News

 

Updated analysis of the proposals for the EuGB Regulation
Trilogue discussions are beginning between the co-legislators to determine a final text for the Regulation on European green bonds. We span class='date'ly support the progress towards a consensus on a voluntary standard, as well as potentially on grandfathering of Technical Screening Criteria of the Taxonomy for the...
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ICMA publishes market best practice recommendations to support settlement efficiency in the secondary bond markets
22 June 2022 ICMA has published secondary market best practice in support of settlement efficiency, intended to be applied by ICMA members in the context of the international secondary bond markets. These best practice recommendations have been developed through the work of ICMA European Repo and Collateral Committee...
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Participate in the 43rd ICMA European repo survey
All European banks dealing in repo are invited to participate in ICMA's 43rd survey of the European repo market. Launched in September 2001, the surveys have established the most authoritative picture to date of the size of the repo market in Europe. The survey has...
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ICMA submits feedback for the European Commission’s proposed amendments to CSDR
26 May 2022 ICMA has submitted its formal feedback for the European Commission’s proposed amendments to CSDR. ICMA’s members provide three main recommendations to enhance the effectiveness of the proposed revisions, along with some more technical refinements, such as amending the regulatory text to address the asymmetry in...
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Digitising legal documentation for future repo market efficiency
  25 May 2022 The repo market, valued at over EUR 9,000 billion at year end 2021 (source: ICMA European Repo Survey December 2021), is essential to the functioning of financial markets, allowing cash and collateral to be moved efficiently around the system. Standardisation of the...
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ICMA response to the European Commission’s Targeted Consultation on the functioning of the Money Market Fund Regulation
13 May 2022 ICMA responded to the European Commission’s Targeted Consultation on the functioning of the Money Market Fund Regulation. As well as addressing the technical points in the Consultation, ICMA suggested that a shift of focus away from individual MMF structures towards the efficiency and resilience of...
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ISDA, ICMA and ISLA Seek Third-Party Solution for CDM Repository
10 May 2022 The International Swaps and Derivatives Association (ISDA), the International Capital Market Association (ICMA) and the International Securities Lending Association (ISLA) have announced a request for proposal for a third-party organization to provide an open-source repository for the Common Domain Model (CDM).The...
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ICMA has responded to ESMA’s consultation on trading venue perimeter
4 May 2022 ICMA has clarified its member’s interpretation of the definition of multilateral system. The response also covers the key characteristics (automated and non-automated) required in order for an entity to be authorised or not authorised as a trading venue. In addition, ICMA has made...
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New ICMA members in April & May 2022
 4 May 2022 ICMA welcomes the following new members in April & May 2022: Arab Federation of Capital Markets, Lebanon Conv-Ex Advisors Limited, United Kingdom KPMG International Limited, United Kingdom MarkitServ LLC, United States State Street Bank and Trust Company, United States State Street Global...
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ICMA publishes Guide to Asia Repo Markets: Vietnam
  3 May 2022 ICMA has published the third instalment of its Guide to Asia Repo Markets, which covers Vietnam. The report covers financial infrastructure, types of repo and collateral, market participants and dynamics, post trade operations, and the legal and regulatory framework. It also...
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Financing social projects to support fragile and conflict states with Social and Sustainability Bonds
27 April 2022  The Executive Committee of the Principles, supported by the International Capital Market Association (ICMA), underline that existing guidance for Social and Sustainability Bonds is appropriate for use in the support of fragile and conflict states.Social Bonds finance projects that directly aim to...
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AMIC response to the ESMA consultation paper ‘Guidelines on certain aspects of the MiFID II suitability requirements’
27 April 2022  AMIC submitted its response to the ESMA consultation paper on the ‘Guidelines on certain aspects of the MiFID II suitability requirements’. In its response, AMIC highlighted the implementation challenges of the 2 August application date from product manufacturer, distributor and end-investor perspectives; and made specific suggestions on the...
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Sanctions on Russia: Considerations for repo and secondary trading
ICMA members can access a paper on ‘Sanctions on Russia: Considerations for repo and secondary trading’ illustrating how repo transactions and secondary trading may be affected by the sanction regimes.Sanctions on Russia: Considerations for repo and secondary trading(ICMA members only – log in required,...
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European repo market - ICMA publishes survey showing record outstandings of EUR 9,198 billion at year end 2021
20 April 2022 The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 42nd semi-annual survey of the European repo market. The survey, which measured the amount of repo business outstanding on 8 December...
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ICMA publishes 2022 legal opinion updates for the Global Master Repurchase Agreement
19 April 2022 ICMA has announced the publication of the 2022 updates to the legal opinions which underpin the use of the Global Master Repurchase Agreement (GMRA) the most widely used legal agreement for international repo transactions.The opinions provide ICMA members with exclusive access to...
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ICMA publishes Quarterly Report for the Second Quarter of 2022
  The Foreword to the ICMA Quarterly Report for the Second Quarter of 2022 is by Jérôme Haegeli, Group Chief Economist and Managing Director, Swiss Re Institute, and a member of the ICMA Board. The Quarterly Assessment is on the transition from LIBOR in the...
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ICMA publishes Guide to Asia Repo Markets: Indonesia, part of a comprehensive study on Asia domestic repo markets
  30 March ICMA has played a significant role in promoting the international repo market since the 1990s. This includes the development of the Global Master Repurchase Agreement (GMRA), which has become the principal master agreement for cross-border repos globally, as well as for many...
