News
New ICMA members in December 2024
ICMA welcomes the following new members in December 2024: AIB Group (UK) p.l.c., United Kingdom; DWS Group GmbH & Co KGaA, Germany; and Taiwan Depository & Clearing Corporation, Taiwan.read more
ICMA welcomes the following new members in December 2024: AIB Group (UK) p.l.c., United Kingdom; DWS Group GmbH & Co KGaA, Germany; and Taiwan Depository & Clearing Corporation, Taiwan.read more
ICMA publishes DLT Bonds Reference Guide
11 December 2024 The International Capital Market Association (ICMA) today publishes new reference guidance for Distributed Ledger Technology (DLT) based debt securities.A copy of the reference guide can be found here.The guide, produced by ICMA’s DLT Bonds Working Group, and authored by Gabriel Callsen, Senior...read more
11 December 2024 The International Capital Market Association (ICMA) today publishes new reference guidance for Distributed Ledger Technology (DLT) based debt securities.A copy of the reference guide can be found here.The guide, produced by ICMA’s DLT Bonds Working Group, and authored by Gabriel Callsen, Senior...read more
ICMA publishes its semi-annual report that provides detailed data on EU and UK corporate bond market trading activity
4 December 2024 ICMA’s Secondary Market Practices Committee (SMPC) has published its semi-annual report that provides detailed data on EU and UK corporate bond market trading activity.Previous versions of this report included both sovereign and corporate analysis. Following readers’ input and feedback, the report will...read more
4 December 2024 ICMA’s Secondary Market Practices Committee (SMPC) has published its semi-annual report that provides detailed data on EU and UK corporate bond market trading activity.Previous versions of this report included both sovereign and corporate analysis. Following readers’ input and feedback, the report will...read more
ICMA responds to European Commission Consultation on Securitisation
4 December 2024 ICMA today responded to the European Commission’s Targeted consultation on the functioning of the EU securitisation framework 2024. The consultation was targeted towards market participants with practical expertise in the European securitisation markets, and ICMA’s buy-side and sell-side members contributed to this...read more
4 December 2024 ICMA today responded to the European Commission’s Targeted consultation on the functioning of the EU securitisation framework 2024. The consultation was targeted towards market participants with practical expertise in the European securitisation markets, and ICMA’s buy-side and sell-side members contributed to this...read more
ICMA AMIC responds to European Commission survey assessing the adequacy of macroprudential policies for non-bank financial intermediation (NBFI)
20 November 2024 The Asset Management and Investors Council (AMIC) of ICMA welcomes the opportunity to provide feedback to the European Commission's consultation on Assessing the adequacy of macroprudential policies for Non-Bank Financial Intermediation (NBFI). This paper represents an ICMA–wide consultation response, led by the...read more
20 November 2024 The Asset Management and Investors Council (AMIC) of ICMA welcomes the opportunity to provide feedback to the European Commission's consultation on Assessing the adequacy of macroprudential policies for Non-Bank Financial Intermediation (NBFI). This paper represents an ICMA–wide consultation response, led by the...read more
The European repo market – ICMA survey shows record outstanding value of EUR 11.1 trillion at June 2024
12 November 2024 ICMA’s European Repo and Collateral Council (ERCC) has today released the results of its 47th semi-annual survey of the European repo market.The survey measured and analysed the value of outstanding repo plus reverse repo on the books of 61 participants at close...read more
12 November 2024 ICMA’s European Repo and Collateral Council (ERCC) has today released the results of its 47th semi-annual survey of the European repo market.The survey measured and analysed the value of outstanding repo plus reverse repo on the books of 61 participants at close...read more
ICMA announces new chair for German regional committee
12 November 2024 The International Capital Market Association (ICMA) is pleased to announce Ralph Ockert, Head of Syndicate, DZ BANK AG in Frankfurt am Main, as the new chair of the association’s German regional committee, which represents the interests of 40 ICMA member firms in...read more
12 November 2024 The International Capital Market Association (ICMA) is pleased to announce Ralph Ockert, Head of Syndicate, DZ BANK AG in Frankfurt am Main, as the new chair of the association’s German regional committee, which represents the interests of 40 ICMA member firms in...read more
Participate in the ICMA European Repo and Collateral Council's 48th European repo market survey
All European repo market participants are invited to participate in ICMA's 48th survey of the European repo market. The survey will be based on data of the repo business outstanding at close of business of Wednesday, 11 December 2024.read more
All European repo market participants are invited to participate in ICMA's 48th survey of the European repo market. The survey will be based on data of the repo business outstanding at close of business of Wednesday, 11 December 2024.read more
2025 ICMA Scholarship programme now available
7 November 2024 As part of our mission to raise standards and support inclusion in the global financial markets, ICMA is offering 15 scholarships to young people interested in a career in the capital markets but who are unable to pursue a financial qualification due to...read more
7 November 2024 As part of our mission to raise standards and support inclusion in the global financial markets, ICMA is offering 15 scholarships to young people interested in a career in the capital markets but who are unable to pursue a financial qualification due to...read more
ICMA welcomes the FCA’s Policy Statement for improving transparency for bond and derivatives markets
6 November 2024 ICMA welcomes the FCA’s Policy Statement for Improving transparency for bond and derivatives markets, published yesterday, which sets out the UK’s post-trade transparency framework for the keenly anticipated consolidated tape. This is an important step in bolstering the UK’s infrastructure for the trading of...read more
6 November 2024 ICMA welcomes the FCA’s Policy Statement for Improving transparency for bond and derivatives markets, published yesterday, which sets out the UK’s post-trade transparency framework for the keenly anticipated consolidated tape. This is an important step in bolstering the UK’s infrastructure for the trading of...read more
ICMA publishes its semi-annual report that provides detailed data on EU and UK sovereign bond market trading activity
5 November 2024 ICMA’s Secondary Market Practices Committee (SMPC) has published its semi-annual report that provides detailed data on EU and UK sovereign bond market trading activity.Previous versions of this report included both sovereign and corporate analysis. Following readers’ input and feedback, the report will now...read more
5 November 2024 ICMA’s Secondary Market Practices Committee (SMPC) has published its semi-annual report that provides detailed data on EU and UK sovereign bond market trading activity.Previous versions of this report included both sovereign and corporate analysis. Following readers’ input and feedback, the report will now...read more
The Principles Guidance Handbook Updated
4 November 2024 The Executive Committee of the Principles with the support of ICMA has published an updated edition of the Guidance Handbook.The November 2024 edition includes three new questions in relation with the Sustainability-Linked Bonds. More particularly, how to treat SLBs in the context...read more
4 November 2024 The Executive Committee of the Principles with the support of ICMA has published an updated edition of the Guidance Handbook.The November 2024 edition includes three new questions in relation with the Sustainability-Linked Bonds. More particularly, how to treat SLBs in the context...read more
ICMA welcomes the release of the Monetary Authority of Singapore’s Guardian Fixed Income Framework (GFIF)
4 November 2024 The International Capital Market Association (ICMA) welcomes today’s publication by the Monetary Authority of Singapore (MAS) of the Guardian Fixed Income Framework (GFIF) under the broader Project Guardian initiative.Project Guardian’s fixed income workstream collaborated with ICMA to develop protocols and data specifications building...read more
4 November 2024 The International Capital Market Association (ICMA) welcomes today’s publication by the Monetary Authority of Singapore (MAS) of the Guardian Fixed Income Framework (GFIF) under the broader Project Guardian initiative.Project Guardian’s fixed income workstream collaborated with ICMA to develop protocols and data specifications building...read more
ICMA comments on the UK’s draft recommendations on T+1
31 October 2024 ICMA has submitted today a set of comments in response to the draft recommendations issued by the Technical Group (TG) of the UK’s Accelerated Settlement Taskforce (AST). The draft recommendations were published on 27 September for market consultation, reflecting several months of detailed discussions within the Technical...read more
