To access archived reports and papers published prior to 2017, click here.
Members may also access ICMA circulars here.
ICMA updates (covering sustainable finance, repo and collateral, secondary markets, asset management and FinTech, among others) may be accessed here.
ICMA DLT Bonds Reference Guide
Published: December 2024
Author:Gabriel Callsen, ICMA
ICMA Secondary Market Practices Committee - European Secondary Bond Market Data Report H1 2024 - Corporate Edition
Published: December 2024
Author: Simone Bruno, ICMA
ICMA European Repo Market Survey number 47 conducted June 2024
Published: November 2024
Author: Richard Comotto, ICMA
ICMA Secondary Market Practices Committee - European Secondary Bond Market Data Report H1 2024 - Sovereign Edition
Published: November 2024
Author: Simone Bruno, ICMA
ICMA Guide to Asia Pacific Repo Markets - Australia
Published: October 2024
Author: Richard Comotto
The role of commercial paper in the sustainable finance market
Published: October 2024
Author: Nicholas Pfaff, Katie Kelly, ICMA
ICMA Repo & Sustainability Survey: Summary report
Published: August 2024
Author: Zhan Chen, ICMA
Korean Treasury Bonds - An International Perspective
Published: July 2024
Author: Alex Tsang, Mushtaq Kapasi and Christhoper Matthew, ICMA
ICMA European Repo Market Survey number 46 conducted December 2023
Published: May 2023
Author: Richard Comotto, ICMA
Guidance on Green, Social and Sustainability Sukuk
Published: April 2024
Authors: Simone Utermarck, ICMA; Mohsin Sharif, IsDB; Shrey Kohli, LSEG
Use of RMB-denominated Bonds as Collateral for Global Repo Transactions - A CCDC - ICMA Joint White Paper
Published: March 2024
Authors: ICMA and CCDC
English version | Chinese version
The Asian International Bond Markets: Developments and Trends, Fourth Edition
Published: March 2024
Authors: Andy Hill, Mushtaq Kapasi and Alex Tsang, ICMA
English version | Chinese version
Bond markets to meet EU investment challenges
Published: March 2024
Author: Julia Rodkiewicz, ICMA
Secondary Market Practices Committee - European Secondary Bond Market Data H2 2023
Published: March 2024
Author: Andy Hill, ICMA
CSDR Penalties - An ICMA briefing note on ESMA’s proposals to revise the CSDR Penalty Mechanism
Published: March 2024
Author: Andy Hill, ICMA
Liquidity and resilience in the core European sovereign bond markets
Published: March 2024
Authors: Andy Hill and Simone Bruno, ICMA
Transition Finance in the Debt Capital Market
Published: February 2024
Authors: Nicholas Pfaff, Özgür Altun and Stanislav Egorov, ICMA
ICMA ERCC Briefing Note: The European repo market at 2024 year-end
Published: January 2024
Author: Andy Hill, ICMA
ICMA European Repo Market Survey number 45 conducted June 2023
Published: December 2023
Author: Richard Comotto, ICMA
Considerations for risk factors and disclosure in DLT bond documentation
Published: November 2023
Author: Gabriel Callsen, ICMA
ICMA Guide to Asia Repo Markets - South Korea
Published: November 2023
Author: Richard Comotto, ICMA
Guide to Best Practice in the European Repo Market
Published: November 2023
Authors: Richard Comotto, ICMA
Market integrity and greenwashing risks in sustainable finance
Published: October 2023
Authors: Nicholas Pfaff, Simone Utermarck, Ozgur Altun and Stanislav Egorov, ICMA
Secondary Market Practices Committee - European Secondary Bond Market Data H1 2023
Published: September 2023
Author: Andy Hill, ICMA
Bonds to Finance the Sustainable Blue Economy - A Practitioner's Guide
Published: September 2023
Authors: ICMA, IFC, UN Global Compact, UNEP FI and ADB
ELFA and ICMA Practical Recommendations for High Yield Sustainability-Linked Bonds
Published: May 2023
Author: ELFA, ICMA
Secondary Market Practices Committee - European Secondary Bond Market Data H2 2022
Published: April 2023
Author: Andy Hill, ICMA
ICMA Recommendations for Reporting under SFTR
Published: April 2023
Author: Richard Comotto, ICMA
ICMA analysis: SFTR public data for repo in 2022
Published: April 2023
Author: Richard Comotto, ICMA
The Asian International Bond Markets: Developments and Trends, Third Edition
Published: March 2023
Authors: Andy Hill, Yanqing Jia and Mushtaq Kapasi, ICMA.
