News
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 Quarterly Report for the Fourth Quarter of 2023 now available
11 October 2023 The latest edition of the ICMA quarterly report is now available.To access the report, click here.read more
11 October 2023 The latest edition of the ICMA quarterly report is now available.To access the report, click here.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
ICMA identifies 58 solutions for electronic trading in fixed income markets
27 July 2023 ICMA has updated its Electronic Trading Directory following its latest review of electronic trading platforms, order and execution management systems (OMS/EMS) and bulletin boards in fixed income markets. Key observations: The directory now includes 58 technology solutions, up from 55 in 2022. Although...read more
27 July 2023 ICMA has updated its Electronic Trading Directory following its latest review of electronic trading platforms, order and execution management systems (OMS/EMS) and bulletin boards in fixed income markets. Key observations: The directory now includes 58 technology solutions, up from 55 in 2022. Although...read more
New ICMA Podcast with four Leading Law Firms about Transition from Legacy US Dollar LIBOR in the Bond Market
17 July 2023 This ICMA podcast with four Leading Law Firms is about the transition from legacy US dollar LIBOR to SOFR in the bond market.The background is that panel bank US dollar LIBOR ceased publication on 30 June, as planned. The FCA as global regulator...read more
17 July 2023 This ICMA podcast with four Leading Law Firms is about the transition from legacy US dollar LIBOR to SOFR in the bond market.The background is that panel bank US dollar LIBOR ceased publication on 30 June, as planned. The FCA as global regulator...read more
UK FCA launches consultation on a consolidated tape for bonds
5 July 2023 Today the Financial Conduct Authority published a consultation paper on its proposed framework for establishing a consolidated tape.ICMA is pleased to receive the FCA’s proposals to improve markets and bolster competitiveness, in particular the creation of a consolidated tape for bonds.We have long advocated on the benefits...read more
5 July 2023 Today the Financial Conduct Authority published a consultation paper on its proposed framework for establishing a consolidated tape.ICMA is pleased to receive the FCA’s proposals to improve markets and bolster competitiveness, in particular the creation of a consolidated tape for bonds.We have long advocated on the benefits...read more
Industry led working group launches consultation on Code of Conduct for ESG ratings and data providers
5 July 2023 The ESG Data and Ratings Working Group (DRWG), with Secretariat provided by the International Capital Market Association (ICMA) and the International Regulatory Strategy Group (IRSG), has today launched a consultation to develop a voluntary Code of Conduct for ESG Ratings and Data...read more
5 July 2023 The ESG Data and Ratings Working Group (DRWG), with Secretariat provided by the International Capital Market Association (ICMA) and the International Regulatory Strategy Group (IRSG), has today launched a consultation to develop a voluntary Code of Conduct for ESG Ratings and Data...read more
Political agreement reached on MiFIR review
3 July 2023 On 29 June 2023, the trilogue discussions between the EU Council and European Parliament (EP) for the Markets in Financial Instruments Regulation (MiFIR) Review came to their political conclusion.ICMA welcomes the agreement to remove the pre-trade reporting requirement related to Request-for-Quotes (“RFQs”)...read more
3 July 2023 On 29 June 2023, the trilogue discussions between the EU Council and European Parliament (EP) for the Markets in Financial Instruments Regulation (MiFIR) Review came to their political conclusion.ICMA welcomes the agreement to remove the pre-trade reporting requirement related to Request-for-Quotes (“RFQs”)...read more
ICMA responds to ESAs’ joint consultation on the review of the SFDR Delegated Regulation
3 July 2023 ICMA has responded to the ESAs’ joint consultation on the review of the SFDR Delegated Regulation though a dedicated Taskforce between its Asset Managers and Investor Council and the Executive Committee of the Principles.In its response, ICMA: Queried the timing and sequencing of...read more
3 July 2023 ICMA has responded to the ESAs’ joint consultation on the review of the SFDR Delegated Regulation though a dedicated Taskforce between its Asset Managers and Investor Council and the Executive Committee of the Principles.In its response, ICMA: Queried the timing and sequencing of...read more
