Welcome to the ICMA Quarterly Report Fourth Quarter 2025
The Foreword to the ICMA Quarterly Report for the Fourth Quarter of 2025 is by Jean-Luc Lamarque, Chair of the Board of ICMA. There are thought leadership features on: the US Treasury market: major drivers and current outlook; market fragmentation and the pursuit of greater international harmonisation; the future of financial markets: the role of DLT and tokenization in Europe; demystifying repo haircuts; and building integrated bond markets: lessons from the EU consultation and ICMA’s vision. The Quarterly Report also includes international capital market practice and regulatory policy updates on primary markets, secondary markets, repo and collateral markets, sustainable finance, FinTech and digitalisation, and emerging capital markets.
We welcome feedback and comment on the issues raised in the report; please e-mail regulatorypolicynews@icmagroup.org or alternatively, the ICMA contact whose e-mail address is given at the end of the relevant article.
PDF version: issue no 79: ICMA Quarterly Report Fourth Quarter 2025
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