31 October 2024 ICMA has submitted today a set of comments in response to the draft recommendations issued by the Technical Group (TG) of the UK’s Accelerated Settlement Taskforce (AST). The draft recommendations were published on 27 September for market consultation, reflecting several months of detailed discussions within the Technical...read more
ICMA publishes Guide to Asia Pacific Repo Markets: Australia
30 October 2024 ICMA’s guide provides a timely and comprehensive overview of the burgeoning Australian repo market, at a time of transition in that market, highlighting recent developments and describing the structure and operation of the market, its infrastructure, types of collateral and counterparties, and the legal and regulatory framework.Download...read more
30 October 2024 ICMA’s guide provides a timely and comprehensive overview of the burgeoning Australian repo market, at a time of transition in that market, highlighting recent developments and describing the structure and operation of the market, its infrastructure, types of collateral and counterparties, and the legal and regulatory framework.Download...read more
ICMA responds to the ESMA MiFID II consultation on ‘Technical Standards specifying the criteria for establishing and assessing the effectiveness of investment firms’ order execution policies’
16 October 2024 ICMA has responded to ESMA’s Consultation Paper on Technical Standards specifying the criteria for establishing and assessing the effectiveness of investment firms’ order execution policies. The response was provided via ICMA’s MiFID Working Group which consists of buy-side, sell-side and market infrastructure providers.read more
16 October 2024 ICMA has responded to ESMA’s Consultation Paper on Technical Standards specifying the criteria for establishing and assessing the effectiveness of investment firms’ order execution policies. The response was provided via ICMA’s MiFID Working Group which consists of buy-side, sell-side and market infrastructure providers.read more
New ICMA members in October 2024
ICMA welcomes the following new members in October 2024: Chongwa (Macao) Financial Asset Exchange Co., Ltd., China; Dagong Global Hong Kong Limited, Hong Kong; DenizBank A.Ş., Republic of Türkiye; National Bank Financial Inc., Canada; Rothesay Life Plc, United Kingdom; and Singapore Sustainable Finance Association (SSFA),...read more
ICMA welcomes the following new members in October 2024: Chongwa (Macao) Financial Asset Exchange Co., Ltd., China; Dagong Global Hong Kong Limited, Hong Kong; DenizBank A.Ş., Republic of Türkiye; National Bank Financial Inc., Canada; Rothesay Life Plc, United Kingdom; and Singapore Sustainable Finance Association (SSFA),...read more
European T+1 Industry Task Force publishes Roadmap for Adoption of T+1 in EU securities markets
14 October 2024 The European T+1 Industry Task Force, which includes ICMA along with 20 other trade associations, has today published a report outlining its preliminary analysis on the regulatory, technical, and operational changes required to facilitate a successful transition to T+1 in EU securities...read more
14 October 2024 The European T+1 Industry Task Force, which includes ICMA along with 20 other trade associations, has today published a report outlining its preliminary analysis on the regulatory, technical, and operational changes required to facilitate a successful transition to T+1 in EU securities...read more
ICMA Quarterly Report for the Fourth Quarter of 2024 now available
10 October 2024 The latest edition of the ICMA quarterly report is now available.To access the report, click here.read more
10 October 2024 The latest edition of the ICMA quarterly report is now available.To access the report, click here.read more
Amendments to the ICMA Primary Market Handbook published October 2024
8 October 2024 Amendments to the ICMA Primary Market Handbook have been published today. For more information, see the ICMA Primary Market Handbook - Amendments/archive page.The associated circular to members is available here for ICMA members and ICMA Primary Market Handbook subscribers only (login details...read more
8 October 2024 Amendments to the ICMA Primary Market Handbook have been published today. For more information, see the ICMA Primary Market Handbook - Amendments/archive page.The associated circular to members is available here for ICMA members and ICMA Primary Market Handbook subscribers only (login details...read more
The Asset Management and Investors Council (AMIC) of ICMA responds to ESMA’s consultation on the characteristics and guidelines on the selection and calibration of liquidity management tools (LMTs) for AIFMD and UCITS
8 October 2024 AMIC welcomes the opportunity to provide feedback on ESMA’s proposed regulatory technical standards (RTS) on the characteristics of liquidity management tools (LMTs), as well as the Guidelines on the selection and calibration of LMTs for AIFMD and UCITS.These measures are critical to ensuring...read more
8 October 2024 AMIC welcomes the opportunity to provide feedback on ESMA’s proposed regulatory technical standards (RTS) on the characteristics of liquidity management tools (LMTs), as well as the Guidelines on the selection and calibration of LMTs for AIFMD and UCITS.These measures are critical to ensuring...read more
ICMA publishes new paper on the role of commercial paper in the sustainable finance market
7 October 2024 The International Capital Market Association (ICMA) has today released a paper entitled "The role of commercial paper in the sustainable finance market," highlighting the growing recognition of the potential of sustainable commercial paper (CP) to form an integral part of sustainable finance strategies.With the...read more
7 October 2024 The International Capital Market Association (ICMA) has today released a paper entitled "The role of commercial paper in the sustainable finance market," highlighting the growing recognition of the potential of sustainable commercial paper (CP) to form an integral part of sustainable finance strategies.With the...read more
ICMA publishes Hong Kong Code of Conduct for ESG ratings and data products providers
3 October 2024 The International Capital Market Association (ICMA) today published the Hong Kong voluntary Code of Conduct for ESG Ratings and Data Products Providers. The development of the Code is sponsored by the Hong Kong Securities and Futures Commission (SFC) which in October 2023 had appointed...read more
3 October 2024 The International Capital Market Association (ICMA) today published the Hong Kong voluntary Code of Conduct for ESG Ratings and Data Products Providers. The development of the Code is sponsored by the Hong Kong Securities and Futures Commission (SFC) which in October 2023 had appointed...read more
ICMA co-signs cross industry statement on the MIFIR RTS 2 post-trade deferral framework for bonds
3 October 2024 Today, a number of leading industry associations, including ICMA, co-signed a cross-industry statement on the MIFIR RTS 2 post-trade deferral framework for bonds. The European Securities and Markets Authority (ESMA) is tasked with establishing the regulatory technical standards for a revised post-trade transparency...read more
3 October 2024 Today, a number of leading industry associations, including ICMA, co-signed a cross-industry statement on the MIFIR RTS 2 post-trade deferral framework for bonds. The European Securities and Markets Authority (ESMA) is tasked with establishing the regulatory technical standards for a revised post-trade transparency...read more
The Executive Committee of the Principles publishes an updated version of the Harmonised Framework for Impact Reporting for Social Bonds
25 September 2024 This handbook outlines core principles and recommendations for reporting to provide issuers with a reference as they develop their own reporting. In 2024, the Impact Reporting Working Group started work on adding core and other impact reporting metrics and sector specific guidance...read more
25 September 2024 This handbook outlines core principles and recommendations for reporting to provide issuers with a reference as they develop their own reporting. In 2024, the Impact Reporting Working Group started work on adding core and other impact reporting metrics and sector specific guidance...read more
ICMA responds to the European Commission’s targeted consultation on artificial intelligence in the financial sector
13 September 2024 ICMA welcomes the opportunity to provide feedback on the European Commission’s targeted consultation on artificial intelligence (AI) in the financial sector.ICMA promotes well-functioning cross-border capital markets, which are essential to fund sustainable economic growth. It is a not-for-profit membership association with offices in...read more
13 September 2024 ICMA welcomes the opportunity to provide feedback on the European Commission’s targeted consultation on artificial intelligence (AI) in the financial sector.ICMA promotes well-functioning cross-border capital markets, which are essential to fund sustainable economic growth. It is a not-for-profit membership association with offices in...read more
Draghi report: Summary of recommendations on CMU and financial services
10 September 2024 This ICMA note summarises, on four pages, the recommendations in the Draghi report, published on 9 September 2024, on Capital Markets Union (CMU) and financial services.Download the note here.read more