European Council and Parliament reach agreement on CSDR Refit
28 June 2023 On 27 June, the European Council and Parliament reached a provisional interinstitutional agreement on the CSDR Refit. A critical element of the Refit is the revised settlement efficiency regime, in particular the highly controversial application of the mandatory buy-ins in the event of settlement...read more
28 June 2023 On 27 June, the European Council and Parliament reached a provisional interinstitutional agreement on the CSDR Refit. A critical element of the Refit is the revised settlement efficiency regime, in particular the highly controversial application of the mandatory buy-ins in the event of settlement...read more
The Principles announce updated guidance for transition finance and climate-themed bonds, and the integration of sovereign issuer considerations in the recommendations and tools for sustainability-linked bonds
22 June 2023 The Green, Social, Sustainability and Sustainability-Linked Bond Principles (the “Principles”) announce the 2023 editions of the Climate Transition Finance Handbook (CTFH) and the Sustainability-Linked Bond Principles (SLBP) as well as of the accompanying Key Performance Indicator (KPI) registry. The Principles are the...read more
22 June 2023 The Green, Social, Sustainability and Sustainability-Linked Bond Principles (the “Principles”) announce the 2023 editions of the Climate Transition Finance Handbook (CTFH) and the Sustainability-Linked Bond Principles (SLBP) as well as of the accompanying Key Performance Indicator (KPI) registry. The Principles are the...read more
ICMA response to HMT consultation on ESG ratings providers
21 June 2023 ICMA has today provided feedback to His Majesty's Treasury on its consultation on a future regulatory regime for Environmental, Social, and Governance (ESG) ratings providers.View the response...read more
21 June 2023 ICMA has today provided feedback to His Majesty's Treasury on its consultation on a future regulatory regime for Environmental, Social, and Governance (ESG) ratings providers.View the response...read more
ICMA Women’s Network (IWN) announces new Chair of the IWN International Steering Committee
Angela Brusas, Director, Funding & Investor Relations, Nordic Investment Bank, has been elected to replace Nathalie Masset, Head of Fixed Income at Euronext, as Chair of the ICMA Women’s Network (IWN) International Steering Committee, after a transitional period.read more
Angela Brusas, Director, Funding & Investor Relations, Nordic Investment Bank, has been elected to replace Nathalie Masset, Head of Fixed Income at Euronext, as Chair of the ICMA Women’s Network (IWN) International Steering Committee, after a transitional period.read more
New ICMA members in June 2023
ICMA welcomes the following new members in June 2023: Banca Monte dei Paschi di Siena S.p.A., Italy; CARE Ratings (Africa) Private Limited, Mauritius; ICBC Austria Bank GmbH, Austria.read more
ICMA welcomes the following new members in June 2023: Banca Monte dei Paschi di Siena S.p.A., Italy; CARE Ratings (Africa) Private Limited, Mauritius; ICBC Austria Bank GmbH, Austria.read more
Participate in the ICMA European Repo and Collateral Council's 45th 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, 14 June 2023.read more
All European repo market participants are invited to submit data on their repo business outstanding at close of business on Wednesday, 14 June 2023.read more
ICMA members elect new board at Paris annual meeting and new ICMA chair appointed
25 May 2023 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 Paris.The board subsequently appointed Janet Wilkinson, Managing Director, Head of Global Markets Institutional Sales,...read more
25 May 2023 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 Paris.The board subsequently appointed Janet Wilkinson, Managing Director, Head of Global Markets Institutional Sales,...read more
ACLI, The Credit Roundtable, ICI, ICMA, IIF and LICONY Oppose New York Legislature Bills on Sovereign Debt
22 May 2023 The proposed legislation would have unintended consequences for emerging economies, investors and state of New York.View the release.read more
22 May 2023 The proposed legislation would have unintended consequences for emerging economies, investors and state of New York.View the release.read more
ELFA and ICMA publish Practical Recommendations for High Yield Sustainability-Linked Bonds
22 May 2023 The European Leveraged Finance Association (ELFA) and the International Capital Market Association (ICMA) have partnered to create a set of recommendations for the high yield bond market in line with ICMA’s Sustainability-Linked Bond Principles (SLBP) and are today publishing the Practical Recommendations...read more
