The ICMA Secondary Market Practices Committee is an open forum for sell-side and buy-side member firms active in the international, cross-border secondary bond markets. Through open dialogue and engagement, as well as through its subsidiary working groups and work-streams, it seeks to be the representative body of the international, cross-border secondary bond markets: addressing practical issues directly relevant to market practitioners; standardising market best practice; disseminating relevant market information; and promoting the best interests of efficient and liquid markets.
Current/recent workstream priorities include:
- Bond market functioning and liquidity
- Engaging with global and national policy makers and standard setters to promote functioning and resilient bond markets
- 3rd report on the Asia international bond markets
- Bond Market Liquidity Taskforce – focused on recommendations to improve bond market liquidity and resilience
- Compiling and publishing the semi-annual MiFIR Secondary Bond Market Data Reports
- Best practice in the international bond markets
- Maintaining and reviewing the Secondary Market Rules & Recommendations
- Considering best practices for electronic trading
- MiFID ll/R Review
- Promoting a workable transparency regime for bonds in the EU
- Providing input into the UK proposals for a bond consolidated tape and associated transparency framework
- CSDR-SD
- Advocating to ensure that the EU’s proposed mandatory buy-in regime is never implemented
- Supporting initiatives to improve settlement efficiency
- Drawing attention to both the risks and benefits of accelerated settlement
- E-trading & FinTech
- Promoting common data standards (eg CDM)
- Mapping and supporting the development of electronic trading and digitalization in fixed income
The current composition of the Committee
David Camara
Co-chair (sell side)
BofA
Yannig Loyer
Co-Chair (buy-side)
AXA Investment Managers GS Limited
Ruud Teeuwen
ABN AMRO Bank N.V.
Christophe Marcilloux
Amundi Asset Management
Jane Duscherer
Trading Technologies International
Pablo Fenoll
Banco Bilbao Vizcaya Argentaria, S.A.
Loli Spinola
Bank of China
Daniel Stevens
Bank of Montreal
Christian Pfund
Bank Vontobel AG
Laura Coote
Bank of New York Mellon
Arran Rowsell
BGC Brokers L.P.
Quentin van Lidth
BNP Paribas
Martina Ben-Shaul
Canadian Imperial Bank of Commerce London Branch
Gareth Barber
Citigroup Global Markets Limited
Saher Bing Jung
Commerzbank AG
William Dawber
Commonwealth Bank of Australia London Branch
Fares Hajjar
Crédit Agricole Corporate and Investment Bank
Hans Henrik Duus
Danske Bank A/S
Stephen Fisher
Deutsche Bank AG, London Branch
Matthew Johnson
DTCC
Marco Ferrari
EFG Bank AG
Robert Koller
EPPF
Goran Hoblaj
Erste Group Bank AG
Kemal Cenan
European Bank for Reconstruction and Development (EBRD)
Sebastien Rosset
European Investment Bank (EIB)
Eric Heleine
Groupama Asset Management
Luke Eaton
HSBC Bank plc
Stephane Malrait
ING Bank N.V.
Nick Robinson
Insight Investment Management (Global) Limited
Gherardo Lenti Capoduri
Intesa Sanpaolo S.p.A
Barbara Zittucro
Intesa Sanpaolo S.p.A.
Paul Glasgow
J.P. Morgan Securities plc
Craig Colenso
Jefferies International Limited
Shyam Kumar
Kotak Mahindra (UK) Limited
Antony Baldwin
LCH Limited
Boris Tadic
Lloyds BankCorporate Markets plc
Andrew Khatri
Lord, Abbett & Co. LLC
Paula Redondo Pereira
Luxembourg Stock Exchange
Christophe Roupie
MarketAxess Europe Limited
Aristo Vounakis
Mizuho International plc
Ruchi Gawri
Morgan Stanley & Co. International PLC
David Waslker
M&G
Daniela Petti
National Australia Bank Limited
Phil Lloyd
NatWest Markets plc
Oscar Kenessey
NN Investment Partners B.V.
Andrew Bowley
Nomura International plc
Fredrik Jenestrand
Nordea Bank Abp
Tina Bach
Nordea Investment Management AB
Pauli Mortensen
Norges Bank
Lorenzo Pagani
PIMCO Europe Ltd
Vincent Grandjean
Propellant
Robert Kliesspiess
Raiffeisen Bank International AG
Tim Cole
RBC Europe Limited
Jordi Cabero Borros
Santander
Ricardo Goddard
Schroder Investment Management Limited
David Eley
Skandinaviska Enskilda Banken AB (publ)
Marc Billy
Société Générale S.A.
Dan Burke
Standard Chartered
Louise Drummond
Standard Life Investments Ltd.
Johan Wijkström
Swedbank AB (publ)
Paul Cable
T. Rowe Price International Ltd
Wilbur Yang
TD Securities
Nicola Danese
Tradeweb
Sam Johnson
UBS AG
Martine Wehlen-Bodé
UBS AG
Christoph Hock
Union Investment Privatfonds GmbH
Nick Bennet
Wells Fargo Bank, N.A.
In 2015, the SMPC updated its Terms of Reference and mission statement to reflect better its role as the representative body of the European corporate bond secondary market. As well as becoming more focused on issues and developments affecting the credit markets, it broadened its membership to include both sell-side and buy-side trader representation from ICMA members.
In 2018, the SMPC revised its Terms of Reference to reflect the broader scope of ICMA’s secondary market remit, members, and the application of its Secondary Market Rulebook. Accordingly, the scope of the SMPC covers all international securities (primarily, though not exclusively, government, agency, supranational, and corporate bonds).
If your firm is interested in becoming a member of the SMPC, please contact us.
To view the Terms of Reference, click here.
Contacts:
Andy Hill
Managing Director, Head of Market Practice; Secretary to the Secondary Market Practices Committee and also responsible for overseeing repo policy; Member of the ICMA Executive 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