10 September 2024 This ICMA note summarises, on four pages, the recommendations in the Draghi report, published on 9 September 2024, on Capital Markets Union (CMU) and financial services.Download the note here.read more
ICMA responds to ESMA consultation on the scope of CSDR settlement discipline
9 September 2024 ICMA has today submitted a responseto ESMA’s consultation paper on Technical Advice on the Scope of CSDR Settlement Discipline. The consultation sought stakeholder views on two specific exemptions from settlement discipline measures that are set out in the CSDR Refit article 7(9) and which ESMA has...read more
9 September 2024 ICMA has today submitted a responseto ESMA’s consultation paper on Technical Advice on the Scope of CSDR Settlement Discipline. The consultation sought stakeholder views on two specific exemptions from settlement discipline measures that are set out in the CSDR Refit article 7(9) and which ESMA has...read more
ICMA publishes summary report following its 2024 Repo & Sustainability Survey
30 August 2024 ICMA’s Repo & Sustainability Taskforce has published a summary report to reflect the feedback received in response to its 2024 Repo & Sustainability Market Survey, launched in February 2024. Building on the observations and categorisations from ICMA’s 2022 paper on sustainability in the repo market, the...read more
30 August 2024 ICMA’s Repo & Sustainability Taskforce has published a summary report to reflect the feedback received in response to its 2024 Repo & Sustainability Market Survey, launched in February 2024. Building on the observations and categorisations from ICMA’s 2022 paper on sustainability in the repo market, the...read more
ICMA responds to the ESMA MiFIR Review Consultation Package on Technical Standards related to Consolidated Tape Providers and DRSPs and assessment criteria for the CTP selection procedure
29 August ICMA welcomes ESMA’s proposals to further define the EU consolidated tape framework with a view to improving transparency in the EU bond markets, following the latest amendment of the Markets in Financial Instruments Regulation (MiFIR) which entered into force on 28 March 2024.Key points:As...read more
29 August ICMA welcomes ESMA’s proposals to further define the EU consolidated tape framework with a view to improving transparency in the EU bond markets, following the latest amendment of the Markets in Financial Instruments Regulation (MiFIR) which entered into force on 28 March 2024.Key points:As...read more
ICMA responds to the MiFIR Consultation Package on the Review of RTS 2 on transparency for bonds, structured finance products and emission allowances, draft RTS on reasonable commercial basis and review of RTS 23 on supply of reference data
29 August ICMA welcomes the opportunity to respond to ESMA’s Consultations on the Review of RTS 2 and draft RTS on reasonable commercial basis, as part of ESMA’s MiFIR Review Consultation Package : Review of RTS 2 on transparency for bonds, structured finance products and...read more
29 August ICMA welcomes the opportunity to respond to ESMA’s Consultations on the Review of RTS 2 and draft RTS on reasonable commercial basis, as part of ESMA’s MiFIR Review Consultation Package : Review of RTS 2 on transparency for bonds, structured finance products and...read more
New ICMA members in August 2024
ICMA welcomes the following new members in August 2024: Emirates NBD Capital Limited, United Arab Emirates; Freedom Finance Global plc, Kazakhstan; Macquarie Group Limited, Australia and Morgan, Lewis and Bockius UK LLP, United Kingdom.read more
ICMA welcomes the following new members in August 2024: Emirates NBD Capital Limited, United Arab Emirates; Freedom Finance Global plc, Kazakhstan; Macquarie Group Limited, Australia and Morgan, Lewis and Bockius UK LLP, United Kingdom.read more
ICMA publishes GMRA Digital Assets Annex
19 August 2024 ICMA is pleased to announce the publication of the Digital Assets Annex, a significant new addition to the Global Master Repurchase Agreement (GMRA). The Digital Assets Annex has been prepared as part of a joint project between ICMA and ISLA aiming to bring...read more
19 August 2024 ICMA is pleased to announce the publication of the Digital Assets Annex, a significant new addition to the Global Master Repurchase Agreement (GMRA). The Digital Assets Annex has been prepared as part of a joint project between ICMA and ISLA aiming to bring...read more
ICMA publishes new GMRA legal opinion for Ghana
8 August 2024 ICMA is pleased to announce the publication of a new Global Master Repurchase Agreement (GMRA) legal opinion for Ghana. Following member requests, ICMA commissioned a legal opinion for Ghana that covers the enforceability of the netting provisions of the GMRA, as well as the...read more
8 August 2024 ICMA is pleased to announce the publication of a new Global Master Repurchase Agreement (GMRA) legal opinion for Ghana. Following member requests, ICMA commissioned a legal opinion for Ghana that covers the enforceability of the netting provisions of the GMRA, as well as the...read more
ICMA and Bloomberg survey finds that global investors expect KTB market reforms to boost interest and trading efficiency
25 July 2024 New survey analysis of Korea Treasury Bonds (KTB) reveals significant untapped market potential for KTB trading. The survey, conducted by Bloomberg and the International Capital Market Association (ICMA), suggests that recent market reforms can generate increased interest in KTB trading.The study surveyed more...read more
25 July 2024 New survey analysis of Korea Treasury Bonds (KTB) reveals significant untapped market potential for KTB trading. The survey, conducted by Bloomberg and the International Capital Market Association (ICMA), suggests that recent market reforms can generate increased interest in KTB trading.The study surveyed more...read more
ICMA Quarterly Report for the Third Quarter of 2024 now available
10 July 2024 The latest edition of the ICMA quarterly report is now available.To access the report, click here.read more
10 July 2024 The latest edition of the ICMA quarterly report is now available.To access the report, click here.read more
ICMA and the NUS Asian Institute of Digital Finance announce strategic collaboration
3 July 2024 ICMA is pleased to announce its strategic alliance with the Asian Institute of Digital Finance (AIDF), a university-level research institute under the National University of Singapore, to advance educational excellence with industry relevance.To formalise this collaboration, ICMA and NUS-AIDF have signed a...read more
3 July 2024 ICMA is pleased to announce its strategic alliance with the Asian Institute of Digital Finance (AIDF), a university-level research institute under the National University of Singapore, to advance educational excellence with industry relevance.To formalise this collaboration, ICMA and NUS-AIDF have signed a...read more
The Principles announce guidance for green enabling projects and guidelines for Sustainability-Linked Loan financing Bonds (SLLB) alongside other important updates
25 June 2024 The Green, Social, Sustainability and Sustainability-Linked Bond Principles (the “Principles”) announce guidance for green enabling projects and guidelines for Sustainability-Linked Loan financing Bonds (SLLB) alongside other important updates. The Principles are the global standard for the $5 trillion sustainable bond market that...read more
25 June 2024 The Green, Social, Sustainability and Sustainability-Linked Bond Principles (the “Principles”) announce guidance for green enabling projects and guidelines for Sustainability-Linked Loan financing Bonds (SLLB) alongside other important updates. The Principles are the global standard for the $5 trillion sustainable bond market that...read more
ICMA launches video series to support the industry in navigating a rapidly changing market
20 June 2024 International Capital Markets Association (ICMA) Education & Training, the leading training provider for finance professionals, has unveiled the first two videos in a new 10-part series, “ICMA Education and Training presents: Let’s Talk Markets”. The series sees industry experts discussing key industry trends,...read more
20 June 2024 International Capital Markets Association (ICMA) Education & Training, the leading training provider for finance professionals, has unveiled the first two videos in a new 10-part series, “ICMA Education and Training presents: Let’s Talk Markets”. The series sees industry experts discussing key industry trends,...read more
ICMA feedback on the application of Paris-aligned Benchmarks (PAB) exclusions to sustainable bond investments under the recent ESMA Guidelines
20 June 2024 Today, ICMA has given feedback on the application of Paris-aligned Benchmarks (PAB) exclusions to sustainable bond investments under the recent ESMA Guidelines.Click here to read the feedback. ...read more
20 June 2024 Today, ICMA has given feedback on the application of Paris-aligned Benchmarks (PAB) exclusions to sustainable bond investments under the recent ESMA Guidelines.Click here to read the feedback. ...read more
Enter the ICMA Future Leaders Essay Competition
11 June 2024 Professionals with a maximum of 8 years experience in financial markets and who currently work for ICMA member firms are invited to take part in the ICMA Future Leaders (IFL) essay competition on the theme of ‘Navigating the future of finance: Transforming...read more