22 May 2023 The European Leveraged Finance Association (ELFA) and the International Capital Market Association (ICMA) have partnered to create a set of recommendations for the high yield bond market in line with ICMA’s Sustainability-Linked Bond Principles (SLBP) and are today publishing the Practical Recommendations...read more
ICMA launches new sustainable bond database powered by the LGX DataHub
17 May 2023 The International Capital Market Association (ICMA) and the Luxembourg Stock Exchange (LuxSE) are pleased to announce the launch of ICMA’s new database dedicated to sustainable bond data.Established by ICMA and built and fed by the Luxembourg Green Exchange (LGX), LuxSE’s leading platform...read more
17 May 2023 The International Capital Market Association (ICMA) and the Luxembourg Stock Exchange (LuxSE) are pleased to announce the launch of ICMA’s new database dedicated to sustainable bond data.Established by ICMA and built and fed by the Luxembourg Green Exchange (LGX), LuxSE’s leading platform...read more
ICMA publishes the second semi-annual report that provides detailed data on EU and UK bond market trading activity
25 April 2023 ICMA’s Secondary Market Practices Committee (SMPC) has published its second 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...read more
25 April 2023 ICMA’s Secondary Market Practices Committee (SMPC) has published its second 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...read more
New ICMA members in April 2023
ICMA welcomes the following new members in April 2023: Agora Digital Markets Ltd, United Kingdom; Arab Petroleum Investments Corporation (APICORP), Saudi Arabia; Bank of China (Europe) S.A., Luxembourg; Close Brothers Group plc, United Kingdom; Close Brothers Limited, United Kingdom; MCB Capital Markets Ltd, Mauritius; and...read more
ICMA welcomes the following new members in April 2023: Agora Digital Markets Ltd, United Kingdom; Arab Petroleum Investments Corporation (APICORP), Saudi Arabia; Bank of China (Europe) S.A., Luxembourg; Close Brothers Group plc, United Kingdom; Close Brothers Limited, United Kingdom; MCB Capital Markets Ltd, Mauritius; and...read more
Miriam Patterson: joining ICMA
ICMA has appointed Miriam Patterson, who has joined from Thomson Reuters, where she has worked since 2008, most recently as Senior Editor of Practical Law Global Capital Markets. Before Thomson Reuters, Miriam was at Latham & Watkins and at Allen & Overy. She has been...read more
ICMA has appointed Miriam Patterson, who has joined from Thomson Reuters, where she has worked since 2008, most recently as Senior Editor of Practical Law Global Capital Markets. Before Thomson Reuters, Miriam was at Latham & Watkins and at Allen & Overy. She has been...read more
ICMA publishes 2023 legal opinion updates for the Global Master Repurchase Agreement
13 April 2023 Today ICMA announces the publication of the 2023 GMRA legal opinion updates. The opinions provide ICMA members with exclusive access to a substantive body of legal know-how in relation to the enforceability of the GMRA and, in particular, the GMRA netting provisions in over...read more
13 April 2023 Today ICMA announces the publication of the 2023 GMRA legal opinion updates. The opinions provide ICMA members with exclusive access to a substantive body of legal know-how in relation to the enforceability of the GMRA and, in particular, the GMRA netting provisions in over...read more
ICMA updates public version of its SFTR reporting recommendations
5 April 2023 ICMA has released today the ninth update to its detailed Recommendations for Reporting under SFTR. The updated version incorporates a few changes based on the recent updates made to ESMA’s validation rules on 8 March, as well as the ongoing discussions within...read more
5 April 2023 ICMA has released today the ninth update to its detailed Recommendations for Reporting under SFTR. The updated version incorporates a few changes based on the recent updates made to ESMA’s validation rules on 8 March, as well as the ongoing discussions within...read more
ICMA update on the EU GBS Provisional Agreement
5 April 2023 On 28 February 2023, the EU co-legislators reached a milestone provisional agreement on the Regulation for European green bonds.ICMA welcomes the voluntary nature of the EU Green Bond Standard as well as of the disclosures recommended for the broader market.In this update note,...read more
