Setting standards internationally

The International Capital Market Association (ICMA) is a unique organisation and an influential voice for the global capital market. It represents a broad range of capital market interests including global investment banks and smaller regional banks, as well as asset managers, exchanges, central banks, law firms and other professional advisers. ICMA’s market conventions and standards have been the pillars of the international debt market for over 40 years.

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Less than a week to go before the ICMA AGM and Conference in Copenhagen, 22-24 May!
The ICMA AGM and Conference, a long established industry event for the international debt capital markets, brings together the global financial community to discuss market and regulatory developments.
For the full programme including networking receptions, click here.

 #ICMAAGM
 

Registrations will close on Wednesday, 22 May at 12 midday.
REGISTER NOW!
The systemic importance of collateral and the role of the repo market
7 May 2013 ICMA European Repo Council paper highlights the disruptive impact of the proposed FTT on the widespread use of collateral that underpins the modern financial system To view the press release, click here.
To view the supplementary paper, click here.
ICMA publishes 2013 legal opinions on global master repo agreement
10 April 2013 (Zurich, Switzerland) ICMA has today published the 2013 legal opinions which support the Global Master Repurchase Agreement (GMRA), the standard agreement used for international repo transactions.The 2013 opinions support the use of the GMRA in 63 jurisdictions worldwide, with the notable addition of an opinion for Russia and an expansion of counterparty coverage in a number of key jurisdictions. To view the press release, click here.
For more information about the legal opinions, including a list of covered jurisdictions, click here.
ICMA European Repo Council calls for exemption of repo transactions from FTT
8 April 2013 The proposed EU Financial Transaction Tax would cause the short-term repo market in Europe to contract by an estimated amount of at least 66%, with serious negative consequences for other financial markets and the real economy, according to a study commissioned by the European Repo Council of the International Capital Market Association. To view the press release, click here.
To view the report, click here.

Market Practice & Regulatory Policy

ICMA submits comments to IOSCO regarding principles for benchmarks
16 May 2013 The ICMA has submitted a response to IOSCO’s consultation regarding principles for financial benchmarks. To see the response, click here.
ICMA ERC submits comments to CPSS/IOSCO on trade repositories
10 May 2013 The ICMA ERC has submitted comments to CPSS/IOSCO in relation to their joint consultative report regarding “Authorities’ access to trade repository data”. To see the ERC response regarding one aspect of this consultation, click here.
ICMA Quarterly Report Second Quarter 2013
9 April 2013 The latest edition of the ICMA quarterly report is now available.

To download the report, click here.
To access the recording of the related Quarterly briefing call click here (ICMA members only).
Economic Importance of the Corporate Bond Markets
8 April 2013 ICMA has prepared a paper for policy makers about why corporate bond markets are so important for economic growth, for investors, for companies, and for governments, around the world; and why it is therefore essential that laws and regulations that affect them avoid any unintended adverse consequences that could inhibit those markets. To view the paper, click here.
Repo FAQs
A comprehensive list of FAQs on the repo market, ranging from the simplest enquiries such as “What is a repo?” to more detailed topical discussions on specialist questions, for example “Do haircuts/margins exacerbate pro-cyclicality?”, is now available to the market from the link below. Click here to view
ICMA submits comments regarding benchmarks to IOSCO and to ESMA-EBA
11 February 2013 The ICMA has submitted responses to IOSCO and ESMA-EBA consultations regarding benchmarks. To see the responses, click here.
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