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ICMA ERCC updates its Repo Best Practice Guide
  29 March ICMA’s European Repo and Collateral Council (ERCC) has released an updated version of one of its flagship documents, the Guide to Best Practice in the European Repo Market. The detailed Guide provides recommended practices, conventions, and clarifications intended to support the orderly...
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ICMA publishes the second edition of the report Asian International Bond Markets: Development and Trends
  March 2022 ICMA, supported by the Hong Kong Monetary Authority (HKMA), has today published the second edition of its report, the Asian International Bond Markets: Development and Trends. The report shows annual issuance of cross-border bonds from Asia has increased more than sixfold from US$...
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ICMA Education launches the new & improved Introduction to Bond Markets Qualification - Online Self-Study
18 March 2022 ICMA Education launches the new & improved Introduction to Bond Markets Qualification – Online Self-Study course. Start developing your fixed income knowledge and skills now with ICMA’s revamped course, with new videos as well as quizzes and discussion forums available. Learn with expert tutors...
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ICMA welcomes today’s proposal from the European Commission for a revised mandatory buy-in framework under CSDR
16 March 2022 ICMA welcomes today’s proposal from the European Commission for a revised mandatory buy-in framework under CSDR, which takes into account a number of the concerns previously raised by ICMA and the wider industry, not least the potential negative effects of the regime, both...
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New ICMA members in March 2022
9 March 2022 ICMA welcomes the following new members in March 2022: D2 Legal Technology Ltd, United Kingdom DirectBooks LLC, United States Hannon Armstrong Sustainable Infrastructure Capital, Inc., United States Monzo Bank Limited, United Kingdom Talwar Thakore & Associates, India Click here to view the full...
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ICMA response to ESMA Call for Evidence on a DLT Pilot Regime
2 March 2022 ICMA has submitted its response to ESMA’s Call for Evidence on a DLT Pilot Regime. The call for evidence sought feedback from stakeholders on the need to amend the RTS on pre- and post-trade transparency and data reporting requirements in the context of the DLT...
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Suspension of Russian members
1 March 2022 The ICMA Executive Committee has resolved, effective immediately, to suspend the membership of our Russian members and their relevant affiliates until further notice. We are also suspending generally the participation of these members / Russian organisations in our working groups.For further details please...
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ICMA announces the recipients from Africa and Asia for its 2022 Scholarship Programme
16 February 2022 ICMA is delighted to announce the students who have been selected from Africa and Asia to its 2022 scholarship programme. The 20 individuals from Sub-Saharan Africa (Ethiopia, Ghana, Kenya, Nigeria, South Africa, Tanzania, Uganda, Zambia) and 15 from Asia (Malaysia, Mongolia, India, Indonesia, Philippines,...
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ICMA makes proposals to address usability concerns over the EU Taxonomy
[image src="/assets/ICMA-Ensuring-the-usability-of-the-EU-Taxonomy-February-2022.jpg" id="46451" width="250" height="354" class="left ss-htmleditorfield-file image" title="ICMA - Ensuring the usability of the EU Taxonomy - February 2022" alt="ICMA - Ensuring the usability of the EU Taxonomy - February 2022" style="margin-left: 15px; margin-right: 10px; border: 1px solid darkturquoise; float: right;"]14 February 2022...
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ICMA response to European Commission targeted consultation on the Listing Act
11 February 2022 ICMA has responded to the European Commission’s targeted consultation on the Listing Act: making public capital markets more attractive for EU companies and facilitating access to capital for SMEs. The consultation posed a wide range of questions relating to the state of public capital markets...
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Results of the 2022 ICMA ERCC elections
10 February 2022 We are pleased to announce the results of the 2022 ICMA ERCC elections. The 19 individuals that were elected to the new ERCC Committee are listed below. The term of office of the new Committee will be approximately one year starting immediately and ending...
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New ICMA advanced course in Sustainable Bonds
9 February 2022 Sustainable bonds, which focus on providing financing for environmental and social objectives and advancement, surpassed the USD 2 trillion-dollar milestone in September 2021, 14 years after the first green bond in 2007. The various sustainable bond principles, for which ICMA is the secretariat,...
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ICMA publishes discussion paper with proposals to strengthen settlement efficiency in Europe
1 February 2022 In the wake of the go-live of CSDR settlement discipline, the ERCC is releasing this discussion paper, ‘Optimising settlement efficiency’  to focus attention on a number of key opportunities to strengthen settlement efficiency in Europe, which are complementary to the CSDR measures.
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ICMA has developed FAQs and Best Practice Recommendations for CSDR penalty regimes….
1 February 2022 ICMA, through its CSDR Settlement Discipline Working Group, has developed a list of Frequently Asked Questions (FAQs) and Best Practice Recommendations intended to support implementation of the CSDR Penalty regimes for the bond and repo markets, when it goes live on 1 February 2022. The FAQs...
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New ICMA members in January 2022
27 January 2022 ICMA welcomes the following new members in January 2022: BancTrust Investment Bank Limited; BlackRock (Singapore) Limited; BlackRock Asset Management North Asia Limited; Corporacion Andina de Fomento ; IBP Markets Limited; ION Trading UK Limited; Mizuho Securities Asia Limited; Sinara Financial Corporation (Europe) Ltd. Click here to view the full...