11 June 2024 Professionals with a maximum of 8 years experience in financial markets and who currently work for ICMA member firms are invited to take part in the ICMA Future Leaders (IFL) essay competition on the theme of ‘Navigating the future of finance: Transforming...read more
ICMA responds to the technical standards proposed by ESMA for the external reviewers of EuGBs
11 June 2024 ICMA has today responded to the technical standards proposed by ESMA for the external reviewers of EuGBs.View the response...read more
11 June 2024 ICMA has today responded to the technical standards proposed by ESMA for the external reviewers of EuGBs.View the response...read more
Highlights of the 56th ICMA AGM & Conference in Brussels
The 2024 ICMA Annual General Meeting (AGM) and Conference was the 56th edition of ICMA’s flagship event which brought together its global membership and representatives from the wider financial market. This year’s event in Brussels attracted 1,100 senior public sector officials, bankers and investors who...read more
The 2024 ICMA Annual General Meeting (AGM) and Conference was the 56th edition of ICMA’s flagship event which brought together its global membership and representatives from the wider financial market. This year’s event in Brussels attracted 1,100 senior public sector officials, bankers and investors who...read more
ICMA responds to joint Bank of England and FCA consultation on a Digital Securities Sandbox
29 May 2024 The International Capital Market Association (ICMA) today submits its response to the Bank of England’s and FCA’s proposal to implement and operate the Digital Securities Sandbox (hereafter referred to as “Sandbox” for ease of reference).ICMA’s response reflects the views of a subset of...read more
29 May 2024 The International Capital Market Association (ICMA) today submits its response to the Bank of England’s and FCA’s proposal to implement and operate the Digital Securities Sandbox (hereafter referred to as “Sandbox” for ease of reference).ICMA’s response reflects the views of a subset of...read more
ICMA members elect new board at Brussels annual meeting
23 May 2024 Members of the International Capital Market Association (ICMA), the global trade association for the cross-border bond markets, have elected new board members at the ICMA annual general meeting in Brussels. The following were elected to the Board:...read more
23 May 2024 Members of the International Capital Market Association (ICMA), the global trade association for the cross-border bond markets, have elected new board members at the ICMA annual general meeting in Brussels. The following were elected to the Board:...read more
ICMA ERCC publishes Best Practices on pair-offs and error trades for consultation
20 May 2024 ICMA’s European Repo and Collateral Council (ERCC) has published today two separate sets of proposed best practices for wider market consultation on pair-offs and error trades.read more
20 May 2024 ICMA’s European Repo and Collateral Council (ERCC) has published today two separate sets of proposed best practices for wider market consultation on pair-offs and error trades.read more
Industry-led working group launches consultation on Hong Kong Code of Conduct for ESG ratings and data products providers
17 May 2024 The Hong Kong Environmental, Social and Governance (ESG) ratings and data products providers Voluntary Code of Conduct Working Group (VCWG), with Secretariat provided by the International Capital Market Association (ICMA) and with the support and sponsorship of the Hong Kong Securities and Futures...read more
17 May 2024 The Hong Kong Environmental, Social and Governance (ESG) ratings and data products providers Voluntary Code of Conduct Working Group (VCWG), with Secretariat provided by the International Capital Market Association (ICMA) and with the support and sponsorship of the Hong Kong Securities and Futures...read more
ICMA announces new co-head structure for its Market Practice and Regulatory Policy team
14 May 2024 ICMA is pleased to announce that effective 1 July, Andy Hill and Natalie Westerbarkey will co-head ICMA’s Market Practice and Regulatory Policy (MPRP) team. Within this, Andy will lead our work on Market Practice and Natalie will lead on Public Policy and...read more
14 May 2024 ICMA is pleased to announce that effective 1 July, Andy Hill and Natalie Westerbarkey will co-head ICMA’s Market Practice and Regulatory Policy (MPRP) team. Within this, Andy will lead our work on Market Practice and Natalie will lead on Public Policy and...read more
The European repo market – ICMA survey shows record outstanding value of EUR 10.9 trillion at December 2023
14 May 2024 ICMA’s European Repo and Collateral Council (ERCC) has today released the results of its 46th semi-annual survey of the European repo market.The survey measured and analysed the value of outstanding repo plus reverse repo on the books of 60 participants at close...read more
14 May 2024 ICMA’s European Repo and Collateral Council (ERCC) has today released the results of its 46th semi-annual survey of the European repo market.The survey measured and analysed the value of outstanding repo plus reverse repo on the books of 60 participants at close...read more
ICMA ERCC publishes a Briefing Note on EU NSFR and short-term reverse repos
7 May 2024 The ERCC has published a Briefing Note highlighting concerns related to the re-calibration of the NSFR RSF factors for short-term securities financing transactions that is due to be applied in the EU in June 2025. The note attempts to quantify the impacts for EU banks,...read more
7 May 2024 The ERCC has published a Briefing Note highlighting concerns related to the re-calibration of the NSFR RSF factors for short-term securities financing transactions that is due to be applied in the EU in June 2025. The note attempts to quantify the impacts for EU banks,...read more
ICMA, IsDB and LSEG publish guidance on green, social and sustainability sukuk
29 April 2024 The International Capital Market Association (ICMA), the Islamic Development Bank (IsDB) and LSEG (London Stock Exchange Group) today publish new guidance on the issuance of green, social and sustainability sukuk (together, “sustainable sukuk”).A copy of the guidance can be found here.The guidance...read more
29 April 2024 The International Capital Market Association (ICMA), the Islamic Development Bank (IsDB) and LSEG (London Stock Exchange Group) today publish new guidance on the issuance of green, social and sustainability sukuk (together, “sustainable sukuk”).A copy of the guidance can be found here.The guidance...read more
New ICMA members in April 2024
ICMA welcomes the following new members in April 2024: Charltons, Hong Kong; Japan Credit Rating Agency, Ltd., Japan; and Snam S.p.A., Italy.read more
ICMA welcomes the following new members in April 2024: Charltons, Hong Kong; Japan Credit Rating Agency, Ltd., Japan; and Snam S.p.A., Italy.read more
ICMA Quarterly Report for the Second Quarter of 2024 now available
11 April 2024 The latest edition of the ICMA quarterly report is now available...read more
11 April 2024 The latest edition of the ICMA quarterly report is now available...read more
ICMA publishes 2024 legal opinion updates for the Global Master Repurchase Agreement
11 April 2024 Today ICMA announced the publication of the 2024 GMRA legal opinion updates. The opinions provide ICMA members with exclusive access to a substantive body of legal know-how regarding the enforceability of the GMRA and, in particular, the GMRA netting provisions in almost...read more
11 April 2024 Today ICMA announced the publication of the 2024 GMRA legal opinion updates. The opinions provide ICMA members with exclusive access to a substantive body of legal know-how regarding the enforceability of the GMRA and, in particular, the GMRA netting provisions in almost...read more
ICMA welcomes Geffen Report on faster settlement of financial trades in the UK
28 March 2024 ICMA welcomes the report released today by the Chairman of the UK Accelerated Settlement Taskforce (AST), Charlie Geffen (the “Geffen Report”). ICMA has been a member of the AST since its inauguration in December 2022, and an active contributor to the constructive...read more
28 March 2024 ICMA welcomes the report released today by the Chairman of the UK Accelerated Settlement Taskforce (AST), Charlie Geffen (the “Geffen Report”). ICMA has been a member of the AST since its inauguration in December 2022, and an active contributor to the constructive...read more
ICMA publishes a fourth edition of The Asian International Bond Markets: Developments and Trends report
26 March 2024 ICMA, with support from the Hong Kong Monetary Authority, is pleased to announce the release of the fourth edition of its highly anticipated report, The Asian International Bond Markets: Development and Trends.Download the report here:English version Chinese versionAmidst global challenges such as fluctuating...read more
26 March 2024 ICMA, with support from the Hong Kong Monetary Authority, is pleased to announce the release of the fourth edition of its highly anticipated report, The Asian International Bond Markets: Development and Trends.Download the report here:English version Chinese versionAmidst global challenges such as fluctuating...read more
ICMA and CCDC issue joint White Paper on the use of RMB bonds in global repo transactions
