Setting standards internationally

The International Capital Market Association (ICMA) is a unique organisation and an influential voice for the global capital market. It represents a broad range of capital market interests including global investment banks and smaller regional banks, as well as asset managers, exchanges, central banks, law firms and other professional advisers. ICMA’s market conventions and standards have been the pillars of the international debt market for almost 50 years.

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News in brief

ICMA is pleased to welcome the following new members in December 2014:
APG Asset Management N.V., Amsterdam
AxeTrading Limited, London
BlackRock Investment Management (UK) Limited, London
Malayan Banking Berhad (trading as Maybank), Kuala Lumpar
MN Services N.V., The Hague
Morgan Stanley Asia Limited, Hong Kong
Kommunalbanken AS, Oslo
Shearman & Sterling LLP, New York

ICMA has admitted 43 new members in 2014, to view the list of new members, please click here.
ICMA now has 472 members in 54 countries.
Pan-European Private Placement Working Group supports exemption from withholding tax on interest on private placements contained in HM Treasury’s Autumn Statement
5 December 2014 The Pan-European Private Placement Working Group (PEPP WG) welcomes the new exemption from withholding tax for interest on private placements contained in HM Treasury’s Autumn Statement, which was released on 3 December 2014. We believe that this exemption will help unlock new financing opportunities for UK businesses.
To view the press release, click here.
Liquidity in the European secondary bond market: perspectives from the market. ICMA publishes survey on current state and future evolution of the European corporate bond market
25 November 2014 A new study from the International Capital Market Association (ICMA) identifies the main causes of the potential crisis facing liquidity in the corporate secondary bond markets in Europe and calls for constructive and coordinated action from all market stakeholders to find solutions.
To view the report, click here.
To view the press release, click here.
A recording of the ICMA briefing call held on 3 December is available here (ICMA Members only)
Participate in the ICMA European Repo Council's 28th 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, 10 December 2014.
PARTICIPATE
Eurepo index to be discontinued on 2 January 2015
3 November 2014 (Brussels) The European Money Markets Institute (EMMI) and the ICMA European Repo Council (ERC) announce the discontinuation of the Eurepo index as of 2 January 2015.
To view the press release, click here.

Market Practice & Regulatory Policy

ICMA Secondary Market Practices Committee updated Terms of Reference
The ICMA SMPC has updated its Terms of Reference and mission statement to better reflect its role as the representative body of the European corporate bond secondary market. As well as becoming more focused on issues and developments affecting the credit market, it is also broadening its membership to include both sell-side and buy-side trader representation from ICMA members. If your firm is interested in becoming a member of the SMPC, please contact Andy Hill, secretary to the SMPC.
To view the Terms of Reference, click here.
ICMA responds to ESMA Consultation Paper on draft technical standards on the Market Abuse Regulation
15 October 2014 ICMA has responded to ESMA Consultation Paper on draft technical standards on the Market Abuse Regulation.
To view the response, click here.
AMIC: Maternity leave cover
ICMA is considering the appointment of a buy-side expert to provide maternity cover. For more information, click here.
ICMA AMIC Responds to FCA Discussion Paper DP14/3 - the use of dealing commission regime
10 October 2014 The AMIC has responded to the FCA's Discussion Paper DP14/3.
To view the response, click here.
ICMA Quarterly Report Fourth Quarter 2014
8 October 2014 The latest edition of the ICMA quarterly report is now available.
To download the report, click here.
Move to Settlement at T+2 on 6 October
On 6 October 2014 the settlement period for securities transactions in Europe migrated from T+3 (trade date plus 3 days) to T+2. The move to T+2 for many securities markets will also impact the repo and securities financing markets.
For more information click here.
ICMA ERC briefing note on CSDR Mandatory Buy-ins and the treatment of SFTs
22 September 2014 The ICMA ERC has published a briefing note on CSDR Mandatory Buy-ins and the treatment of SFTs.
Click here to view.
The AMIC responded to the IOSCO consultation paper
5 September 2014 (London, UK) The AMIC responded to the IOSCO consultation paper on Good Practices on Reducing Reliance on CRAs in asset management. To view the report, click here.
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