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The European repo market at 2021 year-end
17 January 2022 ICMA publishes 'The European repo market at 2021...
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AMCC publishes Report of the survey on corporate bond market microstructures and participant behaviours
17 January 2021 AMCC publishes Report of the survey on corporate bond market microstructures and participant...
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ICMA Quarterly Report First Quarter 2022 now available
12 January 2022 The latest edition of the ICMA quarterly report is now available.
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Automation of debt issuance: ICMA references over 45 solutions
10 January 2022 ICMA publishes the latest review of its primary markets technology...
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Analysis of the amendments to the EuGB Regulation proposed by the Rapporteur of the EU Parliament
5 January 2022 ICMA analysis of the amendments to the EuGB Regulation proposed by the Rapporteur of the EU...
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ICMA responds to the International Platform on Sustainable Finance (IPSF) Common Ground Taxonomy Consultation.
4 January 2022 The response focuses on the points that are most relevant to the global sustainable bond market, as well as ICMA’s membership.
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ICMA co-signs joint-association statement regarding the application of CSDR mandatory buy-ins
17 December 2021 Today ICMA has s a co-signed a joint-association statement setting out a common interpretation of ESMA’s statement, which is that EU legislators do not expect market participants to take further action towards implementation of the mandatory buy-in requirements, including but not limited...
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ICMA and ASIFMA publish results of survey of Asia repo markets
14 December 2021 ICMA’s European Repo and Collateral Council (ERCC) and ASIFMA have published the results of the latest survey of the Asia-Pacific repo market. Using similar methodology to the established ICMA ERCC European repo market survey, the latest Asia-Pacific survey reports the outstanding value...
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ICMA proposal for a new post-trade transparency regime for the EU corporate bond market
8 December 2021 ICMA fully supports the establishment of a single consolidated tape for EU bond markets. ICMA views this as being the necessary vehicle for providing comprehensive, meaningful market transparency. In April 2020, ICMA published a report with recommendations for the establishment of an...
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The European repo market in 2021 – ICMA publishes survey showing outstandings of EUR 8,726 billion at half year
30 November 2021 The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 41st semi-annual survey of the European repo market. The survey, which calculated the amount of repo business outstanding on 9 June...
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Participate in the ICMA European Repo and Collateral Council's 42nd European repo market survey
All European repo market participants are invited to submit data on their repo business outstanding at close of business on Wednesday, 8 December 2021.
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ICMA publishes preliminary thoughts on EC's CMU package
29 November 2021 The International Capital Market Association (ICMA) welcomes the concrete steps that have been taken towards enhancing Europe’s capital markets in the European Commission’s recent Capital Markets Union Package. ICMA outlined its preliminary thoughts on the Package in a publication today. Resilient and...
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Delay to the EU CSDR mandatory buy-in regime
25 November 2021 ICMA very much welcomes the news of the delay to the CSDR mandatory buy-in regime. ICMA has long taken the position that this regulatory initiative contained a number of critical design flaws as well as ambiguity around scope and process, not only...
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Green Bond Principles and Social Bond Principles Executive Committee announces 2020/2021 Advisory Council composition
23 November 2021 The Green Bond Principles and Social Bond Principles Executive Committee is pleased to announce the 2021/2022 Advisory Council composition.
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Amendments to the ICMA Primary Market Handbook published November 2021
19 November 2021 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...
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UN Women, International Capital Market Association (ICMA) and the IFC lead the way on public and private sustainable debt for gender equality
16 November 2021 UN Women, IFC and the International Capital Market Association (ICMA) today launched a new practical guide to using sustainable bond issuances to advance gender equality, entitled Bonds to Bridge the Gender Gap: A Practitioner’s Guide to Using Sustainable Debt for Gender Equality.
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ICMA statement on HK SFC consultation on conduct requirements for bookbuilding and placing activities
2 November 2021 ICMA’s cross-industry membership supports the efforts of the Hong Kong Securities and Futures Commission (SFC) to encourage leadership and deliver accountability in line with international debt capital market (DCM) accepted market practice standards and was pleased to provide input to the consultation...
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EU Taxonomy Regulation Article 8 and unintended negative consequences for the development of the green bond market
28 October 2021 ICMA has today published commentary on the proposed treatment of green and sustainability bonds issued by central governments, central banks and supranational issuers under the Article 8 of the EU Taxonomy regulation, highlighting unintended negative consequences for the further growth of green...
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Deadline extended: IOSCO AMCC member survey on corporate bond market microstructure and participant behaviour
21 October 2021 IOSCO Affiliate Members Consultative Committee (AMCC) Bond Market Liquidity Working Party launched in September its market survey on corporate bond market microstructure and participant behaviour. The purpose of the survey is to help to build a picture of corporate bond market microstructures...
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ICMA ERCC releases updated SFTR reporting recommendations
21 October 2021 The ERCC has today published an updated edition of the ICMA Recommendations for Reporting under SFTR. The ICMA Recommendations were initially published in February 2020 to help members interpret the regulatory reporting framework introduced by SFTR and to set out complementary best...
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ICMA publishes paper on the new model for syndicated closings in the ICSDs
20 October 2021 On 21 April 2021, the two International Central Securities Depositories (ICSDs), Euroclear and Clearstream, announced that implementation would go ahead of a new model for the delivery vs payment (DvP) closing of syndicated bond issuance settling within the two ICSDs.This paper...
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ICMA responds to FCA CP 21/29 on proposed decisions on the use of LIBOR (Articles 23C and 21A BMR)
20 October 2021 ICMA has responded to FCA CP 21/29 on proposed decisions on the use of LIBOR (Articles 23C and 21A BMR). ICMA welcomed the FCA’s proposal to grant a broad permission to use synthetic LIBOR because it will avoid significant legal and practical...
