

Contributions to consultations and various other published documents from the former ICMA Euro Commercial Paper (ECP) committee can be found here.


June 2021: ICMA responds to ESMA consultation on potential reforms of the EU Money Market Funds Regulation (MMFR)

On 30 June 2021, ICMA responded to ESMA's consultation on potential reforms of the EU Money Market Funds Regulation (MMFR). Our Asset Management and Investors Council (AMIC), the buy-side voice of ICMA, mainly drafted this response. It also draws on the work done by ICMA’s Commercial Paper Committee and its upcoming white paper on the European Commercial Paper and Certificates of Deposit Market.

March 2021: Members endorse the new ICMA Commercial Paper (and Certificates of Deposit) Committee

At an online meeting to discuss the scope, structure, and immediate deliverables held on 2 March 2021, members agreed the proposal to reconstitute the ICMA ECP Committee as the ICMA Commercial Paper (and Certificates of Deposit) Committee (CPC).

It was further agreed that an initial output of the CPC would be a white paper that: (i) outlines the market landscape and structure pre-2020, highlighting any potential vulnerabilities. (ii) describes what happened during the and following the March/April 2020 market turmoil (with reference to different central bank interventions); and (iii) provides recommendations for market development based on the lessons learned.

Note of the meeting

February 2021: Proposed reconstitution of the Commercial Paper Committee

Following the ICMA European Commercial Paper workshop in November 2020 and follow-up call in December 2020, it was proposed that ICMA’s executive committee:
  • rename the Euro Commercial Paper Committee (ECP Committee) as the Commercial Paper Committee (CPC).
  • widen the membership of the CPC to reflect the entire ecosystem of the European commercial paper market, including representatives of issuers (financial and corporate), investors, dealers, and infrastructures.
November 2020: The European Commercial Paper Market Reimagined

In November 2020, in response to member interest, ICMA hosted a workshop entitled The European Commercial Paper Market Reimagined. The objectives of the workshop were: (i) to look back on how the European Commercial Paper (CP) market performed during the peak of the COVID-19 crisis, and (ii) to identify possible initiatives, whether market-based or regulatory, that could help in developing the market. Participants in the workshop included issuers (financial and corporate), investors (including money market funds), dealers, and infrastructures. ICMA has published a note of the workshop, which was held under Chatham House Rules.


Andy Hill
Senior Director, Market Practice and Regulatory Policy; secretary to the CPC, SMPC, and with responsibility for repo and collateral policy
Direct line: +44 20 7213 0335

Leonie Scott
Executive Assistant, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0320
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