26 March 2024 ICMA and the China Central Depository & Clearing Co (CCDC) issued an English edition of their joint White Paper Use of RMB-denominated Bonds as Collateral for Global Repo Transactions. The paper was released at an ICMA event in Hong Kong (hosted by HKMA)...read more
26 March 2024 ICMA and the China Central Depository & Clearing Co (CCDC) issued an English edition of their joint White Paper Use of RMB-denominated Bonds as Collateral for Global Repo Transactions. The paper was released at an ICMA event in Hong Kong (hosted by HKMA)...read more
ICMA co-signs Joint Associations’ response to the ESMA consultation of December 2023 on the review of SECR Article 7 templates
25 March 2024 ICMA co-signs Joint Associations’ response to the ESMA consultation of December 2023 on the review of SECR Article 7 templates.The promotion of well-functioning cross-border debt securities markets, without unnecessary fragmentation, is at the heart of ICMA’s mission and a priority for ICMA’s members. This...read more
25 March 2024 ICMA co-signs Joint Associations’ response to the ESMA consultation of December 2023 on the review of SECR Article 7 templates.The promotion of well-functioning cross-border debt securities markets, without unnecessary fragmentation, is at the heart of ICMA’s mission and a priority for ICMA’s members. This...read more
ICMA publishes report outlining how bond markets can meet future EU investment challenges
22 March 2024 ICMA has today published a report entitled “Bond markets to meet EU investment challenges”, containing regulatory policy recommendations for the next EU political cycle.The report underlines the transformational role that bond markets can play in funding the investment that the EU needs for sustainable economic growth...read more
22 March 2024 ICMA has today published a report entitled “Bond markets to meet EU investment challenges”, containing regulatory policy recommendations for the next EU political cycle.The report underlines the transformational role that bond markets can play in funding the investment that the EU needs for sustainable economic growth...read more
ICMA publishes the fourth semi-annual report that provides detailed data on EU and UK bond market trading activity
19 March 2024 ICMA’s Secondary Market Practices Committee (SMPC) has published its fourth semi-annual report that provides detailed data on EU and UK bond market trading activity.This report was produced in collaboration with Propellant.digital.One of the core objectives of MiFID II/MiFIR was to provide greater...read more
19 March 2024 ICMA’s Secondary Market Practices Committee (SMPC) has published its fourth semi-annual report that provides detailed data on EU and UK bond market trading activity.This report was produced in collaboration with Propellant.digital.One of the core objectives of MiFID II/MiFIR was to provide greater...read more
ICMA and a number of US and global organisations oppose New York legislature bill on sovereign debt
13 March 2024 Today, the International Capital Market Association (ICMA), The American Council of Life Insurers (ACLI), The Credit Roundtable (CRT), the Investment Company Institute (ICI), the Institute of International Finance (IIF), the Life Insurance Council of New York (LICONY), the Partnership for New York City...read more
13 March 2024 Today, the International Capital Market Association (ICMA), The American Council of Life Insurers (ACLI), The Credit Roundtable (CRT), the Investment Company Institute (ICI), the Institute of International Finance (IIF), the Life Insurance Council of New York (LICONY), the Partnership for New York City...read more
New ICMA members in March 2024
ICMA welcomes the following new members in March 2024: Autostrade per l'Italia S.p.A., Italy Cassa depositi e prestiti S.p.A., Italy Commercial Bank of Dubai PSC, UAE Hamburg Commercial Bank AG, Germany Oldenburgische Landesbank AG, Germany Shook Lin & Bok LLP, Singapore SynTao Green Finance Co, Ltd., China Click here to view the full list of...read more
ICMA welcomes the following new members in March 2024: Autostrade per l'Italia S.p.A., Italy Cassa depositi e prestiti S.p.A., Italy Commercial Bank of Dubai PSC, UAE Hamburg Commercial Bank AG, Germany Oldenburgische Landesbank AG, Germany Shook Lin & Bok LLP, Singapore SynTao Green Finance Co, Ltd., China Click here to view the full list of...read more
ICMA publishes briefing note on the ESMA proposals for CSDR penalties
11 March 2024 ICMA has published a briefing note on the ESMA proposals for CSDR penalties. The briefing note is in response to ESMA proposals to increase the penalty rates for settlement fails, as applied under the EU CSDR, from current levels by a factor of...read more
11 March 2024 ICMA has published a briefing note on the ESMA proposals for CSDR penalties. The briefing note is in response to ESMA proposals to increase the penalty rates for settlement fails, as applied under the EU CSDR, from current levels by a factor of...read more
ICMA responds to UK FCA Consultation on improving transparency for bond and derivatives markets
7 March 2024 ICMA is pleased to announce that it has submitted its response to the FCA consultation CP23/32 Improving transparency for bond and derivatives markets. ICMA has long advocated for the introduction of a consolidated tape for bonds in Europe, supported by a well-designed and...read more
7 March 2024 ICMA is pleased to announce that it has submitted its response to the FCA consultation CP23/32 Improving transparency for bond and derivatives markets. ICMA has long advocated for the introduction of a consolidated tape for bonds in Europe, supported by a well-designed and...read more
ICMA publishes a new paper on liquidity and resilience in the core European sovereign bond markets
5 March 2024 ICMA has published an in-depth analysis of liquidity and resilience in the core European sovereign bond markets. Using data analysis, modelling, as well as interviews with sell-side and buy-side market participants, the report attempts to identify potential vulnerabilities in underlying market structure.Focused on the five...read more
5 March 2024 ICMA has published an in-depth analysis of liquidity and resilience in the core European sovereign bond markets. Using data analysis, modelling, as well as interviews with sell-side and buy-side market participants, the report attempts to identify potential vulnerabilities in underlying market structure.Focused on the five...read more
ICMA has responded to the ESMA consultation on the EU CSDR Penalty Mechanism
29 February 2024 ICMA has responded to the ESMA consultation on the EU CSDR Penalty Mechanism. ICMA and its members welcome the opportunity to review the EU CSDR Penalty Mechanism and to make constructive suggestions to enhance its effectiveness. However, it is disappointed that the...read more
29 February 2024 ICMA has responded to the ESMA consultation on the EU CSDR Penalty Mechanism. ICMA and its members welcome the opportunity to review the EU CSDR Penalty Mechanism and to make constructive suggestions to enhance its effectiveness. However, it is disappointed that the...read more
ICMA publishes a new paper on transition finance in the debt capital market
14 February 2024 The International Capital Market Association (ICMA) publishes a new paper on transition finance in the debt capital market.ICMA has been at the forefront of transition finance since the release in 2020 of the Climate Transition Handbook (CTFH). Today we publish a new thought-leadership paper...read more
14 February 2024 The International Capital Market Association (ICMA) publishes a new paper on transition finance in the debt capital market.ICMA has been at the forefront of transition finance since the release in 2020 of the Climate Transition Handbook (CTFH). Today we publish a new thought-leadership paper...read more
ICMA announces 2024 scholarship programme recipients
12 February 2024 ICMA is delighted to announce the students who have been selected from Africa and Asia to join our 2024 scholarship programme.The 15 individuals were selected from an extensive number of applicants, based on their academic attainments and a personal statement on their suitability for their chosen course...read more
12 February 2024 ICMA is delighted to announce the students who have been selected from Africa and Asia to join our 2024 scholarship programme.The 15 individuals were selected from an extensive number of applicants, based on their academic attainments and a personal statement on their suitability for their chosen course...read more
ICMA responds to the FCA Consultation CP23/33 on Payments to Data Providers
ICMA submitted today its response to the UK FCA Consultation on Payments to data providers and forms for Date Reporting Services Providers (CP23/33) Key messages: ICMA welcomes the introduction of a UK consolidated tape for bonds to improve bond market transparency, thereby reducing the cost of accessing...read more
ICMA submitted today its response to the UK FCA Consultation on Payments to data providers and forms for Date Reporting Services Providers (CP23/33) Key messages: ICMA welcomes the introduction of a UK consolidated tape for bonds to improve bond market transparency, thereby reducing the cost of accessing...read more
Results of the ERCC Committee elections 2024
8 February 2024 We are pleased to announce the 19 individuals that were successfully elected to form the new ERCC Committee. The term of office of the Committee will be approximately one year starting immediately and ending on the day the results of the 2025 ERCC...read more
