ICMA works as closely as possible with members through its committees, councils and working groups. This network has evolved over a long period and enables interested members to provide expert input into ICMA’s work. They also act as a forum for discussion and reaching a consensus on topics of common interest. ICMA’s key committees, councils and working groups are listed here:
Asset management | Sustainable finance | FinTech and Digitalisation
Regulatory Policy Committee (RPC)
The RPC brings together senior members of the government affairs, regulatory and compliance teams in member firms, and the chairs of ICMA's market practice committees.
Market Infrastructure Advisory Group (MIAG)
ICMA runs a dedicated Market Infrastructure Advisory Group, currently composed of senior representatives from European market infrastructure member firms, which meets quarterly to provide guidance and recommendations to the ICMA Board on concerns and issues facing this segment of the market. ICMA intends to broaden the Group’s representation in the future from its initial largely European focused membership.
Primary markets
Primary markets for underwriters
Primary Market Practices Committee (PMPC)
Gathers the heads and senior members of the syndicate desks of member firms active in lead-managing cross-border syndicated bond issues in the EMEA region. The PMPC is concerned with market practices in the syndicated primary markets in the region, including related regulatory issues and the ICMA Primary Market Handbook.
Related working groups:
- European Bond Syndicate Heads Group (EBSH)
Gathers the heads and senior members of the syndicate desks of other member firms underwriting syndicated bond issues in the EMEA region and closely following PMPC deliberations. - Primary Market Compliance Forum (PMCF)
Gathers the heads and senior members of the compliance functions responsible for supporting PMPC/EBSH members and related senior regulatory and know-how lawyers from member law firms and concerned with related regulatory issues and compliance matters. - PRIIPs/MiFID II Product Governance Working Group
Gathering members of the legal documentation / transaction management teams of LDC and ICMA Legal/TMG Heads Group member firms and related senior lawyers from member law firms and concerned with PRIIPs and MiFID II Product Governance and related market and documentation practices. - Primary Operations Group
Gathers members of the heads and senior members of the operations functions responsible for supporting PMPC/EBSH members and concerned with operational questions arising from PMPC and LDC deliberations. - MTN Working Group
Gathers the heads and senior members of the MTN desks of PMPC/EBSH member firms and concerned with market practice in the private placement primary markets, including related regulatory issues. - Nordic Syndicate Managers Group
Gathers the heads and senior members of the syndicate desks of member firms active in lead-managing syndicated bond issues in the Nordics and concerned with related market practices and regulatory issues. - Swiss Syndicate Managers Group
Gathers the heads and senior members of the syndicate desks of member firms active in lead-managing syndicated bond issues in Switzerland and concerned with related market practices and regulatory issues.
For more information on any of the above committees or working groups and to join, contact Ruari Ewing.
Legal and Documentation Committee (LDC)
Consists of the heads and senior members of the legal documentation/transaction management teams of member firms most active in lead-managing cross-border syndicated bond issues in the EMEA region. The LDC is concerned with documentation practices for such bond issues, including related legal and regulatory issues and the ICMA Primary Market Handbook. Membership is restricted and reviewed on an annual basis.
Related working groups:
- Legal/TMG Heads Group
Gathers the heads and senior members of the legal documentation/transaction management teams of other member firms underwriting syndicated bond issues in Europe. The Group’s agenda closely follows LDC’s agenda. - Primary Market ESG Working Group
Gathers members of the legal documentation/transaction management teams of LDC and ICMA Legal/TMG Heads Group member firms focused on ESG matters and related senior regulatory and know-how lawyers from certain member law firms and concerned with the ESG aspects of documentation practices and related legal and regulatory issues. - Prospectus Regulation Working Group
Gathers members of the legal documentation/transaction management teams of LDC and ICMA Legal/TMG Heads Group member firms and related senior lawyers from member law firms and concerned with the EU and UK Prospectus Regulation and related documentation practices. - Primary Documentation Group
Gathers members of the legal documentation/transaction management teams of LDC and ICMA Legal/TMG Heads Group member firms, lawyers from member law firms and law firms subscribing to the ICMA Primary Market Handbook interested in being informed of various ICMA developments relating to cross-border syndicated bond issuance. - ECP Documentation Working Group
Gathers members of the legal documentation/transaction management teams of LDC and ICMA Legal/TMG Heads Group member firms focused on commercial paper transactions and concerned with related documentation practices and legal and regulatory issues. - Securitisation Discussion Forum
Gathers members of the legal documentation/transaction management teams of LDC and ICMA Legal/TMG Heads Group member firms focused on securitisation transactions and related senior regulatory and know-how lawyers from certain member law firms and concerned with related documentation practices and legal and regulatory issues. - ICMA Swiss Syndicate Legal Group
Gathers the heads and senior members of the legal documentation/transaction management teams of member firms active in lead-managing syndicated bond issues in Switzerland and concerned with related market practices and regulatory issues.
