Euro Commercial Paper and Certificates of Deposit

 

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 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.

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


ICMA’s Euro Commercial Paper ECP Committee has been replaced by ICMA’s Commercial Paper (and Certificates of Deposit) Committee (CPC).

Here, you will find ICMA ECP Committee contributions to consultations and various other published documents.

23 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).

19 July 2018
Response submissions from ICMA re the European Banking Authority’s consultations on its “draft Guidelines on the STS criteria for non-ABCP securitisation" and on its “draft Guidelines on the STS criteria for ABCP securitisation".

21 February 2018
Response submission from ICMA re European Commission’s consultation on a “Draft Delegated Act amending the Commission Delegated Regulation (EU) 2015/61 (the “LCR Delegated Regulation”) on the Liquidity Coverage Ratio (LCR)”

05 October 2017
Response submission from ICMA, jointly with the ASF, GFMA and IIF, re BCBS/IOSCO’s Consultative Documents on “Criteria for and capital treatment of simple, transparent and comparable short-term securitisations"

13 May 2015
Response submission from ICMA re the European Commission Consultation Document on “an EU framework for simple, transparent and standardised securitisation"

13 February 2015
Response submission from ICMA, jointly with the GFMA, the IIF and ISDA, re BCBS/IOSCO’s Consultative Document on “Criteria for identifying simple, transparent and comparable securitisations"

14 January 2015
Response submission from ICMA, jointly with AFME, the BBA and ISDA, re EBA’s consultation on “simple, standard and transparent securitisations"

11 April 2014
Response submission from ICMA ECP Committee re Basel Committee consultation on “Basel III: The Net Stable Funding Ratio"

16 April 2010
Response submission from ICMA ECP Committee re Basel Committee consultation on an “International framework for liquidity risk measurement, standards and monitoring"

16 April 2010
Response submission from ICMA ECP Committee re European Commission consultation on “Possible Further Changes to the Capital Requirements Directive ('CRD IV’)"


14 December 2009
Response submission from ICMA ECP Committee re CESR consultation on “a common definition of European money market funds"

6 November 2009
Response submission from ICMA ECP Committee re Transparency of Structured Finance Products, Report of the Technical Committee of IOSCO


8 May 2009
Response submission from ICMA ECP Committee re ABI Money Market Sector Review - “Proposal to create a new ABI Life and Pension sector for money market funds that target capital stability”


30 January 2009
Cover letter to response submission from ICMA ECP Committee, re IOSCO Industry Participants’ Questionnaire “Transparency of Structured Finance Products in the Secondary Market”


30 January 2009
Asset-Backed Euro Commercial Paper Responses to ISOCO Questions
 

7 October 2008
Euroclear Bank launches first ECP benchmarks


7 October 2008
Euroclear ECP Indices June-September 2008


18 July 2008
ICMA Letter to the European Commission on the Second Public Consultation Paper on Possible Changes to the Capital Requirements Directive

2 July 2008
Ten Industry Initiatives to Increase Transparency in the European Securitisation Markets

2 July 2008
ICMA-ESF ABCP Code of Conduct

8 February 2008
Summary of European Industry Committments to the European Commission regarding Transparency in the European Securitisation Market

6 February 2008
ESF and ICMA Review of the European ABCP Market, Structures, Reporting Practices and Investor Considerations

31 October 2007
Moody's Investors Service and ICMA's 5th Annual Asset-Backed Commercial Paper and SIVs Conference - Thursday, October 18, 2007 - ABCP: Where do we go from here?

31 October 2007
Moody's Investors Service and ICMA's 5th Annual Asset-Backed Commercial Paper and SIVs Conference - Thursday, October 18, 2007 - Polling Question Results

11 April 2007
ECP market data

1 March 2006
ECP letter to the European Commission on UCITS



Updates:

ICMA CPC white paper - The European Commercial Paper and Certificates of DepositSeptember 2021: ICMA publishes white paper on the European Commercial Paper and Certificates of Deposit Market

On 29 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 Commercial Paper (and Certificates of Deposit) Committee (CPC). The paper attempts to: (i) map the landscape of the European commercial paper (CP) and certificates of deposit (CD) markets; (ii) describe how the CP market performed during the Covid-related turmoil of March-April 2020 and after; and (iii) propose 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

On 1 September 2021, Edwin Schooling Latter (FCA & FSB) joined a special meeting of the CPC to discuss with members how the market performed during and since the covid turmoil of March-April 2020, and lessons learned. Edwin co-chairs the FSB’s Working Group on Dealer Behaviour, which is looking at participant experiences in short-term funding markets, in particular during the pandemic.



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.



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)
Direct line: +44 20 7213 0331

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

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