5 April 2023 On 28 February 2023, the EU co-legislators reached a milestone provisional agreement on the Regulation for European green bonds.ICMA welcomes the voluntary nature of the EU Green Bond Standard as well as of the disclosures recommended for the broader market.In this update note,...read more
ICMA analysis: SFTR public data for repo in 2022
4 April 2023 ICMA released a report today which provides a closer look at SFTR public data for the year 2022. In line with SFTR itself, the data is split between figures reported for the EU repo market and those for the UK repo market.This follows...read more
4 April 2023 ICMA released a report today which provides a closer look at SFTR public data for the year 2022. In line with SFTR itself, the data is split between figures reported for the EU repo market and those for the UK repo market.This follows...read more
New ICMA members in March 2023
ICMA welcomed the following new members in March 2023: Bank of New York Mellon, United States; Bank of New York Mellon (International) Limited, United Kingdom; Bank of New York Mellon SA/NV, Belgium; Silk Road Fund Co., Limited, China; SNB Capital Co., Saudi Arabia.read more
ICMA welcomed the following new members in March 2023: Bank of New York Mellon, United States; Bank of New York Mellon (International) Limited, United Kingdom; Bank of New York Mellon SA/NV, Belgium; Silk Road Fund Co., Limited, China; SNB Capital Co., Saudi Arabia.read more
ICMA publishes a third edition of the report Asian International Bond Markets: Developments and Trends
29 March 2023 ICMA, supported by the Hong Kong Monetary Authority (HKMA), has today published the third edition of its report, The Asian International Bond Markets: Development and Trends. The report shows that annual issuance of cross-border bonds from Asia amounted to USD 346 billion in...read more
29 March 2023 ICMA, supported by the Hong Kong Monetary Authority (HKMA), has today published the third edition of its report, The Asian International Bond Markets: Development and Trends. The report shows that annual issuance of cross-border bonds from Asia amounted to USD 346 billion in...read more
Update to Members on Credit Suisse / UBS merger and the trading of Credit Suisse AT1 Bonds
24 March 2023 The recently announced combination of Credit Suisse and UBS together with the write down of Credit Suisse AT1 bonds has led to market participants not being able to settle trades that were agreed prior to issue of the write down notice. ICMA continues to...read more
24 March 2023 The recently announced combination of Credit Suisse and UBS together with the write down of Credit Suisse AT1 bonds has led to market participants not being able to settle trades that were agreed prior to issue of the write down notice. ICMA continues to...read more
Digital evolution in debt issuance - ICMA primary markets technology directory review
20 March 2023 The digital evolution of issuing bonds is driving both new solutions and at the same time vendor consolidation. ICMA's most recent assessment of its primary markets technology directory has identified several new and emerging platforms designed to facilitate the issuance of debt instruments.read more
20 March 2023 The digital evolution of issuing bonds is driving both new solutions and at the same time vendor consolidation. ICMA's most recent assessment of its primary markets technology directory has identified several new and emerging platforms designed to facilitate the issuance of debt instruments.read more
The European repo market – ICMA survey shows new record outstanding value of EUR 10,374 billion at year-end 2022
15 March 2023 The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 44th semi-annual survey of the European repo market.The survey, which measured the amount of repo business outstanding on 8 December 2022, from...read more
15 March 2023 The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 44th semi-annual survey of the European repo market.The survey, which measured the amount of repo business outstanding on 8 December 2022, from...read more
ICMA releases Bond Data Taxonomy
14 March 2023 As the digital transformation of primary bond markets continues to accelerate, ICMA and its primary market constituents have built consensus to represent key bond information. The Bond Data Taxonomy (BDT), formerly known as the Common Data Dictionary, provides an agreed language to...read more
14 March 2023 As the digital transformation of primary bond markets continues to accelerate, ICMA and its primary market constituents have built consensus to represent key bond information. The Bond Data Taxonomy (BDT), formerly known as the Common Data Dictionary, provides an agreed language to...read more