For more information on any of the above committees or working groups and to join, contact Ruari Ewing.
Primary markets for underwriters: Asia Pacific
Asia Pacific Bond Syndicate Forum (ABSF)
Gathers the heads and senior members of the syndicate desks of member firms active in lead-managing cross-border syndicated bond issues in the Asia-Pacific region. The Forum is concerned with market practices in the syndicated primary markets in the region, including related regulatory issues and the ICMA Primary Market Handbook.
Asia Pacific Legal & Documentation Forum (ALDF)
Gathers the heads and senior members of the legal documentation / transaction management teams of member firms active in lead-managing cross-border syndicated bond issues in the Asia-Pacific region. The Forum is concerned with regional documentation practices, including related legal and regulatory issues and the ICMA Primary Market Handbook.
For more information on the above forums and to join, contact Mushtaq Kapasi.
Primary markets for issuers
Public Sector Issuer Forum (PSIF)
Brings together the major Sovereigns, Supranationals and Agencies actively issuing in the European capital markets. ICMA supports the PSIF through a secretariat based in Paris, as well as through its other resources and, in particular its Market Practice and Regulatory Policy team.
For more information on the PSIF and to join, contact Katie Kelly.
Corporate Issuer Forum (CIF)
Gathers senior representatives of major corporate issuers and focuses on the effects of regulatory and market interventions on: the treasury function, primary subscriptions, investor behaviour, spreads and secondary market liquidity; new issues processes and transaction execution; debt capital markets products and alternative issuance markets.
For more information on the CIF and to join, contact Katie Kelly.
Financial Institution Issuer Forum (FIIF)
Gathers senior representatives of the main issuing banks and focuses on the effects of regulation and market-led developments on the bank treasury function, new issues processes and transaction execution. Facilitates interaction between financial institutions, other ICMA market participants and regulatory authorities.
Primary markets for investors
AMIC Primary Market Working Group
For more information on this working group, contact: amic@icmagroup.org
Secondary markets
Secondary Market Practices Committee (SMPC)
Comprises market practitioners in the secondary debt market. Its overall focus is to ensure the efficient functioning of this market by regular review of ICMA’s rules and market practice. It is currently considering the implications of MiFID II and CSD Regulation for the international capital market.
Related working groups:
- MiFID II Working Group (MWG)
Includes buy-side/sell-side heads of trading, as well as senior market structure and legal experts. The WG meets to respond to public consultations, create recommended Q&As and discuss specific issues regarding MiFID II/R implementation or planned updates (contact Andy Hill). - CSDR-Settlement Discipline Working Group
Focused on the CSDR Settlement Discipline provisions, including the mandatory buy-in regime and cash penalties for settlement fails. The WG aims to identify and resolve practical implementation challenges related to the SD package, as well as directing ICMA’s advocacy work around the regulation. This will result in an updated version of the ICMA Buy-in Rules, which will provide a contractual framework and market best practice to support implementation in the international bond markets.
For more information on any of the above committees or working groups and to join, contact Andy Hill.
Electronic Trading Working Group (ETWG)
The Electronic Trading Working Group is a technical working group under the remit of ICMA Secondary Market Practices Committee (SMPC) intended to focus on deliverables and outputs related to e-trading and data related issues in the secondary bond markets.
For more information on the ETWG and to join, contact Nina Suhaib-Wolf.
Bond Market Liquidity Taskforce (BMLTF)
Made up of interested ICMA members, representing sovereign, corporate, short-term, and repo markets, including sell side, buy side, and relevant financial market infrastructures, the Taskforce aims to inform recommendations to improve overall market resilience and liquidity, through analysis of the impacts and interplay of prudential, market, and fund regulation.
For more information on the BMLTF and to join, contact Andy Hill or Nicolette Moser.
Repo and collateral markets
European Repo and Collateral Council (ERCC)
Membership of the ERCC is open to ICMA members who transact repo and associated collateral business in Europe. The ERCC currently has around 120 members, comprising the majority of firms actively involved in this market.