8 February 2024 We are pleased to announce the 19 individuals that were successfully elected to form the new ERCC Committee. The term of office of the Committee will be approximately one year starting immediately and ending on the day the results of the 2025 ERCC...read more
ICMA welcomes the HKSAR Government digital green bonds’ alignment with ICMA’s Bond Data Taxonomy
The International Capital Market Association (ICMA) today welcomes the Hong Kong Monetary Authority (HKMA)’s announcement of a successful offering of digital green bonds implementing ICMA’s Bond Data Taxonomy.The digital green bonds issued by the Government of the Hong Kong Special Administrative Region of the People’s...read more
The International Capital Market Association (ICMA) today welcomes the Hong Kong Monetary Authority (HKMA)’s announcement of a successful offering of digital green bonds implementing ICMA’s Bond Data Taxonomy.The digital green bonds issued by the Government of the Hong Kong Special Administrative Region of the People’s...read more
New ICMA members in February 2024
ICMA welcomes the following new members in February 2024: Abu Dhabi Commercial Bank PJSC, United Arab Emirates; aosphere Trading Limited, United Kingdom; Bank of Nova Scotia, Canada; GIC Private Limited, Singapore; H Capital Ventures Management Consultancies Co. LLC, United Arab Emirates; J.P. Morgan Chase Bank...read more
ICMA welcomes the following new members in February 2024: Abu Dhabi Commercial Bank PJSC, United Arab Emirates; aosphere Trading Limited, United Kingdom; Bank of Nova Scotia, Canada; GIC Private Limited, Singapore; H Capital Ventures Management Consultancies Co. LLC, United Arab Emirates; J.P. Morgan Chase Bank...read more
ICMA co-signs joint trade association response to BCBS consultation on banks' disclosure of crypto-asset exposures
1 February 2024 ICMA has co-signed, alongside the Global Financial Markets Association, the Institute of International Finance, and the International Swaps and Derivatives Association, a joint trade association response which was submitted on 31 January 2024 to the Basel Committee on Banking Supervision’s (BCBS) public consultation...read more
1 February 2024 ICMA has co-signed, alongside the Global Financial Markets Association, the Institute of International Finance, and the International Swaps and Derivatives Association, a joint trade association response which was submitted on 31 January 2024 to the Basel Committee on Banking Supervision’s (BCBS) public consultation...read more
ICMA ERCC responds to AMI-SeCo survey on remaining post-trade barriers in Europe
31 January 2024 The ERCC has submitted a response to an ECB survey on remaining post-trade-barriers in Europe which was launched among members of the ECB’s Advisory Group for Market Infrastructures for Securities and Collateral (AMI-SeCO). The ERCC is represented on the AMI-SeCo through ERCC...read more
31 January 2024 The ERCC has submitted a response to an ECB survey on remaining post-trade-barriers in Europe which was launched among members of the ECB’s Advisory Group for Market Infrastructures for Securities and Collateral (AMI-SeCO). The ERCC is represented on the AMI-SeCo through ERCC...read more
ICMA ERCC publishes its analysis of how the repo market performed over the 2023 year-end
29 January 2024 The ICMA European Repo and Collateral Committee has published its annual analysis of how the repo market performed over the recent year-end: The European repo market at 2023 year-end.Year-end repo market pricing and liquidity are generally a focus of market attention, with...read more
29 January 2024 The ICMA European Repo and Collateral Committee has published its annual analysis of how the repo market performed over the recent year-end: The European repo market at 2023 year-end.Year-end repo market pricing and liquidity are generally a focus of market attention, with...read more
ICMA and ASIFMA publish results of the latest survey of the Asia-Pacific repo market
26 January 2024 ICMA’s Global Repo and Collateral Forum (GRCF) and ASIFMA’s Secured Funding Markets Committee have published the results of the latest survey of the Asia-Pacific repo market.Using similar methodology to the established European repo market survey, released by ICMA’s European Repo and Collateral Council (ERCC),...read more
26 January 2024 ICMA’s Global Repo and Collateral Forum (GRCF) and ASIFMA’s Secured Funding Markets Committee have published the results of the latest survey of the Asia-Pacific repo market.Using similar methodology to the established European repo market survey, released by ICMA’s European Repo and Collateral Council (ERCC),...read more
Celebrating 10 years of the Green Bond Principles
Since the release of the Green Bond Principles, ICMA and its members have played a central role in nurturing and promoting best practice in sustainable finance.In January 2024, we celebrated 10 years of the Green Bond Principles. A lot has been achieved in that time.In...read more
Since the release of the Green Bond Principles, ICMA and its members have played a central role in nurturing and promoting best practice in sustainable finance.In January 2024, we celebrated 10 years of the Green Bond Principles. A lot has been achieved in that time.In...read more
Paul Richards to step down as Head of ICMA’s Market Practice and Regulatory Policy
After working for over 50 years in international capital markets and with the official sector, including the last 16 years as Head of Market Practice and Regulatory Policy (MPRP) at ICMA, Paul Richards will be stepping down from this role at the end of June...read more
After working for over 50 years in international capital markets and with the official sector, including the last 16 years as Head of Market Practice and Regulatory Policy (MPRP) at ICMA, Paul Richards will be stepping down from this role at the end of June...read more
New ICMA members in January 2024
ICMA welcomes the following new members in January 2024: A2A S.p.A., Italy; British Arab Commercial Bank plc, United Kingdom...read more
ICMA welcomes the following new members in January 2024: A2A S.p.A., Italy; British Arab Commercial Bank plc, United Kingdom...read more
A review of 2023: ICMA members update
21 December 2023 Reflecting on 2023: An overview of ICMA's Strategic and Member-Centric Initiatives. Our December update for members includes: An overview of activity in 2023 from Bryan Pascoe, Chief Executive Officer of ICMA; Navigating Primary Markets in 2023: A Market Insight Recap; Secondary Markets...read more
21 December 2023 Reflecting on 2023: An overview of ICMA's Strategic and Member-Centric Initiatives. Our December update for members includes: An overview of activity in 2023 from Bryan Pascoe, Chief Executive Officer of ICMA; Navigating Primary Markets in 2023: A Market Insight Recap; Secondary Markets...read more
The European repo market – ICMA survey shows new record outstanding value of EUR 10,794 billion at June 2023
20 December 2023 ICMA’s European Repo and Collateral Council (ERCC) has today released the results of its 45th semi-annual survey of the European repo market.The survey measured and analysed the value of outstanding repo plus reverse repo on the books of 62 participants at close...read more
20 December 2023 ICMA’s European Repo and Collateral Council (ERCC) has today released the results of its 45th semi-annual survey of the European repo market.The survey measured and analysed the value of outstanding repo plus reverse repo on the books of 62 participants at close...read more
ICMA responds to ESMA Call for Evidence on the Shortening of the settlement cycle
15 December 2023 ICMA has responded to the ESMA Call for Evidence on the shortening of the settlement cycle. The response was produced by ICMA’s T+1 Taskforce, representing around 150 members, including sell-sides, buy-sides, market infrastructures as well as other relevant service providers.ICMA views a potential...read more
15 December 2023 ICMA has responded to the ESMA Call for Evidence on the shortening of the settlement cycle. The response was produced by ICMA’s T+1 Taskforce, representing around 150 members, including sell-sides, buy-sides, market infrastructures as well as other relevant service providers.ICMA views a potential...read more
ICMA publishes a new GMRA annex and templates
14 December 2023 ICMA is pleased to announce the publication of a new annex and templates to accompany the 2000 and 2011 versions of the Global Master Repurchase Agreement (GMRA). Developed by the ICMA Repo Legal Working Group, working with Linklaters, the following templates have...read more
14 December 2023 ICMA is pleased to announce the publication of a new annex and templates to accompany the 2000 and 2011 versions of the Global Master Repurchase Agreement (GMRA). Developed by the ICMA Repo Legal Working Group, working with Linklaters, the following templates have...read more
ICMA publishes voluntary Code of Conduct for ESG ratings and data products providers
14 December 2023 The International Capital Market Association (ICMA) today publishes a new, globally consistent, voluntary Code of Conduct for ESG ratings and data products providers. A copy of the Code can be found here.In line with recommendations by the International Organization of Securities Commissions (IOSCO), the Code focuses on...read more
