ICMA reports

To access archived reports and papers published prior to 2014, click here.

 
The European repo market at 2018 year-end
An ICMA ERCC briefing note
January 2019
Published: January 2019
Author: Andy Hill, ICMA

AMIC/EFAMA report on liquidity stress tests in investment funds 2019
Published: January 2019
Author: ICMA AMIC and EFAMA
The impact of the EU Benchmarks Regulation on EU users of third country non-critical benchmarks
Published: December 2018
Author: ICMA AMIC

MiFID II/R and the bond markets: the first year

An analysis of the impacts and challenges of MiFID II/R implementation since January 2018
Published: December 2018
Editor: Andy Hill, ICMA

ICMA AMIC FICC Research Unbundling Survey results
Published: November 2018
Author: ICMA AMIC

CSDR mandatory buy-ins and securities financing transactions
A discussion paper by the ICMA European Repo and Collateral Council’s (ERCC) Committee and the Secondary Market Practices Committee (SMPC)

Published: October 2018
Author: Andy Hill, ICMA

The Asia-Pacific Cross-Border Corporate Bond Secondary Market - A report on the state and evolution of the market
An initiative of the ICMA Asia-Pacific Regional Committee and the ICMA Secondary Market Practices Committee

Published: August 2018
Author: Andy Hill, ICMA

CSDR Settlement Discipline Mandatory buy-ins - European settlement regulation with global trading level implications

Published: July 2018
Author: Andy Hill, ICMA

How to survive in a mandatory buy-in world
Published: June 2018
Author: ICMA Secondary Market Practices Committee

IBOR Global Benchmark Transition Report
Published: June 2018
Authors: ISDA, AFME, ICMA, SIFMA and SIFMA AMG

The European Corporate Single Name Credit Default Swap Market - A study into the state and evolution of the European corporate SN-CDS market
An initiative of the ICMA Secondary Market Practices Committee

Published: February 2018
Authors: Andy Hill and Gabriel Callsen, ICMA

IBOR Global Benchmark Survey 2018 Transition Roadmap
Published: February 2018
Authors: ISDA, AFME, ICMA, SIFMA and SIFMA AMG

The European repo market at 2017 year-end - An ICMA ERCC briefing note
Published: January 2018
Author: Andy Hill, ICMA
MiFID II/R and Repo Q&A
Updated: November 2017
Author: Andy Hill, ICMA

ICMA AMIC FICC Research Unbundling Survey results
Published: November 2017
Author: ICMA AMIC

Panda bonds - the foreign issuer perspective
English version
Chinese version
Published: October 2017
Authors: ICMA & NAFMII

Market electronification and FinTech
Published: October 2017
Author: Gabriel Callsen, ICMA

MiFID II/R and Fixed Income: an overview
Published: August 2017
Author: Andy Hill, ICMA

Use of Leverage in Investment Funds in Europe
Published: July 2017
Authors: ICMA AMIC & EFAMA

The European Credit Repo Market: The cornerstone of corporate bond market liquidity
Published: June 2017
Author: Andy Hill, ICMA

Closed for business: a post-mortem of the European repo market break-down over the 2016 year-end
Published: February 2017
Author: Andy Hill, ICMA
European Corporate Debt Private Placement Market Guide
Published: October 2016

The Counterparty Gap
A study for the ICMA European Repo and Collateral Council on the trade registration models used by European central counterparties for repo transactions

Published: September 2016
Author: John Burke

MiFID II/R Fixed Income Best Execution Requirements RTS 27 & 28
Published: September 2016
Author: Andy Hill, ICMA

Guide to infrastructure financing in Asia
Published: 31 August 2016
Author: ASIFMA and ICMA

Remaking the Corporate Bond Market: ICMA’s 2nd Study into the State and Evolution of the European Investment Grade Corporate Bond Secondary Market
Published: 6 July 2016
Author: Andy Hill, ICMA

Further thoughts on the ECB’s Corporate Sector Purchase Programme
A briefing note by the ICMA IG Corporate Bond Secondary Market Practices Committee

Published: 27 April 2016
Author: Andy Hill, ICMA

ECB Corporate Sector Purchase Programme
The potential impact on European corporate bond market liquidity
A briefing note by the ICMA IG Corporate Bond Secondary Market Practices Committee

Published: 21 April 2016
Author: Andy Hill, ICMA

Evolutionary Change: The future of electronic trading in European cash bonds
Published: 20 April 2016
Author: Elizabeth Callaghan, ICMA