ICMA responds to FCA Discussion Paper - Future Disclosure Framework
7 March 2023 ICMA has responded to the FCA Discussion Paper - Future Disclosure Framework (DP22/6).read more
7 March 2023 ICMA has responded to the FCA Discussion Paper - Future Disclosure Framework (DP22/6).read more
ICMA supports voluntary nature of EU Green Bond (EU GB) label and of wider sustainable bond disclosures
1 March 2023 Following the announcement of the provisional agreement reached yesterday on the EU Green Bond Standard (EU GBS) under the Swedish Presidency of the Council of the EU, ICMA reiterates its support for the voluntary nature of the proposed EU Green Bond label...read more
1 March 2023 Following the announcement of the provisional agreement reached yesterday on the EU Green Bond Standard (EU GBS) under the Swedish Presidency of the Council of the EU, ICMA reiterates its support for the voluntary nature of the proposed EU Green Bond label...read more
ICMA responds to ESMA’s Guidelines on funds’ names using ESG or sustainability-related terms
20 February 2023 ICMA has responded to ESMA’s Guidelines on funds’ names using ESG or sustainability-related terms.ICMA is supportive of efforts to bring more clarity to the sustainable investment landscape, and believes that clarity in fund naming can be an important enhancement to the existing...read more
20 February 2023 ICMA has responded to ESMA’s Guidelines on funds’ names using ESG or sustainability-related terms.ICMA is supportive of efforts to bring more clarity to the sustainable investment landscape, and believes that clarity in fund naming can be an important enhancement to the existing...read more
ICMA courses chosen for HKMA Sustainable Finance Support Scheme
20 February 2023 ICMA is at the forefront of the financial industry’s contribution to the development of sustainable finance and leads on many initiatives worldwide. We are proud to have two flagship sustainable finance courses – the Introduction to Sustainable Bonds and the Sustainable Bond...read more
20 February 2023 ICMA is at the forefront of the financial industry’s contribution to the development of sustainable finance and leads on many initiatives worldwide. We are proud to have two flagship sustainable finance courses – the Introduction to Sustainable Bonds and the Sustainable Bond...read more
FINOS Launches Common Domain Model Project in Partnership with ISDA, ISLA and ICMA for Standardizing Financial Products and Worksflows
16 February 2023 The three associations have teamed up with FINOS to provide a repository for the CDM project, aimed at fostering the growth of an open-source community for the CDM and ensuring neutralityToday, FINOS (the Fintech Open Source Foundation) announces the open source availability of its highly...read more
16 February 2023 The three associations have teamed up with FINOS to provide a repository for the CDM project, aimed at fostering the growth of an open-source community for the CDM and ensuring neutralityToday, FINOS (the Fintech Open Source Foundation) announces the open source availability of its highly...read more
Results of the ERCC Committee elections 2023
9 February 2023 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 2024...read more
9 February 2023 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 2024...read more
ICMA announces 2023 scholarship programme recipients
9 February 2023 ICMA is delighted to announce the students who were awarded its 2023 scholarship programme. The 23 individuals from Sub-Saharan Africa, 9 from Asia and 3 from Latin America were selected from an extensive number of applications received, based on their academic attainments...read more
9 February 2023 ICMA is delighted to announce the students who were awarded its 2023 scholarship programme. The 23 individuals from Sub-Saharan Africa, 9 from Asia and 3 from Latin America were selected from an extensive number of applications received, based on their academic attainments...read more
Response to the FCA’s consultation on Sustainability Disclosure Requirements (SDR) and investment labels
25 January 2023 ICMA submitted its response to the FCA’s consultation on Sustainability Disclosure Requirements (SDR) and investment labels.View the response here.read more
25 January 2023 ICMA submitted its response to the FCA’s consultation on Sustainability Disclosure Requirements (SDR) and investment labels.View the response here.read more
ICMA ERCC publishes its analysis of how the repo market performed over the 2022 year-end