European Repo and Collateral Committee
The ERCC Committee is the governing board of the ERCC consisting of 19 individuals drawn from council member firms and elected annually by all ERCC member firms.
Related working groups:
*ERCC members are eligible to participate in the dedicated working groups which support the ERCC Committee.
- ERCC Operations Group
Composed of operations specialists from ERCC member firms, each of whom has significant practical experience to bring to the group’s work and discussions. The main mandate of the Group is to develop operational best practices and processes to improve the timeliness, completeness and efficiency of the repo product in the local, European and Global market places. - ERCC SFTR Task Force
Currently includes representatives from over 150 firms covering the whole spectrum of the market, including buy-side, sell-side, market infrastructure providers, but also Trade Repositories and other service providers that are offering solutions to help reporting firms comply with SFTR. The main objective of the ERCC SFTR Task Force is to develop a common understanding of the requirements and to develop market best practices in relation to SFTR reporting to complement guidance provided by regulators. - Repo and Sustainability Task Force
Comprises representatives from the ERCC and from Members and Observers of the Principles. The overall objective of the Taskforce is to provide advice and promote dialogue around repo and sustainable finance. The aim is to (i) monitor, discuss and assess any existing or upcoming market and regulatory initiatives, (ii) coordinate and liaise with the ERCC Committee and the Executive Committee of the Principles and (iii) develop and publish joint guidance and market best practice if needed. - ERCC Best Practice Working Group
Includes representatives from ERCC member firms working on the ERCC Guide to Best Practice in the European Repo Market.
For more information on the ERCC and the related Committees and working groups, please contact ercc@icmagroup.org.
Global Repo and Collateral Council (GRCF)
The GRCF aims to bring together repo market practitioners around the world to discuss repo and collateral developments from a global perspective. The GRCF is open to all ICMA member firms that have an active interest in cross-border repo and collateral markets.
For more information on the GRCF or to join the forum, please contact grcf@icmagroup.org.
Short-term markets
Commercial Paper (and Certificates of Deposit) Committee (CPC)
The representative voice of the European and international Commercial Paper and Certificates of Deposit (CP/CD) market, bringing together all relevant stakeholders with the goal of supporting market development.
For more information on the CPC and to join, contact Katie Kelly.
Asset management
Asset Management and Investors Council (AMIC)
The independent voice of the buy-side within ICMA and comprises asset managers, treasurers of official institutions, and representatives of private banks and hedge funds. AMIC is a forum for discussion of regulatory affairs, market trends and specific market practice issues affecting the buy-side, with working groups set up at the instigation of members to consider specific products, markets and regulatory initiatives.
AMIC Committee
Comprises of co-opted members of AMIC, and the chairs of the permanent working groups. It meets quarterly to define workflow and priorities following guidance from the AMIC Council.
Related working groups:
*AMIC members are eligible to participate in the dedicated working groups which support the AMIC Committee.
- AMIC Corporate Governance Working Group
- AMIC Primary Market Working Group
- AMIC Risk Management Working Group
- AMIC Securitisation Working Group
- AMIC Sustainable Finance Working Group
- AMIC Sustainable Finance Disclosure Regulation (SFDR) Task Force
Bond Market Liquidity Taskforce (BMLTF)
Made up of interested ICMA members, representing sovereign, corporate, short-term, and repo markets, including sell side, buy side, and relevant financial market infrastructures, the Taskforce aims to inform recommendations to improve overall market resilience and liquidity, through analysis of the impacts and interplay of prudential, market, and fund regulation.
For more information on the BMLTF and to join, contact Andy Hill or Nicolette Moser.
Sustainable finance
Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines and Sustainability-Linked Bond Principles (the ‘Principles’)
The Principles are designed to be industry wide, thus green, social and sustainability bond issuers or sustainability-linked bond issuers, banks and investors are eligible to apply for membership. Members are organisations that have issued, underwritten or placed, or invested in a green bond, a social bond, a sustainability bond or other debt capital market instruments aligned with the Principles while observers are organisations which are active in the field of green, social and/or sustainability finance but do not qualify as members, such as but not limited to, NGOs, universities, auditors, consultants and service providers.
The Principles Executive Committee
The Executive Committee of the Principles gathers 24 members elected by the Members of the Principles, comprising an equal distribution between the 3 Member categories: issuers, investors and underwriters.