English version | Chinese version
ICMA European Repo Market Survey number 44 conducted December 2022
Published: March 2023
Author: Richard Comotto, ICMA
ICMA ERCC Briefing Note: The European repo market at 2022 year-end
Published: January 2023
Author: Andy Hill, ICMA
White paper on ESG Practices in China
Published: January 2023
Authors: ICMA and CCDC
4th Asia-Pacific repo market survey, conducted June 2022
Published: December 2022
Authors: ICMA and ASIFMA
ICMA European Repo Market Survey number 43 conducted June 2022
Published: October 2022
Author: Richard Comotto, ICMA
Secondary Market Practices Committee - European Secondary Bond Market Data H1 2022
Published: October 2022
Author: Andy Hill, ICMA
Observations and categorisation relating to sustainability in the repo market
Published: October 2022
Author: Zhan Chen, ICMA
ICMA Guide to Asia Repo Markets: China
Published: October 2022
Author: Richard Comotto, ICMA
ICMA Recommendations for Reporting under SFTR
Published: September 2022
Author: Richard Comotto, ICMA
ICMA Guide to Asia Repo Markets: Philippines
Published: July 2022
Author: Richard Comotto, ICMA
Market best practice recommendations to support settlement efficiency in the secondary bond markets
Published: June 2022
Author: ICMA SMPC
GMRA Clause Taxonomy & Library Project: An ICMA strategy paper
Published: May 2022
Author: ICMA
ICMA Guide to Asia Repo Markets: Vietnam
Published: May 2022
Author: Richard Comotto, ICMA
European Repo Market Survey
Published: April 2022
Author: Richard Comotto, ICMA
The Asian International Bond Markets: Development and Trends (second edition)
English version | Chinese version
Published: March 2022
Authors: Andy Hill, Mushtaq Kapasi and Yanqing Jia, ICMA, with support from the Hong Kong Monetary Authority
ICMA Guide to Asian Repo Markets - Indonesia
Published: March 2022
Author: Richard Comotto, ICMA
ICMA Guide to Asian Repo Markets - Japan
Published: February 2022
Author: Richard Comotto, ICMA
Ensuring the Usability of the EU Taxonomy
Published: February 2022
Authors: Nicholas Pfaff and Ozgur Altun, ICMA
Optimising Settlement Efficiency: An ERCC discussion paper
Published: February 2022
Author: Alexander Westphal, ICMA
ICMA ERCC Briefing Note: The European Repo Market at 2021 Year-End
Published: January 2022
Author: Andy Hill, ICMA
ICMA position paper: Proposal for a New Post-Trade Transparency Regime for the EU Corporate Bond Market
Published: December 2021
Author: Elizabeth Callaghan, ICMA
3rd Asia-Pacific repo market survey, conducted June 2021
Published: December 2021
Authors: ICMA and ASIFMA
European Repo Market Survey - Number 41 - conducted June 2021
Published: November 2021
Author: Richard Comotto, ICMA
ICMA Preliminary Thoughts on the Capital Markets Union Package
Published: November 2021
Bonds to Bridge the Gender Gap: A Practitioner’s Guide to Using Sustainable Debt for Gender Equality
Published: November 2021
Authors: Valérie Guillaumin, ICMA; Esohe Denise Odaro, Heather Kipnis, Kathleen Mignano, and Sophie Peeters, IFC; Robyn Oates, UN Women
ICMA Recommendations for Reporting under SFTR
Published: October 2021 (see webpage for information on earlier editions)
Author: ICMA European Repo and Collateral Council
The European Commercial Paper and Certificates of Deposit Market
A white paper by the ICMA Commercial Paper Committee
Published: September 2021
Author: Andy Hill, ICMA
The first year of SFTR public data on repo
Published: September 2021
Author: Richard Comotto, ICMA
Panda Bonds: Raising Finance in China’s Bond Market - case studies
English version | Chinese version
Published: September 2021
Authors: ICMA and NAFMII
Investing in China’s Interbank Bond Market: A Handbook
Published: September 2021
Authors: ICMA and NAFMII
The sustainability disclosure regime of the European Union
Published: September 2021
Authors: Nicholas Pfaff, Simone Utermarck, Arthur Carabia, and Ozgur Altun, ICMA
ICMA ERCC consultation on the role of repo in green and sustainable finance: summary report
Published: September 2021
Author: ICMA European Repo and Collateral Council
Guide to Tough Legacy Bonds in Asia-Pacific
Published: May 2021
Authors: Mushtaq Kapasi and Katie Kelly, ICMA; Justin Kesheneff and Dennis To, Bloomberg
Overview and Recommendations for Sustainable Finance Taxonomies
Published: May 2021
Authors: Nicholas Pfaff, Ozgur Altun and Yanqing Jia, ICMA
ICMA guide to definitions and best practice for bond pricing distribution
Published: May 2021
Author: Elizabeth Callaghan, ICMA
Green and sustainable finance: What is the role of the repo market?