26 January 2023 ICMA ERCC publishes its analysis of how the repo market performed over the 2022 year-endThe ICMA European Repo and Collateral Committee has published its annual analysis of how the repo market performed over the recent year-end: The repo market at 2022 year-end. The 2022 euro...read more
26 January 2023 ICMA ERCC publishes its analysis of how the repo market performed over the 2022 year-endThe ICMA European Repo and Collateral Committee has published its annual analysis of how the repo market performed over the recent year-end: The repo market at 2022 year-end. The 2022 euro...read more
ICMA consolidates its secondary market rulebook into a single document, including its buy-in provisions
25 January 2023 ICMA has updated its Secondary Market Rules & Recommendations to consolidate a number of updates over recent years in a single document.The Secondary Market Rules & Recommendations (“The Rules”) apply to all transactions conducted by members as buyer or seller, in either a principal or...read more
25 January 2023 ICMA has updated its Secondary Market Rules & Recommendations to consolidate a number of updates over recent years in a single document.The Secondary Market Rules & Recommendations (“The Rules”) apply to all transactions conducted by members as buyer or seller, in either a principal or...read more
ICMA response to the ESAs' Call for Evidence on greenwashing
12 January 2023 ICMA welcomes the opportunity to provide feedback to the European Supervisory Agencies’(ESA) Call for Evidence on greenwashing. This feedback is given on behalf of ICMA and its constituencies, and especially the Executive Committee of the Principles and the Asset Management and Investors Council (AMIC).Click...read more
12 January 2023 ICMA welcomes the opportunity to provide feedback to the European Supervisory Agencies’(ESA) Call for Evidence on greenwashing. This feedback is given on behalf of ICMA and its constituencies, and especially the Executive Committee of the Principles and the Asset Management and Investors Council (AMIC).Click...read more
ICMA and CCDC publish white paper on ESG Practices in China
10 January 2023 ICMA and the China Central Depository & Clearing Co., Ltd. (CCDC) have published a white paper on ESG Practices in China, detailing ESG development trends in China with relevant case studies. The white paper focuses on two aspects. First, it summarises China’s ESG-related policies...read more
10 January 2023 ICMA and the China Central Depository & Clearing Co., Ltd. (CCDC) have published a white paper on ESG Practices in China, detailing ESG development trends in China with relevant case studies. The white paper focuses on two aspects. First, it summarises China’s ESG-related policies...read more
ICMA response to FCA CP22/21 on ‘synthetic’ US dollar LIBOR
6 January 2023 ICMA has responded to FCA CP22/21 on ‘synthetic’ US dollar LIBOR. The key points in ICMA’s response are: ICMA welcomes the FCA’s proposal to require the publication of the 1-, 3- and 6-month synthetic US dollar LIBOR settings from 30 June 2023, which is...read more
6 January 2023 ICMA has responded to FCA CP22/21 on ‘synthetic’ US dollar LIBOR. The key points in ICMA’s response are: ICMA welcomes the FCA’s proposal to require the publication of the 1-, 3- and 6-month synthetic US dollar LIBOR settings from 30 June 2023, which is...read more
New ICMA members in December 2022
13 December 2022 ICMA welcomes the following new members in December 2022: Bernstein Autonomous LLP, United Kingdom Citigroup Global Markets Japan Inc., Japan Consolidated Bank Ghana Limited, Ghana Covalent Capital Pte. Ltd., Singapore Ecobank Transnational International, Togo Global Islamic Financial Services Firm, South Africa KPMG Huazhen LLP, China Mizuho Securities (Singapore) Pte. Ltd., Singapore Standard...read more
13 December 2022 ICMA welcomes the following new members in December 2022: Bernstein Autonomous LLP, United Kingdom Citigroup Global Markets Japan Inc., Japan Consolidated Bank Ghana Limited, Ghana Covalent Capital Pte. Ltd., Singapore Ecobank Transnational International, Togo Global Islamic Financial Services Firm, South Africa KPMG Huazhen LLP, China Mizuho Securities (Singapore) Pte. Ltd., Singapore Standard...read more
ICMA statement with the Executive Committee of the Principles on the EU GBS
13 December 2022 ICMA statement with the Executive Committee of the Principles on the EU GBSICMA is a membership association, headquartered in Switzerland, committed to serving the needs of its wide range of members. These include private and public sector issuers, financial intermediaries, asset managers...read more
