ICMA’s Electronic Trading Council (ETC) was established under the umbrella of the Secondary Market Practices Committee (SMPC) as a forum for members to discuss the evolving ecosystem for electronic trading in secondary bond markets. The ETC was also responsible for two important deliverables: ICMA’s much referenced mapping directory of European fixed income electronic trading platforms, and the ground-breaking 2021 guide to definitions and best practice for bond pricing distribution.

In recent years, as e-trading has become more embedded into secondary market structure, ICMA and members began to re-evaluate the role and relevance of the ETC as a district forum within the SMPC structure, particularly with the creation of ICMA FinTech Advisory Committee (FinAC) and related working groups. Following consultation with members in early 2023, it was agreed that the forum would continue, but would be re-constituted, and revitalised, as a technical working group under the remit of the SMPC. Accordingly, the Electronic Trading Working Group (ETWG) is issue and output focused, enabling it to be more agile and able to focus on technical to e-trading and data related issues that are too granular for the SMPC or regulatory working groups, and more focused on current market structure than the FinAC. It was also agreed that an ETWG SteerCo or advisory group would also be formed to help set the agenda and identify deliverables.

Anybody interested in participating in ICMA’s Electronic Trading Working Group should contact Nina Suhaib-Wolf.

The first meeting of the newly formed ETWG is anticipated in the Autumn of 2023. More details will be provided here in due course.

In July 2023, ICMA published an updated Electronic Trading Directory.



Andy Hill
Deputy Head, Market Practice and Regulatory Policy; secretary to the Secondary Market Practices Committee.
Direct line: +44 20 7213 0335

Gabriel Callsen
Director, FinTech and Digitalisation; Secretary to the ICMA Fintech Advisory Committee (FinAC)
Direct line: +44 20 7213 0334

Nina Suhaib-Wolf
Director, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0318

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