Published: April 2021
Author: ICMA European Repo and Collateral Council
A Guide to Best Practice in the European Repo Market
Published: March 2021 (see webpage for information on earlier editions)
Author: ICMA European Repo and Collateral Council
European Repo Market Survey - Number 40 - conducted December 2020
Published: March 2021
Author: Richard Comotto, ICMA
The Asian International Bond Markets: Development and Trends
Published: March 2021
Authors: Andy Hill, Mushtaq Kapasi, Yanqing Jia, and Keiko Nakada, ICMA
ICMA response form and additional remarks on European Commission consultation on a European single access point (ESAP)
Published: March 2021
The Internationalization of the China Corporate Bond Market
Published: January 2021
Authors: Andy Hill and Yanqing Jia, ICMA
The European repo market at 2020 year-end
An ICMA ERCC briefing note
Published: January 2021
Author: Andy Hill, ICMA
The new Capital Markets Union Action Plan
Published: January 2021
Authors: Daniel Mendes
AFME/ICMA Recognition of EU and UK Bail-in Clauses for Other Liabilities
Published: November 2020
ICMA Note on Article 55 of the BRRD and post-Brexit transition period
Published: November 2020
European Repo Market Survey - Number 39 - conducted June 2020
Published: November 2020
Author: Richard Comotto, ICMA
2nd Asia-Pacific repo market survey, conducted June 2020
Published: November 2020
Authors: ICMA and ASIFMA
Axe Distribution Best Practice Standards
An ICMA Electronic Trading Council initiative
Published: November 2020
Author: Liz Callaghan, ICMA
CMU: financing the recovery from COVID-19
Published: October 2020
Authors: Daniel Mendes, Charlotte Bellamy, ICMA
The role of the Eurobond markets in pan-European capital markets
Published: October 2020
Authors: Ruari Ewing, Andy Hill, ICMA
ICMA's Preliminary Thoughts on the New Capital Markets Union Action Plan
Published: October 2020
Transparency and Liquidity in the European bond markets - an ICMA Discussion Paper
An initiative of ICMA's Secondary Market Practices Committee
Published: September 2020
Author: Andy Hill, ICMA
ICMA recommendations for reporting under SFTR
Published: September 2020
Author: ICMA ERC
CSDR Mandatory Buy-ins & the requirement for a buy-in agent - an ICMA briefing note
Published: September 2020
Author: Andy Hill
IBOR Transition Guide for Asia
Published: July 2020
Authors: ICMA, APLMA, ASIFMA, and ISDA
High-Level Forum Report on the Capital Markets Union: ICMA Feedback
Published: June 2020
ICMA preliminary thoughts on the Report of the High Level Forum on the Capital Markets Union
Published: June 2020
The European investment grade corporate bond secondary market & the COVID-19 crisis
Published: May 2020
Author: ICMA Secondary Market Practices Committee (SMPC)
Sustainable Finance: High-level definitions
Download Chinese translation.