13 December 2022 ICMA statement with the Executive Committee of the Principles on the EU GBSICMA is a membership association, headquartered in Switzerland, committed to serving the needs of its wide range of members. These include private and public sector issuers, financial intermediaries, asset managers...read more
Letter to the Joint Committee of the ESAs - Securitisation Regulation - Request for Guidance on Article 5(1)(e)
9 December 2022 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 includes a healthy, efficient international securitisation market promoting global diversification and financial stability. For this reason, ICMA is...read more
9 December 2022 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 includes a healthy, efficient international securitisation market promoting global diversification and financial stability. For this reason, ICMA is...read more
ICMA and ASIFMA publish results of survey of Asia repo markets
5 December 2022 The ICMA European Repo and Collateral Council (ERCC) 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 ICMA ERCC European repo market survey, the latest Asia-Pacific survey reports...read more
5 December 2022 The ICMA European Repo and Collateral Council (ERCC) 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 ICMA ERCC European repo market survey, the latest Asia-Pacific survey reports...read more
ICMA has responded to the UK FCA’s Consultation Paper on the Trading Venue Perimeter
24 November 2022 ICMA considers all regulatory perimeter requirements, for large or small firms, should be flexible and principles based, in order to continue supporting innovation in the UK. This will make it easier for all trading participants to access UK bond markets, resulting in the...read more
24 November 2022 ICMA considers all regulatory perimeter requirements, for large or small firms, should be flexible and principles based, in order to continue supporting innovation in the UK. This will make it easier for all trading participants to access UK bond markets, resulting in the...read more
ICMA Awarded Industry Association of the Year
23 November 2022 International Capital Market Association (ICMA) was awarded Industry Association of the Year in the 5th Regulation Asia Awards for Excellence 2022 at an in-person ceremony on 22 November 2022.ICMA was recognised for its extensive work over the years to develop and introduce standards for...read more
23 November 2022 International Capital Market Association (ICMA) was awarded Industry Association of the Year in the 5th Regulation Asia Awards for Excellence 2022 at an in-person ceremony on 22 November 2022.ICMA was recognised for its extensive work over the years to develop and introduce standards for...read more
ICMA appointed by the FCA to jointly provide the Secretariat for a working group to develop a Code of Conduct for ESG data and ratings providers
22 November 2022 The International Capital Market Association (ICMA) is announcing that it has been appointed by the FCA to jointly provide the Secretariat with the International Regulatory Strategy Group (IRSG) for the newly formed ESG Data and Ratings Code of Conduct Working Group (DRWG). The...read more
22 November 2022 The International Capital Market Association (ICMA) is announcing that it has been appointed by the FCA to jointly provide the Secretariat with the International Regulatory Strategy Group (IRSG) for the newly formed ESG Data and Ratings Code of Conduct Working Group (DRWG). The...read more
ICMA publishes new climate resilient debt clauses to facilitate sovereign debt relief and financial stability
9 November 2022 The International Capital Market Association (ICMA) has today published new Climate Resilient Debt Clauses (CRDCs) which can defer a country’s debt repayments in the event of a pre-defined, severe climate shock or natural disaster. A standardised term sheet for this has been produced...read more
9 November 2022 The International Capital Market Association (ICMA) has today published new Climate Resilient Debt Clauses (CRDCs) which can defer a country’s debt repayments in the event of a pre-defined, severe climate shock or natural disaster. A standardised term sheet for this has been produced...read more
ICMA publishes new majority voting clauses for commercial loans to sovereign borrowers to facilitate sovereign debt restructuring
1 November 2022 The International Capital Market Association (ICMA) has today published new majority voting specimen clauses for inclusion in commercial loan agreements’ payment terms for sovereign borrowers which have been produced by an HM Treasury-led public-private sector working group established by the United Kingdom during its time...read more