14 December 2023 The International Capital Market Association (ICMA) today publishes a new, globally consistent, voluntary Code of Conduct for ESG ratings and data products providers. A copy of the Code can be found here.In line with recommendations by the International Organization of Securities Commissions (IOSCO), the Code focuses on...read more
Joint ICMA response to the European Commission’s targeted consultation on the SFDR
13 December 2023 ICMA submitted today its response to the European Commission’s targeted consultation on the SFDR. behalf of ICMA and its constituents, especially by the Asset Management & Investors Council (AMIC) and the Executive Committee of the Principles.The letter summarising our key responses and positions...read more
13 December 2023 ICMA submitted today its response to the European Commission’s targeted consultation on the SFDR. behalf of ICMA and its constituents, especially by the Asset Management & Investors Council (AMIC) and the Executive Committee of the Principles.The letter summarising our key responses and positions...read more
New ICMA members in December 2023
ICMA welcomes the following new members in December 2023: Banque Nomura, France Korea Exchange, Inc., Republic of Korea Wells Fargo Securities Europe S.A., France Wells Fargo Securities International Limited, United Kingdom Click here to view the full list of ICMA members...read more
ICMA welcomes the following new members in December 2023: Banque Nomura, France Korea Exchange, Inc., Republic of Korea Wells Fargo Securities Europe S.A., France Wells Fargo Securities International Limited, United Kingdom Click here to view the full list of ICMA members...read more
ICMA to host list of adopters of the Singapore Code of Conduct for ESG Rating and Data Product Providers
7 December 2023 The Singapore Code of Conduct for ESG Rating and Data Product Providers was co-created by the Monetary Authority of Singapore (MAS) with industry players and aims to establish baseline industry standards of transparency in methodologies and data sources, governance, and management of conflicts of interest that...read more
7 December 2023 The Singapore Code of Conduct for ESG Rating and Data Product Providers was co-created by the Monetary Authority of Singapore (MAS) with industry players and aims to establish baseline industry standards of transparency in methodologies and data sources, governance, and management of conflicts of interest that...read more
ICMA publishes updated Master Regulatory Reporting Agreement
6 December 2023 ICMA has today, in collaboration with AFME, FIA, ISDA and ISLA, published an updated version of the Master Regulatory Reporting Agreement (MRRA) and the accompanying Explanatory Memorandum. Originally published in 2019, the MRRA provides users with a template agreement for documenting regulatory reporting arrangements...read more
6 December 2023 ICMA has today, in collaboration with AFME, FIA, ISDA and ISLA, published an updated version of the Master Regulatory Reporting Agreement (MRRA) and the accompanying Explanatory Memorandum. Originally published in 2019, the MRRA provides users with a template agreement for documenting regulatory reporting arrangements...read more
ICMA, IsDB and LSEG announce collaboration to develop a practitioners guide on the issuance of Green Sukuk
4 December 2023 ICMA has announced an industry collaboration with the Islamic Development Bank (IsDB) and the London Stock Exchange Group (LSEG) on the sidelines of the COP28 in Dubai. The three parties will work to develop a practitioners’ guide on the issuance of Sukuk (Islamic...read more
4 December 2023 ICMA has announced an industry collaboration with the Islamic Development Bank (IsDB) and the London Stock Exchange Group (LSEG) on the sidelines of the COP28 in Dubai. The three parties will work to develop a practitioners’ guide on the issuance of Sukuk (Islamic...read more
ICMA, ISDA, ISLA and FINOS launch version 5.0 of the Common Domain Model
4 December 2023 ICMA, in partnership with the International Swaps and Derivatives Association (ISDA), the International Securities Lending Association (ISLA) and the Fintech Open Source Foundation (FINOS) announce the launch of version 5.0 of the Common Domain Model (CDM), released in November. This major release, hosted on...read more
4 December 2023 ICMA, in partnership with the International Swaps and Derivatives Association (ISDA), the International Securities Lending Association (ISLA) and the Fintech Open Source Foundation (FINOS) announce the launch of version 5.0 of the Common Domain Model (CDM), released in November. This major release, hosted on...read more
ICMA at COP28
Nicholas Pfaff, deputy CEO and Head of Sustainable Finance, and Simone Utermarck are headed to UAE for COP28, where they have a full schedule of conference engagements, championing the role that The Principles play in the global sustainable bond markets, helping corporates and countries to...read more
Nicholas Pfaff, deputy CEO and Head of Sustainable Finance, and Simone Utermarck are headed to UAE for COP28, where they have a full schedule of conference engagements, championing the role that The Principles play in the global sustainable bond markets, helping corporates and countries to...read more
ICMA and the Executive Committee of the Principles update the Guidance Handbook
29 November 2023 The Executive Committee of the Principles with the support of ICMA has published in November 2023 an updated edition of the Guidance Handbook.Since the original publication of the Green Bond Principles (GBP) in 2014, and the subsequent releases of the Social Bond...read more
29 November 2023 The Executive Committee of the Principles with the support of ICMA has published in November 2023 an updated edition of the Guidance Handbook.Since the original publication of the Green Bond Principles (GBP) in 2014, and the subsequent releases of the Social Bond...read more
ICMA publishes considerations for risk factors and disclosure in DLT bond documentation
21 November 2023 The International Capital Market Association (ICMA) has today released a paper that offers further insight into legal aspects of distributed ledger technology (DLT) and blockchain relating to the issuance of debt securities. To promote transparency in light of the increasing frequency of tokenised securities...read more
21 November 2023 The International Capital Market Association (ICMA) has today released a paper that offers further insight into legal aspects of distributed ledger technology (DLT) and blockchain relating to the issuance of debt securities. To promote transparency in light of the increasing frequency of tokenised securities...read more
Are you attending COP28?
17 November 2023 ICMA will be represented at COP28 in the UAE this December with our delegation composed of:Nicholas Pfaff, ICMA Deputy CEO, Head of Sustainable Finance and Simone Utermarck, Director, Sustainable Finance.From December 2 to 9, Nicholas and Simone will be speaking at a number...read more
17 November 2023 ICMA will be represented at COP28 in the UAE this December with our delegation composed of:Nicholas Pfaff, ICMA Deputy CEO, Head of Sustainable Finance and Simone Utermarck, Director, Sustainable Finance.From December 2 to 9, Nicholas and Simone will be speaking at a number...read more
ICMA publishes Guide to Asia Repo Markets: South Korea
8 November 2023 ICMA publishes Guide to Asia Repo Markets: South Korea.Download ICMA Guide to Asia Repo Markets: South Korea.This is the sixth in a series of reports on domestic repo markets that ICMA is publishing as part of its continued commitment to promoting the development...read more
8 November 2023 ICMA publishes Guide to Asia Repo Markets: South Korea.Download ICMA Guide to Asia Repo Markets: South Korea.This is the sixth in a series of reports on domestic repo markets that ICMA is publishing as part of its continued commitment to promoting the development...read more
ICMA publishes updated Guide to Best Practice in the European Repo Market
2 November 2023 ICMA’s European Repo and Collateral Council (ERCC) has today published an updated version of the ERCC Guide to Best Practice in the European Repo Market. The ERCC Guide is a flagship document for ICMA and provides detailed guidance, best practice recommendations, and clarifications that are...read more
2 November 2023 ICMA’s European Repo and Collateral Council (ERCC) has today published an updated version of the ERCC Guide to Best Practice in the European Repo Market. The ERCC Guide is a flagship document for ICMA and provides detailed guidance, best practice recommendations, and clarifications that are...read more
Hong Kong SFC sponsors ICMA to form a working group to develop an ESG code of conduct
31 October 2023 ICMA to form a working group to develop an ESG code of conduct for Hong Kong.ICMA is to convene a working group to lead the development of a globally consistent, interoperable, and proportionate voluntary code of conduct for ESG ratings and data product...read more
31 October 2023 ICMA to form a working group to develop an ESG code of conduct for Hong Kong.ICMA is to convene a working group to lead the development of a globally consistent, interoperable, and proportionate voluntary code of conduct for ESG ratings and data product...read more
New ICMA members in October 2023
