The purpose of the ETC is to reflect on the nature of the current evolving electronic trading landscape by bringing together representatives of the entire electronic trading ecosystem (focusing on the mechanics and evolving trading practices of the ecosystem). The primary purpose for the ETC is to provide a centralised platform for interactive dialogue for relevant fixed income trading participants and trading enablers to identify and document where appropriate, best practice and/or recommended standards.
The ETC's role, through discussion is; to inform, engage, create debate, allow opportunities for networking and overall to provide tracking, support and assistance for trading-based market practitioners, as fixed income electronic trading evolves. Through an open exchange of ideas, the goal is for ETC members to better understand the direction of travel for European cross-border fixed income electronic trading, and plan accordingly.
Members of the ETC are buy-side heads of trading desks, sell-side senior traders or heads of market structure and/or electronic trading and senior representatives from trading venues and technology providers. Membership is European with members locally based in the UK/Continent/Ireland but may be globally headquartered.
The deliverable focus for the electronic trading council is market structure based, including: protocols and practices for banks, asset managers, trading venues, APAs, information networks and technology providers. Also included is a strong focus on data availability & usability in relation to execution analysis tools. The scope is pre-trade, execution and post-trade.
An example of a recent ETC initiative is the ongoing work surrounding bond pricing distribution (axe distribution) standards and best practice. In May 2021, ICMA published the first edition of the guide to definitions and best practice for bond pricing distribution. The guide to best practice will be updated throughout 2021 and thereafter, reviewed semi-annually.
The ETC also maintains ICMA’s mapping directory of European fixed income electronic trading platforms.
Contact:
Andy Hill
Deputy Head, Market Practice and Regulatory Policy; secretary to the Secondary Market Practices Committee.
Direct line: +44 20 7213 0335
Gabriel Callsen
Director, Fintech and Digitalisation; Secretary to the ICMA Fintech Advisory
Direct line: +44 20 7213 0334
Rowan Varrall
Associate, Fintech and Digitalisation
Direct line: +44 20 7213 0317