1 November 2022 The International Capital Market Association (ICMA) has today published new majority voting specimen clauses for inclusion in commercial loan agreements’ payment terms for sovereign borrowers which have been produced by an HM Treasury-led public-private sector working group established by the United Kingdom during its time...read more
ICMA publishes European repo market survey showing new record outstanding value of EUR 9,680 billion at half-year 2022
31 October 2022 The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 43rd semi-annual survey of the European repo market.The survey, which measured the amount of repo business outstanding on 8 June 2022, from...read more
31 October 2022 The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 43rd semi-annual survey of the European repo market.The survey, which measured the amount of repo business outstanding on 8 June 2022, from...read more
ICMA writes to ECB raising concerns about Eurozone repo and money market conditions
26 October 2022 The International Capital Market Association (ICMA) has written to the ECB expressing industry concerns about current conditions in the Eurozone repo and money markets, and the risk that rising dysfunction in the market could imperil the transmission of monetary policy. The letter is co-signed by...read more
26 October 2022 The International Capital Market Association (ICMA) has written to the ECB expressing industry concerns about current conditions in the Eurozone repo and money markets, and the risk that rising dysfunction in the market could imperil the transmission of monetary policy. The letter is co-signed by...read more
ICMA and UAE Financial Markets Association formalise cooperation in securities markets
26 October 2022 (London, UK - Dubai, UAE) The International Capital Market Association (ICMA) and the United Arab Emirates Financial Markets Association (UAE FMA) today formalised their cooperation to further develop and foster closer engagement. ICMA Chief Executive Bryan Pascoe and UAE FMA Chairman Mohammed Al...read more
26 October 2022 (London, UK - Dubai, UAE) The International Capital Market Association (ICMA) and the United Arab Emirates Financial Markets Association (UAE FMA) today formalised their cooperation to further develop and foster closer engagement. ICMA Chief Executive Bryan Pascoe and UAE FMA Chairman Mohammed Al...read more
ICMA publishes report setting out a high-level categorisation relating to sustainability in the repo market
26 October 2022 ICMA’s Repo & Sustainability Taskforce has published a paper which sets out observations and categorisations relating to sustainability in the repo market. The paper is a reflection on recent market developments and looks at the different intersections between repo and sustainable finance from...read more
26 October 2022 ICMA’s Repo & Sustainability Taskforce has published a paper which sets out observations and categorisations relating to sustainability in the repo market. The paper is a reflection on recent market developments and looks at the different intersections between repo and sustainable finance from...read more
ICMA publishes the first semi-annual report that provides detailed data on EU and UK bond market trading activity
24 October 2022 ICMA has published the first semi-annual report providing detailed data on the EU and UK bond market trading landscape. The report was produced in collaboration with Propellant digital.The report captures more than 80% of all secondary bond market transactions (both corporate bonds and...read more
24 October 2022 ICMA has published the first semi-annual report providing detailed data on the EU and UK bond market trading landscape. The report was produced in collaboration with Propellant digital.The report captures more than 80% of all secondary bond market transactions (both corporate bonds and...read more
The European Parliament’s Committee on Economic and Monetary Affairs draft report on the review of the Central Securities Depository Regulation (CSDR)
13 October 2022 ICMA welcomes the draft report from the European Parliament’s Committee on Economic and Monetary Affairs on the review of the Central Securities Depository Regulation (CSDR).In line with the ECB’s opinion on CSDR Refit, Rapporteur Johan Van Overtveldt considers regulation-driven mandatory buy-ins (MBIs) as a significant...read more
13 October 2022 ICMA welcomes the draft report from the European Parliament’s Committee on Economic and Monetary Affairs on the review of the Central Securities Depository Regulation (CSDR).In line with the ECB’s opinion on CSDR Refit, Rapporteur Johan Van Overtveldt considers regulation-driven mandatory buy-ins (MBIs) as a significant...read more
