ICMA initiates standard practices to help develop efficient and well-functioning fixed income secondary markets.
ICMA’s rules and recommendations for the secondary market (available to members and subscribers) apply to transactions in international securities – an international security is defined as a security intended to be traded on an international, cross-border basis (i.e. between parties in different countries) and capable of settlement through an international central securities depository or equivalent.
ICMA supports members with advice and guidance on the application of the rules and recommendations through its Legal & Regulatory Helpdesk.
There has been increasing concern and attention focused on bond market quality and liquidity, and the ability for secondary markets to function effectively and efficiently. This is at the very core of ICMA’s secondary market work, engaging with market practitioners and stakeholders, including broker-dealers, investors and asset managers, issuers, and infrastructure providers, as well as policy makers and regulators, to help better understand the issues and the challenges, and to work together to find constructive solutions to ensure safer, functioning, liquid secondary markets.
Secondary Market Practices Committee (SMPC) and related Working Groups
- SMPC / SMPC Terms of reference
- MiFID II/R Working Group
- CSDR-SD Working Group
- Secondary Market Rules & Recommendations (see SMPC)
- ICMA Electronic Trading Working Group (ETWG)
- ICMA Bond Market Liquidity Taskforce
Central Bank corporate bond purchase programmes
- Electronic Trading Platform (ETP) directory
- ICMA Industry guide to definitions and best practice for bond pricing distribution
- Papers and reports
- Common Domain Model (CDM)
- ICE Data Services Corporate Bond Market Liquidity Indicators TM*
- Market data in relation to traded volumes of investment grade corporate bonds in Europe*
- Euro government bond markets**
- Euro corporate bond markets**
- Global bond yields**
*Source: ICE Data Services
**Source: ICMA analysis using Bloomberg data
- Bond Market Liquidity Library
- European Commission Expert Group on Corporate Bond Market Liquidity
- ICMA studies and papers
Secondary markets regulation
- MiFID II/R implementation in Secondary markets
- CSDR settlement discipline
- Fundamental Review of the Trading Book (FRTB)
- MAR/Investment recommendations
Euro safe assets
Sanctions on Russia: Considerations for repo and secondary trading (Members only)
ICMA Secondary Markets Update
A monthly market update is sent to secondary market contacts, sign up to the mailing list by ticking the secondary markets box (ICMA members only).
Email the secondary markets team
Deputy Head, Market Practice and Regulatory Policy; secretary to the Secondary Market Practices Committee and also responsible for overseeing repo policy.
Direct line: +44 20 7213 0335