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ICMA launches its 2022 scholarship programme
Number of scholarship places increased and geographic coverage extended: following the successful launch of its first programme in 2021, ICMA is now offering scholarships for 2022 to individuals from a number of countries in Sub-Saharan Africa and Asia-Pacific who are unable to pursue a financial...
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ICMA to launch GMRA Clause Library and Taxonomy Project
13 October 2021 ICMA today announces the launch of a four-month initiative with global lawtech and legal data consulting firm, D2 Legal Technology (D2LT), to develop ICMA’s Global Master Repurchase Agreement (GMRA) Clause Taxonomy and Library. This is aimed at standardising and improving efficiencies in...
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Introducing Bryan Pascoe – ICMA’s new Chief Executive
Bryan joined the International Capital Market Association (ICMA) in September following a 28 year career in financial services mostly with HSBC. Here he talks about what he is bringing to the role, the relevance of ICMA’s mission particularly at this critical time and his vision...
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ECB Publishes breakdown of PEPP purchases up until the end of September 2021
8 October 2021 The ECB has published its ninth bi-monthly breakdown of holdings under its Pandemic Emergency Purchase Programme (PEPP), covering the period from August through September 2021. ICMA has consolidated the data into a short briefing note.
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ICMA directories list over 200 post-trade and 20 repo trading solutions
6 October 2021 ICMA has updated both its Operations FinTech directory for repo and cash bonds (previously ‘FinTech mapping directory’) and Repo trading technology directory in the last quarter. In parallel with the review, ICMA is gathering the views of ICMA European Repo and Collateral...
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ICMA AMIC statement on ESG transparency of Asset-Backed Securities
5 October 2021 ICMA AMIC has set up an ad hoc working group to discuss ESG transparency of Asset-Backed Securities. As a first step the working group has issued a statement laying down current challenges for this specific asset class and identifying key performance indicators...
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ICMA publishes overview of the European commercial paper market and recommendations for future market development
29 September 2021 ICMA has today published a white paper on the European commercial paper and certificates of deposits markets, detailing the structure of the markets, assessing their performance under stress during the Covid-related turmoil of March-April 2020, and outlining recommendations for future developments to...
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ICMA publishes analysis of the first year of data on repo from SFTR reporting
28 September 2021 Reporting under the EU’s Securities Financing Transactions Regulation (SFTR) went live on 13 July 2020. Based on the first full year of SFTR reported data, ICMA has published today an analysis of the key market features and trends in the European repo...
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NAFMII and ICMA jointly release handbook on financing and investment in the China interbank bond market
24 September 2021 The International Capital Market Association (ICMA) and the National Association of Financial Market Institutional Investors (NAFMII) today launched two publications intended to encourage understanding and participation by international institutions in China’s interbank bond market.Investing in China’s Interbank Bond Market: A Handbook...
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ICMA responds to HM Treasury Wholesale Markets Review
24 September 2021 ICMA has now published its response to the HM Treasury Wholesale Markets Review Consultation Paper. The response was drafted primarily by ICMA’s MiFID II transparency taskforce but a few responses also take into account the views of ICMA’s other working groups and...
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ICMA responds to HM Treasury’s UK Prospectus Regulation Regime Review
23 September 2021 ICMA has responded to HM Treasury’s consultation on the UK Prospectus Regulation on 23 September. ICMA members’ overarching concern is to ensure that the currently well-functioning and efficient pan-European primary wholesale bond market is not disrupted or subjected to unnecessary additional or...
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ESMA writes to the European Commission supporting a delay of mandatory buy-ins and asking for urgent clarification
23 September 2021 Anneli Tuominen, interim Chair of ESMA, has written an open letter to Commissioner McGuiness, copying representatives from the European Parliament and Council, supporting a postponement of the mandatory buy-in regime and requesting urgent action to provide a signal that a modification of...
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ICMA publishes an update on the EU sustainability disclosure regime
22 September 2021 New and amended EU legislation is introducing significant sustainability and ESG related disclosure requirements that are impacting all participants in the European capital markets. This publication provides a summary of these various requirements, how they interact with each other and most importantly...
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ICMA’s ERCC publishes summary report following market consultation on the role of repo in green and sustainable finance
20 September 2021 ICMA’s European Repo and Collateral Council (ERCC) has published a summary report on the role of repo in green finance, following its consultation to reflect feedback received in response to a market consultation on the role of repo in sustainable finance which took...
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ICMA AMIC responds to EC consultation to review the EU securitisation regulation (SECR)
17 September 2021 ICMA’s Asset Management and Investors Council has responded to the EC consultation to review the EU securitisation regulation (SECR). The response highlights that the low level of securitisation issuances since the entry into application of the SECR is mainly due to the...
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ICMA notice: Pricing references for new sterling Eurobonds
10 September 2021 ICMA Recommendation R7.3 on pricing references for new sterling Eurobonds was introduced into the ICMA Primary Market Handbook in February 2015 and last updated July 2016. The purpose of the Recommendation is to clarify the appropriate gilt to use when pricing...
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ICMA responds to UK FCA CP21/18: Enhancing climate-related disclosures by standard listed companies and seeking views on ESG topics in capital markets
10 September 2021 ICMA has submitted its response to the UK FCA CP21/18: Enhancing climate-related disclosures by standard listed companies and seeking views on ESG topics in capital markets. It focuses on the parts that are relevant to the international bond market and reflects the...