Managing fund liquidity risk in Europe - an AMIC/EFAMA report
Published: April 2016
Authors: ICMA Asset Management and Investors Council (AMIC) and European Fund and Asset Management Association (EFAMA)

Briefing note
Impacts of the ECB’s Corporate Sector Purchase Programme

Published: 15 March 2016
Author: Andy Hill, ICMA

Regulatory initiatives on the identification and reporting of SFTs: An overview
Published: 4 March 2016
Author: Alexander Westphal, ICMA

CSDR Mandatory Buy-ins:
An illustration of the problems arising from the asymmetric treatment of the payment of the buy-in or cash compensation differential

Published: March 2016
Author: Andy Hill, ICMA

Market Abuse Regulation: Investment Recommendations
An ICMA Q&A

Published: March 2016
Author: Andy Hill, ICMA

Joint Position Paper
Investors and issuers unite to support Simple, Transparent and Standardised securitisation

Published: March 2016
Authors: ICMA, the Association for Financial Markets in Europe (AFME), the European Fund and Asset Management Association (EFAMA), and Insurance Europe

MiFID II/MiFIR – Transparency & Best Execution requirements in respect of bonds
Presentation

Published: March 2016
Author: Elizabeth Callaghan, ICMA

Presentation for the ICMA aged-fails auction initiative
Published: February 2016
Authors: Andy Hill, ICMA and Alexander Westphal, ICMA

T2S Wave 1 – Review and Request for Action Following Migration of Italian Market to T2S

Published: 20 January 2016
Authors: AFME and ICMA
Perspectives from the Eye of the Storm: The Current State and Future Evolution of the European Repo Market
Published: 18 November 2015
Author: Andy Hill, ICMA

Practices and procedures in the Chinese and international primary debt capital markets
English version
Bilingual version (prepared by NAFMII)
Published: September 2015
Authors: NAFMII and ICMA

ASIFMA–ICMA Guide on Repo in Asia

Published: August 2015
Authors: ASIFMA and ICMA

TARGET2-Securities: Observations relating to Monte Titoli and the repo product
Published: 10 August 2015
Author: Nicholas Hamilton, JP Morgan and Chair of ICMA ERC Operations Group

Buy-ins, how they work, and the challenge of CSDR
An ICMA briefing note

Published: July 2015 (updated)
Author: Andy Hill, ICMA

MiFID II/R: Systematic Internalisers
A ‘Q&A’ for bond markets

Published: July 2015
Author: Andy Hill, ICMA

MiFID II/R: Systematic Internalisers for bond markets
A briefing note

Published: July 2015
Author: Andy Hill, ICMA

Guide to infrastructure financing – bank loans, debt private placement and public bonds – smoothing the pathway for effective funding
Published: June 2015
Authors: AFME and ICMA

ICMA Impact Study for CSDR Mandatory Buy-ins
Published: 24 February 2015
Author: Andy Hill, ICMA

The Pan-European Corporate Private Placement Market Guide
Published: February 2015
Author: Pan-European Private Placement Working Group, a cross-industry working group led by ICMA
The Current State and Future Evolution of the European Investment Grade Corporate Bond Secondary Market: Perspectives from the Market
Published: 25 November 2014
Author: Andy Hill, ICMA

The impact of T+2 settlement on the European repo market
A report by the ICMA European Repo Council’s Operations Group

Published: August 2014 (updated 16 September 2014)
Author: ICMA European Repo Council’s Operations Group

Continually Working to Develop Efficient and Effective Collateral Markets
ERC Occasional Paper

Published: 4 September 2014
Author: David Hiscock, ICMA

CSDR Mandatory Buy-ins and the treatment of SFTs
An ICMA-ERC Briefing Note

Published: September 2014
Author: Andy Hill, ICMA

Covered Bond Pool Transparency: the Next Stage for Investors

Published: 21 August 2014
Author: Prepared for ICMA by Richard Kemmish Consulting Ltd

Collateral is the New Cash: The Systemic Risks of Inhibiting Collateral Fluidity
Published: 3 April 2014
Author: Andy Hill, ICMA

Cola Working Group (CWG): Comments and findings on NIBC conditional pass-through
Published: February 2014
Author: Cola Working Group (CWG) of the ICMA AMIC Covered Bond Investor Council (CBIC)
 

ICMA AGM 2019

GBP SBP AGM 2019

ICMA Executive Education