Euro Commercial Paper and Certificates of Deposit
ICMA Commercial Paper (and Certificates of Deposit) Committee
ICMA’s Commercial Paper (and Certificates of Deposit) 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 practicesmakers
- 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 , and
other key stakeholders
Membership of the CPC comprises the entire European and international CP/CD market ecosystem, including:
issuers (both financial and corporate); investors; dealers and originators; and infrastructures.
The ICMA CPC is co-chaired by Steve Collins (Barclays / Sell-side), Gregor Harwell (BlackRock / Buy-side),
and Scott Creed (Lloyds Banking / Issuer). Anyone interested in joining the committee should contact Katie Kelly
or Leonie Scott.
ICMA’s standard form Euro Commercial Paper programme documentation for Investment Grade issuers is
available in the ICMA Primary Market Handbook.
Contact:
Katie Kelly
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Financial Institution Issuer Forum (FIIF) and the ICMA Corporate Issuer Forum (CIF) and the Public Sector Issuer Forum (PSIF)
Direct line: +44 20 7213 0331
Here, you will find ICMA CPC contributions to consultations and other published documents, and details of recent activities.
July 2024
The Banque de France invited ICMA to participate on a panel at an event on Short Term Funding Markets: Role functioning, challenges and prospects.
July 2024
ICMA released an article on the main causes of vulnerability in CP markets and measures to enhance liquidity and resilience.
May 2024
The FSB released a report on Enhancing the Functioning and Resilience of Commercial Paper and Negotiable Certificates of Deposit Markets, which analyses the functioning and vulnerabilities of commercial paper and certificates of deposit markets and assesses the relative merits of potential market reforms to address them.
April 2024
ICMA delivered a training session on commercial paper to members of DG FISMA at the European Commission, and to members of ICMA’s West Africa region.
November 2023
ICMA held an event on Commercial Paper as a Funding and Investment Tool in Milan in cooperation with ICMA’s Italian region.
October 2023
ICMA released an article on resilience of the commercial paper market.
September 2023
ESMA released a paper on regulatory constraints and money market funds reform, which suggested reforms related to market structure and transparency and improvement in liquidity.
July 2023
The European Commission released a report on the Money Market Funds Regulation from a prudential and economic point of view, which concluded that: (i) the MMFR passed the liquidity stress test of COVID-19, but there is scope to further increase the resilience of MMFs, and (ii) there is scope to increase the resilience of short-term markets generally.
April 2023
The results of the ICMA survey on transparency in commercial paper were released, as summarised here.
January 2023
ICMA established a Commercial Paper Transparency Taskforce to identify whether, how and where greater transparency in commercial paper can be achieved, and to consider how any particular solution could be modelled, funded and function. A survey on transparency was compiled, by which the Taskforce hoped to elicit a broad consensus from the commercial paper community, and to identify consistent messaging to inform its next steps.
May 2022
ICMA responded to the European Commission’s targeted consultation on the functioning of the Money Market Fund Regulation (MMFR).
May 2022
The Financial Conduct Authority released a discussion paper seeking views on how to strengthen the resilience of MMFs.
February 2022
ICMA launched a task force on sustainable commercial paper as a joint group with representatives from both the ICMA Commercial Paper Committee and the Green & Social Bond Principles to promote dialogue and develop guidance on market best practices, as needed.
September 2021
ICMA published a white paper paper on the European Commercial Paper and Certificates of Deposit Market. The paper is an initiative of ICMA’s CPC which maps the landscape of the European commercial paper (CP) and certificates of deposit (CD) markets; (ii) describes how the CP market performed during the Covid-related turmoil of March-April 2020 and after; and (iii) proposes initiatives that could support the development of market structure and enhance resilience, particularly in the event of future shock.
September 2021
FSB meeting with the CPC to discuss how the European CP market performed during the covid turmoil
June 2021
ICMA responds to ESMA consultation on potential reforms of the EU Money Market Funds Regulation (MMFR)
March 2021
Members endorse the new ICMA Commercial Paper (and Certificates of Deposit) Committee
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.
April 2020
ICMA, on behalf of its ECP Committee, has written to the ECB requesting that Asset Backed Commercial Paper (ABCP) be included as eligible assets for the purpose of the ECB’s emergency policy response, being included both in the Eurosystem collateral framework and the Pandemic Emergency Purchase Programme (PEPP).
Contacts:
Katie Kelly
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Financial Institution Issuer Forum (FIIF) and the ICMA Corporate Issuer Forum (CIF) and the Public Sector Issuer Forum (PSIF)
Direct line: +44 20 7213 0331
Leonie Scott
Executive Assistant, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0320
Noticeable progress has been made in recent years in the sustainable commercial paper (CP) market, with developments demonstrating a growing recognition of its potential to play a more active role in issuers’ overall sustainable finance strategies while providing flexible funding options.
In response to these developments, ICMA, together with members of a Commercial Paper Taskforce (the Taskforce), has produced a paper on The role of commercial paper in the sustainable finance market, which outlines how sustainable CP can serve as an important short-term funding mechanism in support of long-term environmental, social, and governance objectives. The paper contains recommendations from ICMA and the Taskforce on initial and preliminary best practices for the structuring and reporting of Use of Proceeds CP issuance, while making initial observations pending further development of the Sustainability-Linked CP market.
Contact:
Katie Kelly
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Financial Institution Issuer Forum (FIIF) and the ICMA Corporate Issuer Forum (CIF) and the Public Sector Issuer Forum (PSIF)
Direct line: +44 20 7213 0331