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ICMA AMIC responds to UK FCA CP21/17: Enhancing climate-related disclosures by asset managers, life insurers and FCA-regulated pension providers
10 September 2021 ICMA’s Asset Management and Investors Council has submitted its response to the UK FCA CP 21/17: Enhancing climate-related disclosures by asset managers, life insurers and FCA regulated pension providers. AMIC welcomed the FCA’s proposals and noted that that the sequencing of the...
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ICMA submitted its feedback on the draft Report of the EU Platform on Sustainable Finance on a Social Taxonomy
6 September 2021 ICMA submitted its feedback on the draft Report of the EU Platform on Sustainable Finance on a Social...
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ICMA submitted its feedback on the draft Report of the EU Platform on Sustainable Finance for an extended taxonomy to support economic transition
3 September 2021 ICMA submitted its feedback on the draft Report of the EU Platform on Sustainable Finance for an extended taxonomy to support economic transition.
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ICMA responds to FCA CP 21/19 on the proposed decision under Article 23D BMR for 6 sterling and yen LIBOR settings
25 August 2021 ICMA responded to UK FCA CP 21/19 on the FCA’s proposed decision under Article 23D BMR to require the administrator of LIBOR, ICE Benchmark Administration (IBA), to change the way six identified LIBOR settings (namely the 1-month, 3-month and 6-month sterling and Japanese...
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New ICMA members in August 2021
ICMA welcomes the following new members in August 2021: Ediphy Markets Ltd, London; Federal Home Loan Mortgage Corporation, McLean; Joint-Stock Commercial Bank of Support to Commerce and Business, Yekaterinburg; International Fund for Agricultural Development, Rome; and Kaizen Reporting Ltd., London. Click here to view the full...
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ICMA AMIC responds to IOSCO’s consultation on Sustainability-Related Practices, Policies, Procedures and Disclosure in Asset Management
13 August 2021 ICMA’s Asset Management and Investors Council has submitted its comments on IOSCO’s consultation on Sustainability-Related Practices, Policies, Procedures and Disclosure in Asset Management. AMIC expressed its support for IOSCO’s recommendations and highlighted the key priority areas in needing to address the risk...
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ICMA, ISDA and ISLA sign MoU on the Common Domain Model, laying the foundations for a digital future for financial markets
2 August 2021 ICMA, ISDA and ISLA have signed a Memorandum of Understanding (MoU) to strengthen collaboration between them on the future development of the Common Domain Model (CDM), the single, common digital representation of trade events and actions across the lifecycle of financial products.
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ICMA commentary on the new EC sustainable finance strategy
15 July 2021 On 6 July 2021, the European Commission (EC) published its Strategy for Financing the Transition to a Sustainable Economy. The International Capital Market Association (ICMA) supports the overall ambition and key objectives of the new strategy: (1) financing the transition, (2) inclusiveness,...
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Industry calls for clarity on mandatory buy-in rules
15 July 2021 On 14 July 2021, sixteen trade associations* representing buy-side, sell-side and market infrastructures, wrote to ESMA and the European Commission regarding the timeline for implementation of the mandatory buy-in rules as part of the Central Securities Depositories Regulation (CSDR) Settlement Discipline Regime.
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SFTR reporting one year on
15 July 2021 Since the start of SFTR reporting on 13 July 2020, ICMA has been collecting and aggregating the SFTR public data on a weekly basis. Following the buy-side go-live in October 2020 and the start of reporting for non-financial counterparties in the EU ...
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ICMA AMIC co-signs joint trade association letter
15 July 2021 ICMA’s Asset Management and Investors Council has co-signed on a joint trade association letter calling for regulatory stability for investment funds in the context of the AIFMD review.
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ICMA analysis of the EU Commission proposal for a regulation on European green bonds
8 July 2021 On 6 July 2021, the European Commission published its proposal for a Regulation on European green bonds (“EuGBs”), which will be negotiated in the European Parliament and among Members of the Council of the European Union as part of the co-legislative process.ICMA...
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Common Domain Model (CDM) for repo and bonds
2 July 2021 ICMA is cooperating with ISDA, ISLA and REGnosys to extend the Common Domain Model (CDM) to include repo and, by extension, outright bond transactions. The CDM is a standardised, machine-readable and machine-executable blueprint for how financial products are traded and managed across...
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The International Capital Market Association announces new Chief Executive
1 July 2021 The Board of the International Capital Market Association (ICMA) has announced today that Bryan Pascoe has been appointed as Chief Executive of the Association, succeeding Martin Scheck, who has been Chief Executive since 2009. Bryan will formally take up the role on...
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ICMA responds to ESMA consultation on potential reforms of the EU Money Market Funds Regulation (MMFR)
30 June 2021 ICMA has today responded to ESMA's consultation on potential reforms of the EU Money Market Funds Regulation (MMFR). Our Asset Management and Investors Council (AMIC), the buy-side voice of ICMA, mainly drafted this response. It also draws on the work done by...
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ICMA elects new board members at 2021 AGM
24 June 2021 Four existing board members were re-elected at the 2021 ICMA AGM: Amine Bel Hadj Soulami, BNP Paribas, Bahrain; Marc Lewell, J.P. Morgan Securities Limited, London; Jean-Marc Mercier, HSBC Bank plc, London; and Chris Muyldermans, KBC Bank N.V., Brussels. The...
