Secondary Markets

Secondary Markets

ICMA initiates standard practices, as well as working with market stakeholders, to help develop and support efficient and well-functioning fixed income secondary markets.

It does this by bringing together participants active in the international bond markets, including sell sides, buy sides, and financial market infrastructures, through setting best practices, garnering and sharing intelligence on the evolution of market structures and microstructures, as well as aiming to inform relevant policy development and market regulation.

ICMA’s rules and recommendations for the secondary market (available to members and subscribers) apply to transactions in international securities – an international security is defined as a security intended to be traded on an international, cross-border basis (i.e. between parties in different countries) and capable of settlement through an international central securities depository or equivalent. ICMA also supports members with advice and guidance on the application of the rules and recommendations through its Legal & Regulatory Helpdesk.

Secondary Market Practices Committee (SMPC) and related Working Groups

Secondary markets regulation

Euro safe assets

Sanctions on Russia: Considerations for repo and secondary trading (Members only)

Secondary Market priorities for 2025 (as identified by the SMPC):

Market liquidity and resilience
Bond market transparency and the European consolidated tapes
The role of non-traditional actors in liquidity provision
The role of the FI ETF market
The growth of e-trading and the evolution and adoption of new trading protocols
The impact of “T+1” on pricing and liquidity
Enhancing settlement efficiency

Market data / recent reports

Recent consultation responses

Responses Archive

Selected papers and publications

ICMA Secondary Markets Newsletter

A monthly market newsletter is sent to secondary market contacts, sign up to the mailing list by ticking the secondary markets box (ICMA members only).

Click here to view ICMA's latest Secondary Market Newsletter (ICMA members only).

Contacts:

Email the secondary markets team

Andy Hill
Managing Director, Co-Head of Market Practice & Regulatory Policy; secretary to the Secondary Market Practices Committee and also responsible for overseeing repo policy; Member of the ICMA Executive Committee
Direct line: +44 20 7213 0335

Nina Suhaib-Wolf
Director, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0318

Aman Gill
Associate, Market Practice and Regulatory Policy

Simone Bruno
Associate Director, Market Practice and Regulatory Policy
Direct line: +44 20 7213 0312

Welcome to the International Capital Market Association

A global community for the capital markets

ICMA engages with its global membership on market practice and regulatory policy issues through its expert forums.

ICMA serves as Secretariat to the GBP, the SBP, the SBG and the SLBP, providing support while advising on governance and other issues.

ICMA seeks to mainstream relevant FinTech developments and market electronification through all of its initiatives, activities and fora.

Studying with ICMA

Already studying?

What’s happening at ICMA?

Scan QR Code