Published: May 2020
Author: ICMA Sustainable Finance Committee
Update memorandum on the EU’s sustainability disclosure regime
Published: April 2020
Author: ICMA
EU Consolidated Tape for Bond Markets - Final report for the European Commission
ICMA MiFID II Consolidated Tape Taskforce
Published: April 2020
Author: Liz Callaghan, ICMA
European Repo Market Survey - Number 38 - Conducted December 2019
Published: April 2020
Author: Richard Comotto, ICMA
The European repo market and the COVID-19 crisis
Published: April 2020
Author: ICMA ERCC
ICMA AMIC Review - March 2020
Published: March 2020
Author: ICMA AMIC
FAQs on CSDR mandatory buy-ins and Securities Financing Transactions
Published: March 2020
Author: ICMA
Time to act - ICMA’s 3rd study into the state and evolution of the European investment grade corporate bond secondary market
An initiative of the ICMA Secondary Market Practices Committee
Published: March 2020
Author: Andy Hill, ICMA
A quick guide to the transition to risk-free rates in the international bond market
Published: February 2020 (to be periodically updated)
Author: ICMA
Sustainable finance: Compendium of international policy initiatives & best market practice
Published: February 2020
Author: ICMA Sustainable Finance Committee
Managing fund liquidity risk in Europe - Recent regulatory enhancements & proposals for further improvements
Published: January 2020
Authors: ICMA AMIC and EFAMA
AMIC DISCUSSION PAPER - Review of the European Long-Term Investment Fund (ELTIF) Regulation
Published: January 2020
Author: ICMA AMIC
The European repo market at 2019 year-end
An ICMA ERCC briefing note
Published: January 2020
Author: Andy Hill, ICMA
MiFID II/R and the bond markets: the second year
An analysis of the impacts of MiFID II/R implementation in 2019, its challenges and potential solutions
Published: December 2019
Mandatory buy-ins under CSDR and the European bond markets - Impact Study
An initiative of the ICMA Secondary Market Practices Committee
Published: November 2019
Author: Andy Hill, ICMA
ICMA AMIC Review - November 2019
Published: November 2019
Author: ICMA AMIC
ICMA has prepared a short briefing paper on the importance of integrated capital markets and CMU. To access the briefing, click here.
CSDR Settlement Discipline Mandatory buy-ins - European settlement regulation with global trading level implications (UPDATE)
Published: August 2019 (originally published July 2018)
Author: Andy Hill, ICMA
A comparative review of practices and procedures in the Russian and international primary debt capital markets | Сравнительный обзор практических подходов и процедур на российском и международном первичных рынках заемного капитала - an ICMA-NFA report
Published: June 2019
Authors: ICMA and NFA
The European repo market at 2018 year-end - an ICMA ERCC briefing note
Published: January 2019
Author: Andy Hill, ICMA
AMIC/EFAMA report on liquidity stress tests in investment funds 2019
Published: January 2019
Authors: ICMA AMIC and EFAMA
ICMA FAQs on the US QFC Stay Rule (ICMA members only)
Published: December 2018
ICMA Note on the US QFC Stay Rule (ICMA members only)
Published: December 2018
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
International Practices of Bond Trustee Arrangements in China
Published: December 2018
Author: NAFMII-ICMA Working Group, 9th UK-China Economic and Financial Dialogue
Form of letters to European Commission, Parliament and Council on the Investment Firm Regulation – third country firm regime
Published: November 2018
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
ICMA response to FCA Consultation Paper 17/37 on Industry Codes of Conduct
Published: February 2018
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
A pilot survey of the Asia-Pacific repo market
Published: September 2017
Authors: ASIFMA and 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
ICMA response to the European Commission’s public consultation on the operation of the three European Supervisory Authorities (ESAs)
Published: May 2017
ICMA response to FSB’s consultation on the main elements of a ‘Proposed Framework for Post-Implementation Evaluation of the Effects of the G20 Financial Regulatory Reforms’
Published: May 2017
The practice and prospects for green bond market development at home and abroad
Chinese version* | English version*
Published: March 2017
Author: NAFMII-ICMA Working Group, 8th UK-China Economic and Financial Dialogue
*These documents are locked to ICMA members only. Members of NAFMII and members and observers of the Principles may access the documents on request.
ICMA responded to the commission consultation on capital markets union mid-term review. To view the response, click here.