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ICMA AMIC responds to FCA consultation on UK MiFID research and best execution
23 June 2021 ICMA’s Asset Management and Investors Council has responded to the FCA consultation paper CP21/9 on UK MiFID research and best execution. In its response, ICMA welcomed an exemption for FICC research from unbundling rules as well as the proposal to remove the...
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ICMA responds to FCA CP 21/15 on use of critical benchmarks
16 June 2021 ICMA has responded to an important FCA consultation on powers over use of critical benchmarks such as LIBOR, noting the importance for the bond market of a broad permission to use synthetic LIBOR for legacy LIBOR bonds.
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ICMA responds to US SEC request for public input on climate change disclosures
15 June 2021 ICMA has submitted its response to the US SEC consultation on climate-related disclosures, in which ICMA supported SIFMA’s letter and emphasised important points relating to a global coordinated approach, principles-based materiality, safe-harbour protection and a handful of other issues.
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Green & Social Bond Principles 2021 edition issued
10 June 2021 The Green and Social Bond Principles are the global standard for a $1.6 trillion market representing the largest source of market finance dedicated to sustainability and climate transition available internationally to corporates, banks and sovereigns. In 2020, these standards were referenced...
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Asia-Pacific to tackle USD 190 billion of tough legacy bonds as LIBOR transition looms
25 May 2021 A report by ICMA and Bloomberg on tough legacy bonds in APAC has found that work will need to accelerate significantly to mitigate potential for disruption of the APAC bond markets as a result of the transition from LIBOR to risk free...
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ICMA publishes overview of ‘taxonomies’ for sustainable finance and recommends success criteria
18 May 2021 There have been both market and official sector initiatives to develop ‘taxonomies’ (classification systems) in an effort to provide clear guidance on which activities, assets and/or projects qualify for sustainable finance, and more widely in some cases as sustainable for regulatory or...
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New ICMA industry guide to definitions and best practice for bond pricing distribution
17 May 2021 Pre-trade information on bond pricing is currently non-standardised and often misunderstood. The term ‘axe’ is used in fixed income trading to represent a sell-side advertising buy or sell bond interests. These are traditionally tied in some form to the sell-side’s book but...
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ICMA AMIC publishes discussion paper on ESG KPIs for Auto-loans/leases ABS
17 May 2021 In the context of growing demands from asset owners to evaluate their ESG footprint and greater regulatory scrutiny (such as SFDR), ICMA’s Asset Management and Investors Council has set up an ad hoc working group to discuss ESG transparency of Asset-Backed Securities.
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Industry associations publish UK version of the SFTR article 15 information statement
17 May 2021 The Association for Financial Markets in Europe (AFME), FIA, the International Capital Market Association (ICMA), the International Swaps and Derivatives Association, Inc. (ISDA) and the International Securities Lending Association (ISLA) jointly published a statement to help market participants comply with requirements under...
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ICMA AMIC responds to ESAs consultation on taxonomy disclosure for financial products
12 May 2021 ICMA AMIC has submitted its response to the ESAs consultation on taxonomy disclosure for financial products. The EU Taxonomy regulation requires certain financial products with environmental characteristics/objectives (as defined under the EU Sustainable Finance Disclosure Regulation (SFDR)) to report how their underlying...
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ICMA responds to HK SFC consultation paper on its proposed code of conduct on bookbuilding and placing activities
7 May 2021 ICMA has responded to the Hong Kong Securities and Futures Commission (HK SFC) consultation on its potential code on bookbuilding and placing. ICMA’s response comes from the DCM perspective, and attempts to foster consistency in the HK SFC’s understanding of, and approaches...
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ICMA’s Head of Sustainable Finance, Nicholas Pfaff, wins IFLR 2021 award for Outstanding Contribution to Regulatory Reform; ICMA supported standards for sustainable bonds now underpin an estimated 97% of issuance globally.
Congratulations to ICMA’s Head of Sustainable Finance, Nicholas Pfaff, on winning the IFLR 2021 award for Outstanding Contribution to Regulatory Reform for his work on developing legal and market frameworks for sustainable bonds with the Green and Social Bond Principles community, most recently for sustainability-linked...
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ICMA opens a representative office in Brussels
26 April 2021 The International Capital Market Association (ICMA) has announced that it will be opening a representative office in Brussels in May 2021. The global trade association for international securities markets currently supports its 600 strong membership of financial institutions in more than 60...
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ICMA ERCC publishes consultation paper on the role of repo in green and sustainable finance
22 April 2021 The ICMA European Repo and Collateral Council (ERCC) has published a consultation paper on the role of repo in green and sustainable finance, exploring the sustainability aspects of repo and collateral as well as assessing the existing opportunities and potential risks in...
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ICMA AMIC and EFAMA issue joint response to IOSCO consultation on fund liquidity management by open-ended funds
21 April 2021 ICMA’s AMIC and EFAMA have submitted a joint response to the IOSCO consultation on fund liquidity management by open-ended funds. The response highlights how industry practices and existing regulatory provisions in Europe are well aligned with the Liquidity Risk Management (LRM) recommendations...
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ICMA publishes 2021 legal opinions on global master repo agreement
15 April 2021 ICMA is pleased to announce the publication of the 2021 ICMA GMRA legal opinions. While all 2021 GMRA opinion updates cover, as a minimum, companies, banks and securities dealers, most opinions now additionally cover insurance companies, hedge funds and mutual funds as...
