The ICMA ERCC Operations Group was established in 2006 to address operations specific activities arising from the work of the ERCC Committee. It is composed of operations specialists from ERCC member firms, each of whom has significant practical experience to bring to the group’s work and discussions. The main mandate of the Group is to develop operational best practices and processes to improve the timeliness, completeness and efficiency of the repo product in the local, European and Global market places.
The ICMA ERCC Operations Group is currently co-chaired by Kathleen Bendernagel (Goldman Sachs International) and James Upton (LCH). Aman Gill (ICMA) is acting as Secretary of the Group.
For the more detailed Terms of Reference of the ERCC Operations Group, please click here.
Click here to access the ICMA ERCC Operations Group Members' area (login required)
(This is only available to members of this working group. If you have any enquiries or are interested in joining the group, please contact ercc@icmagroup.org)
Working Groups
In addition to its general activities, the ICMA ERCC Operations Group has established the following dedicated Working Groups:
1. Regulation: Primarily focused on SFTR and other reporting initiatives, but also covering other relevant regulations affecting repo operations, such as CSDR and MiFID II/R.
2. Market infrastructure: The ERCC Operations Group is closely involved in various regulatory and industry initiatives that aim to strengthen and harmonise market infrastructure arrangements in Europe. This includes TARGET2-Securities (T2S), the Commission’s European Post-Trade Forum (EPTF) and the ECB’s Advisory Group for market infrastructures for securities and collateral (AMI-SeCo) as well as collaborative projects with the ICSDs and other key infrastructure providers.
3. Best practice: In particular, the ongoing review of the ICMA ERCC Guide to best practice in the European Repo Market and complementary work related to specific aspects covered by the Guide such as SFT Trade Matching and Affirmation or confirmation practices and standards in the repo market.
4. FinTech: The FinTech Working Group was established in September 2016 to focus on existing and emerging technology solutions in the collateral operations space which can contribute to a more efficient and automated post-trade process. Chaired by Sanjiv Ingle (Société Générale).
