Euro Commercial Paper and Certificates of Deposit
ICMA Commercial Paper (and Certificates of Deposit) Committee
ICMA’s Commercial Paper (and Certificates of Deposit) Committee (the ‘CPC’) seeks to be the representative voice of the European and international Commercial Paper and Certificates of Deposit (CP/CD) market, bringing together all relevant stakeholders with the goal of
supporting market development. It aims to do this by: 
- Providing a platform for dialogue and the sharing of ideas between market stakeholders
- Developing and supporting market standards and best practicesmakers
- Facilitating the dissemination of relevant information amongst members
related to market developments and, where possible, data and research - Promoting the best interests of the market with regulators, policy , and
other key stakeholders
Membership of the CPC comprises the entire European and international CP/CD market ecosystem, including:
issuers (both financial and corporate); investors; dealers and originators; and infrastructures.
The ICMA CPC is co-chaired by Steve Collins (Barclays / Sell-side), Gregor Harwell (BlackRock / Buy-side),
and Scott Creed (Lloyds Banking / Issuer). Anyone interested in joining the committee should contact Katie Kelly
or Leonie Scott.
ICMA’s standard form Euro Commercial Paper programme documentation for Investment Grade issuers is
available in the ICMA Primary Market Handbook.
Contact:
Katie Kelly
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Financial Institution Issuer Forum (FIIF) and the ICMA Corporate Issuer Forum (CIF) and the Public Sector Issuer Forum (PSIF)
Direct line: +44 20 7213 0331
Here, you will find ICMA ECP Committee contributions to consultations and various other published documents.
September 2021
ICMA published a white paper paper on the European Commercial Paper and Certificates of Deposit Market. The paper is an initiative of ICMA’s Commercial Paper (and Certificates of Deposit) Committee (CPC). The paper is an initiative of ICMA’s Commercial Paper (and Certificates of Deposit) Committee (CPC). The paper attempts to: (i) map the landscape of the European commercial paper (CP) and certificates of deposit (CD) markets; (ii) describe how the CP market performed during the Covid-related turmoil of March-April 2020 and after; and (iii) propose initiatives that could support the development of market structure and enhance resilience, particularly in the event of future shock.
September 2021:
FSB meeting with the CPC to discuss how the European CP market performed during the covid turmoil
June 2021
ICMA responds to ESMA consultation on potential reforms of the EU Money Market Funds Regulation (MMFR)
March 2021
Members endorse the new ICMA Commercial Paper (and Certificates of Deposit) Committee
Note of the meeting
February 2021
Proposed reconstitution of the Commercial Paper Committee
Following the ICMA European Commercial Paper workshop in November 2020 and follow-up call in December 2020, it was proposed that ICMA’s executive committee:
- rename the Euro Commercial Paper Committee (ECP Committee) as the Commercial Paper Committee (CPC).
- widen the membership of the CPC to reflect the entire ecosystem of the European commercial paper market, including representatives of issuers (financial and corporate), investors, dealers, and infrastructures.
November 2020
The European Commercial Paper Market Reimagined. In November 2020, in response to member interest, ICMA hosted a workshop entitled The European Commercial Paper Market Reimagined. The objectives of the workshop were: (i) to look back on how the European Commercial Paper (CP) market performed during the peak of the COVID-19 crisis, and (ii) to identify possible initiatives, whether market-based or regulatory, that could help in developing the market. Participants in the workshop included issuers (financial and corporate), investors (including money market funds), dealers, and infrastructures. ICMA has published a note of the workshop, which was held under Chatham House Rules.
April 2020
ICMA, on behalf of its ECP Committee, has written to the ECB requesting that Asset Backed Commercial Paper (ABCP) be included as eligible assets for the purpose of the ECB’s emergency policy response, being included both in the Eurosystem collateral framework and the Pandemic Emergency Purchase Programme (PEPP).
July 2018
Response submissions from ICMA re the European Banking Authority’s consultations on its “draft Guidelines on the STS criteria for non-ABCP securitisation" and on its “draft Guidelines on the STS criteria for ABCP securitisation".
February 2018
Response submission from ICMA re European Commission’s consultation on a “Draft Delegated Act amending the Commission Delegated Regulation (EU) 2015/61 (the “LCR Delegated Regulation”) on the Liquidity Coverage Ratio (LCR)”
October 2017
Response submission from ICMA, jointly with the ASF, GFMA and IIF, re BCBS/IOSCO’s Consultative Documents on “Criteria for and capital treatment of simple, transparent and comparable short-term securitisations"
Contacts:
Katie Kelly
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Financial Institution Issuer Forum (FIIF) and the ICMA Corporate Issuer Forum (CIF) and the Public Sector Issuer Forum (PSIF)
Direct line: +44 20 7213 0331
Leonie Scott
Executive Assistant, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0320
Noticeable progress has been made in recent years in the sustainable commercial paper market, with developments demonstrating a growing recognition of its potential to play a more active role in issuers’ overall sustainable finance strategies while providing flexible funding options. In response to these developments, ICMA has established a Commercial Paper Taskforce (the Taskforce) comprising members of the CPC to explore the role of conventional CP in the sustainable finance market further, track existing and upcoming market practice and assess relevant standards and best practice to enshrine as the sustainable CP market continues to develop.
For more information on the Taskforce and to join, contact Katie Kelly.
Contact:
Katie Kelly
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Financial Institution Issuer Forum (FIIF) and the ICMA Corporate Issuer Forum (CIF) and the Public Sector Issuer Forum (PSIF)
Direct line: +44 20 7213 0331
