ICMA reports

This section of the web site contains reports and papers published by ICMA. These documents are available as downloadable PDF files.

To access archived reports published prior to 2012, click here.

 
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)
Avoiding Counterproductive Regulation in Capital Markets: A Reality Check
Published: 29 October 2013
Author: Timothy Baker, Senior Adviser to ICMA

ICMA European Repo Council White Paper
Enhancing the transparency of the European repo market

Published: 16 October 2013
Author: ICMA European Repo Council

Collateral Damage: the Impact of the Financial Transaction Tax on the European Repo Market and its Consequences for the Financial Markets and the Real Economy
Published: 8 April 2013
Author: Richard Comotto, ICMA Centre

Economic Importance of the Corporate Bond Markets
Published: 8 April 2013
Author: Timothy Baker, Senior Adviser to ICMA
Inter-jurisdictional Regulatory Recognition: Facilitating Recovery and Streamlining Regulation
Published: 18 June 2012
Author: EU-US Coalition on Financial Regulation

Repo: guilty notwithstanding the evidence?
Published: April 2012
Author: Richard Comotto, ICMA Centre

Shadow banking and repo
Published: 20 March 2012
Author: Richard Comotto, ICMA Centre

Haircuts and initial margins in the repo market
Published: 8 February 2012
Author: Richard Comotto, ICMA Centre
 

ICMA AGM & Conference 2018

ICMA Executive Education