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ICMA updates repo best practices to support post-trade efficiency
30 March 2021 ICMA’s European Repo and Collateral Council (ERCC) has published an updated version of the ERCC’s Guide to Best Practice in the European Repo Market. The targeted updates published today were prepared jointly by the ERCC Operations Group and the ERCC’s Guide Working...
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ICMA publishes landmark 40th survey of the European repo market
23 March 2021 The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 40th semi-annual survey of the European repo market. The survey, which calculated the amount of repo business outstanding on 9 December...
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Establishment of a new ICMA region for Ireland
16 March 2021 ICMA member firms in Ireland have worked independently within ICMA’s regional structure for many years in the form of an Irish chapter with its own chair and committee members, while technically remaining part of the ICMA United Kingdom, Ireland and the Americas...
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ICMA responds to ESMA consultation paper on algo trading
12 March 2021 The ICMA algo taskforce (Taskforce) member response is based on consensus view and relates solely to bonds. The Taskforce represents buy-side and sell-side investment firms, trading venues and software and technology providers. The motivation for regulating algo trading is the mitigation of...
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ICMA and other associations write to European Commission and ESMA on implementation of the CSDR Settlement Discipline Regime
11 March 2021 ICMA and 14 trade associations representing a wide range of stakeholders in the European and global financial markets have written to the European Commission and ESMA raising concerns about the implementation of the mandatory buy-in requirement under the EU’s CSDR Settlement Discipline...
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ICMA Women’s Network joins the world in celebrating International Women’s Day 2021
At ICMA Women’s Network (IWN), we celebrate and support women in the financial industry throughout the year. For this International Women’s Day, IWN is pleased to back the #IWD2021 #ChooseToChallenge campaign in solidarity with women around the world.
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Joint industry letter on the reporting of issuer LEIs under SFTR
8 March 2021 ICMA, in association with ISLA, AFME, and AMAFI sent a joint communication to ESMA, various NCAs, and the FCA to reiterate concerns around the lack of availability of Legal Entity Identifiers (LEIs) for issuers outside of Europe. The letter was sent ahead...
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ICMA Scholarship Programme – first students from Sub-Saharan Africa
ICMA is delighted to welcome the first cohort of students from Sub-Saharan Africa to its new scholarship programme. The 25 successful individuals from Ghana, Kenya, Nigeria, Rwanda, Tanzania, Uganda, Zambia and Zimbabwe were selected from an extensive number of applications received, based on their academic...
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Asian International Bond Markets – new report from ICMA
3 March 2021 The International Capital Market Association (ICMA) has today launched a new report on developments in Asian bond markets, supported by the Hong Kong Monetary Authority (HKMA). Asian International Bond Markets: Development and Trends focuses on the international, offshore bond market in Asia,...
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ICMA responds to IOSCO survey on bond ETF in the context of March/April 2020 market meltdown
1 March 2021 ICMA has responded to IOSCO survey on bond ETF in the context of March/April 2020 market meltdown. ICMA’s response involved members representing issuers, investors and authorised participants and market makers. The recent crisis shows that overall the ETF ecosystem functioned well despite...
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New ICMA members in March 2021
ICMA welcomes the following new members in March 2021: ANZ Bank New Zealand Limited, Auckland; Barclays Bank (Suisse) SA, Geneva; Eversheds Sutherland (International) LLP, London; Hengeler Mueller Partnerschaft von Rechtsanwälten mbB, Frankfurt am Main; and HPC SA, Paris. Click here to view the full list...
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ICMA issues a note following the publication of the ESAs' final recommendations for the regulatory technical standards (RTS) of the Sustainable Finance Disclosure Regulation (SFDR)
22 February 2021 ICMA has issued a note following the publication of the ESAs' final recommendations for the regulatory technical standards (RTS) of the Sustainable Finance Disclosure Regulation (SFDR). The note explains the next steps regarding the decision making process and points out implementation challenges...
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Sustainability-linked bonds – new Q&As and other resources published by the Green & Social Bond Principles
17 February 2021 The Executive Committee of the Green and Social Bond Principles has published new Q&As for sustainability-linked bonds (SLBs). These are designed to promote understanding of this important new financial instrument and its place in an issuer’s overall sustainability strategy, as well as...
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Sixth version of the ICMA SFTR Recommendations published
17 February 2021 The ICMA European Repo and Collateral Council (ERCC) has released the sixth edition of the detailed ICMA Recommendations for Reporting under SFTR. Compared to the previous version published on 29 October 2020, the updated edition of the guide reflects the end of...
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Results of the 2021 ICMA ERCC elections
We are pleased to announce the results of the 2021 ICMA ERCC elections. The 19 individuals that were elected to the new ERCC Committee are listed below. The term of office of the new Committee will be approximately one year starting immediately and ending on...
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ICMA submits its response to the Targeted consultation on the review of CSDR
2 February 2021 ICMA’s response focuses exclusively on the section relating to Settlement Discipline, in particular the provisions relating to mandatory buy-ins, which ICMA points out is market regulation, not post-trade regulation. In its response ICMA provides data and analysis to illustrate the expected impacts...
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ICMA AMIC responds to EC consultation on the review of the alternative investment fund managers directive (AIFMD)
29 January 2021 ICMA's Asset Management and Investors Council has responded to the EC's consultation on the review of the Alternative Investment Fund Managers Directive (AIFMD). AMIC argues in favour of legislative stability given (1) the findings of the recent COVID-19 crisis (no suspension for...
