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Bryan Pascoe Chief Executive Officer of ICMA In spite of the challenges faced in 2024 owing to inflationary pressures, interest rate stabilisation, and geopolitical tensions, primary markets have been very strong. ICMA's work in this domain, through its committees and working groups, provided critical support to market participants. In particular, ICMA contributed to regulatory dialogues in the EU, UK, and Asia, including updates to the Hong Kong bookbuilding code and Singapore’s contractual recognition rules for resolution stay powers. A highlight was the successful conclusion of the LIBOR transition, a multi-year global effort that underscores ICMA’s role as a trusted partner in market reforms. In secondary markets, ICMA focused on improving bond market transparency and navigating the shift to T+1 settlement in the US, EU, and UK. ICMA’s Bond Market Liquidity Taskforce published its inaugural report, identifying structural vulnerabilities and proposing measures to enhance resilience. The rise of electronic trading and fixed-income ETFs has been another key trend, with ICMA focused on exploring the implications of these shifts on market depth and efficiency, as well as the increasing impact of new market entrants. Sustainability remained at the forefront of ICMA’s agenda. This year, ICMA expanded its sustainability frameworks with new guidelines for Sustainability-Linked Loan Bonds and commercial paper. The publication of the Climate Transition Finance Handbook and partnerships on sustainable sukuk demonstrated ICMA’s leadership in aligning market standards with environmental, social, and governance (ESG) goals. Notably, ICMA played a pivotal role in the development of the Hong Kong ESG Code of Conduct, enhancing the global alignment of sustainable finance practices. ICMA’s initiatives in fintech and digitalisation have gained significant momentum, with key milestones such as the adoption of the Bond Data Taxonomy in the digital green bond issuance by the Hong Kong SAR. The newly formed AI in Capital Markets Working Group brought together over 130 members to address the transformative role of AI, while ICMA’s Distributed Ledger Technology (DLT) Bonds Reference Guide provided a roadmap for digital bond lifecycle management. In Asia-Pacific, ICMA deepened its engagement with members and regulators, contributing to the development of Hong Kong’s fixed income and repo markets and promoting greater international participation in China’s bond markets. ICMA’s collaborative efforts with the People’s Bank of China and the Hong Kong Monetary Authority further solidified its influence in the region. Member engagement The progress we have made over the last year is a clear result of the excellent member input and involvement we are fortunate to benefit from. Our membership currently totals 623 organisations across 70 jurisdictions; up from 67, as we were happy to add members from Jersey, Kazakhstan and the Republic of Türkiye. We have held an extensive schedule of events over the course of the year, including our flagship AGM and Conference in Brussels in late May, which attracted over 1000 members, delegates and guests. This year we also included more focussed, regional events into our extensive calendar, including our inaugural China Bond Forum in Beijing, which was a great success. Our market-leading Education and Training team also continued to make progress, developing new courses in FinTech & Digitalisation as well as gaining accreditation from the UK Financial Conduct Authority. Looking Ahead We approach 2025 focused on addressing market challenges, including the evolving regulatory landscape for non-bank financial institutions, continued innovations in market structure, and the pursuit of harmonised global frameworks for sustainable finance. The year ahead promises opportunities to build on the foundations laid in 2024, advancing ICMA’s mission of promoting resilient and efficient capital markets worldwide. This year, as ICMA celebrates record levels of engagement across its global membership, I am very proud of the contributions we have made toward a more sustainable, innovative, efficient and connected market ecosystem. |
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