Advisory Council
Members apply voluntarily and are selected for an annually renewable 1 year term. The selection is based on a balanced representation of GBP SBP Members and Observers, especially key market stakeholders such as exchanges, service providers/rating agencies, external reviewers, and law firms, as well as civil society; geographic diversity; and market share and activity of green, social and sustainability bond issuers, investors or underwriters not already represented on the Executive Committee.
Related working groups
The Executive Committee of the Principles has decided to set up the following Working Groups (WGs) and Taskforces (TFs) for 2024/2025:
- Impact Reporting for UoP Bonds (Green and Social Projects) WG
- Climate Transition Finance WG
- Sustainability-Linked Bonds WG
- Green enabling projects TF
- SLL refinancing Bonds TF
For more information, contact sustainabilitybonds@icmagroup.org.
Related ICMA sustainable finance working groups:
- Primary Market ESG Working Group
Gathers members of the legal documentation/transaction management teams of LDC and ICMA Legal/TMG Heads Group member firms focused on ESG matters and related senior regulatory and know-how lawyers from certain member law firms and concerned with the ESG aspects of documentation practices and related legal and regulatory issues.
For more information on the Primary Market ESG Working Group and to join, contact Ruari Ewing.
- CIF Sustainable Finance Working Group
Gathers members of the CIF to ensure that regulatory and market agendas on sustainability are developed with the active participation of issuers, and to help create strong linkage between corporate issuers and all the aspects of ICMA’s work in sustainability.
For more information on the CIF Sustainable Finance Working Group and to join, contact Katie Kelly.
- Repo and Sustainability Task Force
Comprises representatives from the ERCC and from Members and Observers of the Principles. The overall objective of the Taskforce is to provide advice and promote dialogue around repo and sustainable finance. The aim is to (i) monitor, discuss and assess any existing or upcoming market and regulatory initiatives, (ii) coordinate and liaise with the ERCC Committee and the Executive Committee of the Principles and (iii) develop and publish joint guidance and market best practice if needed.
For more information on the Repo and Sustainability Task Force and to join, contact ercc@icmagroup.org.
- AMIC Sustainable Finance Working Group
- AMIC Sustainable Finance Disclosure Regulation (SFDR) Task Force
For more information on the above working groups and to join, contact: amic@icmagroup.org.
FinTech and Digitalisation
FinTech Advisory Committee (FinAC)
Provides guidance and advice on ICMA’s engagement on FinTech with the aim to promote straight-through-processing (STP), common and open standards for data and lifecycle events and machine-readability across primary, secondary, repo and collateral markets, and foster the dialogue with industry stakeholders and regulators. The FinAC ensures engagement and advice is applicable to and supportive of the move towards more sustainable financial markets.
Related working groups:
- CDM Working Group & Steering Committee
Comprises sell-sides, buy-sides, trading venues and technology providers to help support the development of the CDM for bond and repo markets. The working group includes front office, middle/back office, IT and legal experts. In cooperation with ISDA, firms are helping to provide sample electronic records of trades and/or database schemas both to enhance and test the CDM design and outputs. - DLT Bonds Working Group
Distributed ledger technology (DLT) has significant potential to alter the lifecycle of bonds, from issuance, trading to settlement, and impact the functioning of financial markets. In light of continuous developments, ICMA’s FinTech Advisory Committee endorsed the creation of a dedicated working group to provide a forum for discussion and raise awareness on the benefits and challenges of DLT. - Bond Data Taxonomy (BDT) Working Group
The objective of the Bond Data Taxonomy (BDT) Working Group, formerly referred to as the Common Data Dictionary (CDD) Working Group, is to promote straight-through-processing (STP) and interoperability in primary bond markets. The group is open to all ICMA members and represents a broad constituency from banks, investors, issuers, market infrastructures, law firms and vendor firms. The group may also invite guests and observers to attend meetings. - Electronic Trading Working Group (ETWG)
The Electronic Trading Working Group (ETWG) is an issue and output focused working group under the remit of the Secondary Market Practices Committee, 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. For more information on the ETWG and to join, contact Nina Suhaib-Wolf. - Artificial Intelligence in Capital Markets (AICM) Working Group
The objective of the Artificial Intelligence in Capital Markets (AICM) Working Group provides a forum for education on the topic of AI, including prominent use cases, responding to relevant consultations by regulatory authorities and market practice discussions.
For more information on the above working groups and to join, contact FinTech@icmagroup.org