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ICMA AMIC responds to EC consultation on the review of the European long-term investment funds (ELTIF) regulatory framework
28 January 2021 ICMA's Asset Management and Investors Council has submitted its response to the European Commission's consultation on the review of the European Long-Term Investment Funds (ELTIFs) Regulation. AMIC welcomes this review and encourages the EU to have a bold approach given that no...
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First edition of the ICMA Corporate Issuer Forum Newsletter
We are pleased to launch the ICMA Corporate Issuer Forum’s newsletter which will provide a periodic snapshot of the CIF’s key priorities, initiatives and workstreams. ICMA Corporate Issuer Forum Newsletter - January 2021. To receive future editions of this newsletter, sign up here or update...
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ICMA compiles FinTech and sustainable finance library
26 January 2021 ICMA has compiled a non-exhaustive list of recent publications on the topic of FinTech and sustainable finance, with a focus on bond markets. The FinTech and sustainable finance library intends to complement other ICMA members’ resources and help inform broader discussions on...
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ICMA responds to SFC Consultation Paper on the Management and Disclosure of Climate-related Risks by Fund Managers
15 January 2021 ICMA has responded to the SFC Consultation Paper on the Management and Disclosure of Climate-related Risks by Fund Managers.
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The internationalization of the China corporate bond market – new report from ICMA
14 January 2021 Recognising the increasing importance of China in the global bond markets, and in light of significant reforms and initiatives to attract foreign investors, as well as the inclusion of China in major global bond indices, the International Capital Market Association (ICMA) has...
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New ICMA members in January 2021
ICMA welcomes the following new members in January 2021: Bird & Bird LLP, London; ICICI Bank UK Plc, London; Jane Street Netherlands B.V., Amsterdam; Origin Primary Limited, London; and Standard Chartered Bank (China) Limited, Shanghai. Click here to view the full list of...
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The European repo market at 2020 year-end
13 January 2021 The ICMA European repo and Collateral Council (ERCC) has published a report on the performance of the European repo market at year-end 2020, focused on the euro, sterling, US dollar and Japanese yen markets and based on market data and accounts provided...
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ICMA responds to the UK Listings Review call for evidence
18 December 2020 ICMA’s primary market community has responded to the UK Listing Review call for evidence, suggesting changes that could be made to the UK Prospectus Regulation while protecting the overall smooth functioning of the pan-European wholesale bond issuance process. The response also raises...
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Amendments to the ICMA Primary Market Handbook published December 2020
17 December 2020 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...
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ICMA responds to the draft Delegated Act supplementing the EU Taxonomy Regulation
17 December 2020 ICMA today published its response to the draft Delegated Act supplementing the EU Taxonomy Regulation. Overall, ICMA believes that while Substantial Contribution and DNSH are recognised as fundamental concepts of the Taxonomy, the Delegated Acts or associated commentary could go further to...
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ICMA publishes updated Electronic Trading Platform (ETP) directory
16 December 2020 ICMA has updated its mapping of Electronic Trading Platforms (ETPs) available for cash bonds. The directory now includes 49 technology solutions, up from 41 in the November 2019 publication.
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ICMA AMIC responds to third EC consultation on the EU Ecolabel for financial products
11 December 2020 ICMA's Asset Management and Investors Council has today published its response to the third EC consultation on the EU Ecolabel for financial products. While AMIC continues to support the idea of an EU sustainable label for retail investments funds, it also warns...
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Green & Social Bond Principles launch new guidelines on climate transition finance
9 December 2020 Major economies are now striving to meet the objectives enshrined in the Paris Agreement, limiting the global temperature increase this century to lower than 2°C above pre-industrial levels by cutting greenhouse gas emissions. Capital markets play a critical role in this climate...
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Access ICMA’s 2020 podcasts and webinars from our new media library
We are pleased to announce the ICMA Media Library which features our extensive offering of webinars and podcasts covering a variety of current issues and themes relating to capital markets, including sustainable finance, the transition to risk free-rates, repo & collateral and the effect of...
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ICMA AMIC responds to ESMA's public consultation on Article 8 of the Taxonomy regulation
4 December 2020 ICMA AMIC submitted its response to ESMA's public consultation on Article 8 of the Taxonomy regulation which requires companies in the scope of NFRD (i.e. large listed companies ) to disclose their level of taxonomy alignment (turnover, capex, opex) in their...
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ICMA responds to ESMA Consultation Paper on MiFID II/ MiFIR review on the functioning of Organised Trading Facilities (OTF)
25 November 2020 ICMA has provided feedback regarding ESMA’s surprisingly wide scoped consultation on the functioning of the Organised Trading Facility regime. The response was based on the views of members ICMA’s OTF taskforce representing buy-side and sell-side investment firms, trading venues and software and...
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Joint trade association letter regarding the third country transitional provisions of the EU Benchmarks Regulation
20 November 2020 ICMA and several other trade associations have endorsed a paper calling for an extension to the end of the transition period for third country benchmarks under Article 51 of the EU Benchmarks Regulation (BMR) from the end of 2021 to the end...
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ICMA responds to ESMA's MiFIR review report on the obligations to report transactions and reference data
20 November 2020 On 24 September, the European Securities and Markets Authority (ESMA) published a consultation paper examining transaction reporting and reference data obligations under the Market in Financial Instruments Regulation (MiFIR) (the Consultation Paper). ICMA's response is now available. ICMA believes that ESMA is...
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