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
19 December 2008
ICMA’s European Repo Council welcomes acceptance of credit claims as financial collateral
11 December 2008
TRAX iMatch™ the next generation in trade matching
9 December 2008
Xtrakter launches XM2M™ - new mark to market valuation service
4 December 2008
ICMA announces November 2008 Primary Market Certificate (PMC) Programme Graduates
4 December 2008
TRAX® to provide regulatory reporting for exchange-traded derivatives
2 December 2008
Netting & pair off delivered with TRAX® v2.9
21 November 2008
ICMA announces October 2008 IFID Certificate Programme Graduates
20 November 2008
Euroclear to acquire Xtrakter from ICMA
6 November 2008
International Capital Market Association (ICMA) announces new senior appointment to regulatory policy team
28 October 2008
Firms shift execution venues during turbulent September
24 October 2008
ICMA announces three new courses in Financial Markets Operations
23 October 2008
ICMA Centre MSc graduates to be granted ICMA IFID upon degree completion
23 October 2008
ICMA announces September 2008 Financial Markets Foundation Course (FMFC) Programme Graduates
17 October 2008
Fixed income issuance thrives during market turmoil
9 September 2008
Industry survey indicates that European repo market remains buoyant despite turbulent
29 July 2008
Top 10 venues of execution change in June 08
10 July 2008
Repo trading decreases by 22.3% in Q2 08
9 July 2008
Industry Associations Release “Structured Products: Principles for Managing Distributor-Individual Investor Relationship”
4 July 2008
ICMA announces June 2008 International Fixed Income and Derivatives (IFID) Certificate Programme Graduates
3 July 2008
Asset backed securities (ABS) new issuance increases by 158%
2 July 2008
Joint assocations' release: Industry takes further steps toward improving transparency
27 June 2008
ICMA announces June 2008 Primary Market Certificate (PMC) Programme Graduates
24 June 2008
Top 10 execution venues launched by Xtrakter
13 June 2008
ICMA announces Financial Markets Foundation Course (FMFC) Programme May 2008 Graduates for Thomson Reuters
11 June 2008
ICMA announces February 2008 Financial Markets Foundation Course (FMFC) Programme Graduates
15 May 2008
Members vote for disposal of Xtrakter, ICMA’s Market Services business including TRAX; ICMA members elect new Board line up; ICMA outlines practical steps for resolving global financial market dislocation
2 May 2008
ICMA announces April 2008 International Fixed Income and Derivatives (IFID) Certificate Programme Graduates
28 April 2008
ICMA publishes 2008 legal opinions on repo agreement for 68 jurisdictions
18 April 2008
ICMA announces 2008 Operations Certificate Programme Graduates
16 April 2008
Repo volumes increase by 31% for QI 2008
15 April 2008
ICMA launches skills training for capital markets
8 April 2008
FSSC recognises ICMA‘s Executive Education Programmes
4 April 2008
Asset Backed new issuance drops by 44.6%
1 April 2008
EU-US Coalition on Financial Regulation sets out its proposed framework for establishing a more efficient transatlantic marketplace
26 March 2008
ICMA adds five new member firms
13 March 2008
ICMA survey records resilience of the European repo market
10 March 2008
Fermín Cifuentes of Banesto appointed to ICMA Board
5 March 2008
Further Progress on the Development of the Russian Financial Market in line with Global Market Standards: ICMA and NSMA Sign Memorandum of Cooperation
4 March 2008
Bond volumes for January 08 now available at BondMarketPrices.com
25 February 2008
Richard Jinks joins Xtrakter as Director of Commercial Operations
14 February 2008
ICMA adds opinions for India and Iceland to jurisdictions for standard repo agreement
12 February 2008
Xtrakter slashes regulatory reporting fees by 35%
5 February 2008
Nylon Capital LLP adopts TRAX for repo matching with Barclays Capital
1 February 2008
Record breaking 2.3m repos processed by TRAX
23 January 2008
Japan promotes initiatives to strengthen competitiveness of its financial markets to overseas investors
22 January 2008
Credit crunch hits 2007 bond issues by 26.5%
21 January 2008
ICMA and JSDA sign Memorandum of Understanding to develop closer co-operation in securities markets
16 January 2008
ICMA Ltd changes name to Xtrakter