ICMA welcomes the following new members in October 2023: Fidelity International, United Kingdom Raiffeisenbank a.s., Czech Republic Revolut Bank UAB, Lithuania Click here to view the full list of ICMA members.read more
ICMA welcomes the following new members in October 2023: Fidelity International, United Kingdom Raiffeisenbank a.s., Czech Republic Revolut Bank UAB, Lithuania Click here to view the full list of ICMA members.read more
ICMA releases new paper on market integrity and greenwashing risks in sustainable finance
10 October 2023 Since the release of the Green Bond Principles in 2014, ICMA and its members have played a central role in nurturing and promoting best practice in sustainable finance. As such, we have felt a particular responsibility to engage with the debate on...read more
10 October 2023 Since the release of the Green Bond Principles in 2014, ICMA and its members have played a central role in nurturing and promoting best practice in sustainable finance. As such, we have felt a particular responsibility to engage with the debate on...read more
ESMA issued today a Call for Evidence on the shortening of the settlement cycle in the EU
5 October 2023 ESMA issued today a Call for Evidence on the shortening of the settlement cycle in the EU. ICMA will work with its members to prepare a response to the consultation by the deadline of 15 December 2023, building on the discussions to date...read more
5 October 2023 ESMA issued today a Call for Evidence on the shortening of the settlement cycle in the EU. ICMA will work with its members to prepare a response to the consultation by the deadline of 15 December 2023, building on the discussions to date...read more
ICMA publishes the third semi-annual report that provides detailed data on EU and UK bond market trading activity
27 September 2023 ICMA’s Secondary Market Practices Committee (SMPC) has published its third semi-annual report that provides detailed data on EU and UK bond market trading activity. This report was produced in collaboration with Propellant.digital.One of the core objectives of MiFID II/MiFIR was to provide greater...read more
27 September 2023 ICMA’s Secondary Market Practices Committee (SMPC) has published its third semi-annual report that provides detailed data on EU and UK bond market trading activity. This report was produced in collaboration with Propellant.digital.One of the core objectives of MiFID II/MiFIR was to provide greater...read more
ICMA and the Executive Committee of the Principles update the Q&As related to Sustainability-Linked Bonds
26 September 2023 The updated Q&As are based on input from the members of the Sustainability-Linked Bonds working group. They are published on ICMA’s website in the form of a stand-alone document, replacing the 2022 version, and will be integrated at a later stage to...read more
26 September 2023 The updated Q&As are based on input from the members of the Sustainability-Linked Bonds working group. They are published on ICMA’s website in the form of a stand-alone document, replacing the 2022 version, and will be integrated at a later stage to...read more
ICMA response to the FCA Consultation Paper on The Framework for a Consolidated Tape
15 September 2023 Today, ICMA submitted its response to the FCA Consultation Paper on The Framework for a Consolidated Tape. ICMA’s response reflects the consolidated views of ICMA’s MIFID Working Group, consisting of members on the sell-side and buy-side, as well as market infrastructure and data...read more
15 September 2023 Today, ICMA submitted its response to the FCA Consultation Paper on The Framework for a Consolidated Tape. ICMA’s response reflects the consolidated views of ICMA’s MIFID Working Group, consisting of members on the sell-side and buy-side, as well as market infrastructure and data...read more
ICMA to hold side events at the World Bank and IMF Annual Meetings in Marrakech
7 September 2023 ICMA will be holding a number of side events during the World Bank Group (WBG) and International Monetary Fund (IMF) Annual Meetings this year which are taking place from 9 to 15 October 2023 in Marrakech. Click here to learn more and request your place.read more
7 September 2023 ICMA will be holding a number of side events during the World Bank Group (WBG) and International Monetary Fund (IMF) Annual Meetings this year which are taking place from 9 to 15 October 2023 in Marrakech. Click here to learn more and request your place.read more
New Guidance on Blue-Themed Bonds to Help Unlock Finance for a Sustainable Ocean Economy
6 September 2023 The International Capital Market Association (ICMA) together with the International Finance Corporation (IFC) - a member of the World Bank Group, United Nations Global Compact (UN Global Compact), United Nations Environment Programme Finance Initiative (UNEP FI), and the Asian Development Bank (ADB)...read more
6 September 2023 The International Capital Market Association (ICMA) together with the International Finance Corporation (IFC) - a member of the World Bank Group, United Nations Global Compact (UN Global Compact), United Nations Environment Programme Finance Initiative (UNEP FI), and the Asian Development Bank (ADB)...read more
ICMA AMIC responds to FSB consultation on liquidity mismatch in OEF
4 September 2023 ICMA's Asset Management and Investors Council (AMIC) welcomes the opportunity to respond via letter to points made in the Financial Stability Board’s Consultation Addressing Structural Vulnerabilities from Liquidity Mismatch in Open-Ended Funds – Revision to the FSB’s 2017 Policy Recommendations.read more
4 September 2023 ICMA's Asset Management and Investors Council (AMIC) welcomes the opportunity to respond via letter to points made in the Financial Stability Board’s Consultation Addressing Structural Vulnerabilities from Liquidity Mismatch in Open-Ended Funds – Revision to the FSB’s 2017 Policy Recommendations.read more
ICMA enhances its offering to members with the launch of its GMRA Clause Library and Taxonomy
31 August 2023 ICMA is pleased to announce the launch of its Global Master Repurchase Agreement (GMRA) Clause Library and Taxonomy, an additional valuable service for ICMA members that will help facilitate standardisation and improve efficiencies in the process of negotiating and managing GMRAs.Developed by...read more
31 August 2023 ICMA is pleased to announce the launch of its Global Master Repurchase Agreement (GMRA) Clause Library and Taxonomy, an additional valuable service for ICMA members that will help facilitate standardisation and improve efficiencies in the process of negotiating and managing GMRAs.Developed by...read more
ICMA responds to the ESMA consultation on the draft regulatory technical standards under the revised ELTIF regulation
24 August 2023, ICMA’s Asset Management and Investors Council (AMIC) submitted its response to the European Securities and Markets Authority (ESMA) consultation on the draft regulatory technical standards under the revised European Long-Term Investment Funds (ELTIF) regulation.AMIC recommended a number of considerations to be taken...read more
24 August 2023, ICMA’s Asset Management and Investors Council (AMIC) submitted its response to the European Securities and Markets Authority (ESMA) consultation on the draft regulatory technical standards under the revised European Long-Term Investment Funds (ELTIF) regulation.AMIC recommended a number of considerations to be taken...read more
New ICMA members in August 2023
ICMA welcomes the following new members in August 2023: Agence Française de Développement (AFD), France Aldermore Bank PLC, United Kingdom Eni S.p.A., Italy Bryan Cave Leighton Paisner LLP, United Kingdom Pérez-Llorca Abogados SLP, Spain Click here to view the full list of ICMA members.read more
ICMA welcomes the following new members in August 2023: Agence Française de Développement (AFD), France Aldermore Bank PLC, United Kingdom Eni S.p.A., Italy Bryan Cave Leighton Paisner LLP, United Kingdom Pérez-Llorca Abogados SLP, Spain Click here to view the full list of ICMA members.read more
ICMA responds to HM Treasury's consultation on a UK Digital Securities Sandbox
22 August 2023, ICMA submitted its response to HM Treasury’s consultation on a UK Digital Securities Sandbox. ICMA’s response reflects the views of a subset of its DLT Bonds Working Group, notably issuers, banks, investors, market infrastructures and law firms across the international debt capital markets.Key points: ICMA welcomes...read more
22 August 2023, ICMA submitted its response to HM Treasury’s consultation on a UK Digital Securities Sandbox. ICMA’s response reflects the views of a subset of its DLT Bonds Working Group, notably issuers, banks, investors, market infrastructures and law firms across the international debt capital markets.Key points: ICMA welcomes...read more
UK prospectus regime: ICMA comments on near-final statutory instrument
21 August 2023 - ICMA welcomes the publication, by HM Treasury (HMT) for technical comments, of the 11 July near-final version of the statutory instrument (SI) on the new UK prospectus regime.This follows ICMA’s 14 February comments on HM government’s prior 1 December 2022 illustrative version...read more
21 August 2023 - ICMA welcomes the publication, by HM Treasury (HMT) for technical comments, of the 11 July near-final version of the statutory instrument (SI) on the new UK prospectus regime.This follows ICMA’s 14 February comments on HM government’s prior 1 December 2022 illustrative version...read more
