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Click on the links below to access ICMA's press releases and the Media section of the website. Press Releases | MediaLess than a week to go before the ICMA AGM and Conference in Copenhagen, 22-24 May!
The ICMA AGM and Conference, a long established industry event for the international debt capital markets, brings together the global financial community to discuss market and regulatory developments.For the full programme including networking receptions, click here.
#ICMAAGM Registrations will close on Wednesday, 22 May at 12 midday.
REGISTER NOW!
The systemic importance of collateral and the role of the repo market
7 May 2013 ICMA European Repo Council paper highlights the disruptive impact of the proposed FTT on the widespread use of collateral that underpins the modern financial system To view the press release, click here.To view the supplementary paper, click here.
ICMA publishes 2013 legal opinions on global master repo agreement
10 April 2013 (Zurich, Switzerland) ICMA has today published the 2013 legal opinions which support the Global Master Repurchase Agreement (GMRA), the standard agreement used for international repo transactions.The 2013 opinions support the use of the GMRA in 63 jurisdictions worldwide, with the notable addition of an opinion for Russia and an expansion of counterparty coverage in a number of key jurisdictions. To view the press release, click here.For more information about the legal opinions, including a list of covered jurisdictions, click here.
ICMA European Repo Council calls for exemption of repo transactions from FTT
8 April 2013 The proposed EU Financial Transaction Tax would cause the short-term repo market in Europe to contract by an estimated amount of at least 66%, with serious negative consequences for other financial markets and the real economy, according to a study commissioned by the European Repo Council of the International Capital Market Association. To view the press release, click here.To view the report, click here.
ICMA is pleased to welcome the following new members in March:
Aviva Investors Global Services Limited, LondonBloomberg L.P., New York
Gianni, Origoni, Grippo, Cappelli & Partners, London
HSBC Bank (China) Company Limited, Shanghai
K&L Gates LLP, London
KNG Securities LLP, London
PensionDanmark Pensionsforsikringsaktieselskab, Copenhagen
Raiffeisen Schweiz Genossenschaft, St Gallen
Swedbank AS (Estonia), Tallinn
Swedbank AS (Latvia), Riga Click here to view the full list of ICMA members.
LTRO continues to weigh on European repo market
11 March 2013 (London, UK) The European Repo Council of the International Capital Market Association (ICMA) today released the results of its 24th semi-annual survey of the European repo market. The survey, which measures the amount of repo business outstanding on 12 December, sets the baseline figure for market size at EUR 5,611 billion. To view the press release, click here.To view the survey, click here.
ICMA publishes new legal documentation in support of Russian repo market
20 February 2013 (Zurich, Switzerland) ICMA has today published the Russian Legal Opinion on the GMRA, Russian Annex to the GMRA and Russian translation of the GMRA 2011. The GMRA is the most widely used legal agreement for documenting cross-border repo transactions and is also used in many domestic repo markets. Click here to see the press release.Click here to access the ICMA GMRA legal opinions (ICMA members only).
ICMA Executive Education expands management team
14 February 2013 (London) The International Capital Market Association (ICMA) and the ICMA Centre have announced two key appointments to the management team of ICMA Executive Education, their joint financial markets professional education programme, as part of an initiative to expand its international reach and content. To view the press release, click here.Market gathers to hear how new government policy package will revitalise Japan’s economy
5 February 2013 (London, Tokyo) Top representatives from the entire Japanese securities industry gathered at Japan Securities Summit in London today to promote the Japanese markets to overseas investors and market participants. To view the press release, click here.To view the presentations given at the Japan Securities Summit, click here.
ICMA Executive Education Newsletter
ICMA Executive Education has published the second edition of its newsletter. Click here to view the newsletter.CICF publishes papers to contribute to a better informed debate of collateral related issues
7 November 2012 (London) The Collateral Initiatives Coordination Forum (CICF) has published today a White Paper entitled “Collateral Fluidity”, in which the case is made that the detailed design of regulatory measures requires careful attention and sequencing in order to ensure that collateral flows efficiently around the market. Alongside this, the CICF has also published a short primer entitled “Collateral Fundamentals”, the aim of which is to aid those interested in the topic of collateral, but new to the associated concepts.To view the press release, click here.
ESCA and ICMA sign cooperation agreement
6 November 2012 (Abu Dhabi, UAE) The Emirates Securities & Commodities Authority (ESCA) and the International Capital Market Association (ICMA) have signed a Memorandum of Understanding which will enhance coordination between the two associations on topics of international concern that are related to the capital markets. To view the press release, click here.Joint Associations Committee comments on European disclosure rules for retail investment products
29 October 2012 (London) The Joint Associations Committee on Retail Structured Products welcomes the publication by the European Commission of a draft ‘regulation on key information documents for investment products’, the output of the Commission's Packaged Retail Investments Products (PRIPs) initiative. To view the press release, click here.To view the comments, click here.
Associations launch wealth management charter of quality in Luxembourg
4 October 2012 (Luxembourg) ICMA today launched a Private Wealth Management Charter of Quality at an event jointly hosted by the Private Banking Group (PBGL) of the Luxembourg Bankers’ Association (ABBL), which has today become the first signatory association to the Charter. To view the press release, click here.To view the charter, click here.
European repo market side-lined by ECB LTROs
6 August 2012 (London, UK) The European Repo Council of the International Capital Market Association (ICMA) today released the results of its 23rd semi-annual survey of the European repo market.To view the press release, click here.
To view the survey, click here.
New ICMA GMRA legal opinion for Qatar
21 June 2012 ICMA is pleased to announce publication of the 2012 ICMA GMRA legal opinion for Qatar. Click here to access the ICMA GMRA legal opinions (ICMA members only).ICMA establishes partnership with major Ukrainian association
7 June 2012 (Kyiv, Ukraine) ICMA signed a Memorandum of Understanding with the Securities Market Partnership Association (SMPA), one of the largest and most influential associations of professional securities market participants in Ukraine, during the first joint event “Repo Market: International Best Practices and Ukraine”. For more information, click here.ICMA AGM & Conference in Milan
Speeches, presentations and photos from the ICMA AGM & Conference in Milan are now available. Click here to view the speeches and presentations.Click here to view the photos.
Accreditation of the IFID and OCP in Hong Kong
11 April 2012 ICMA, in association with the Treasury Markets Association (TMA) of Hong Kong, has announced that any holders of either the International Fixed Income and Derivatives (IFID) Certificate Programme or the Operations Certificate Programme (OCP) can apply to be a TMA Associate Member, provided that they have passed the examination on the Code of Conduct and Practice of the TMA (Elementary Level). The TMA ‘Associate Member’ status is part of the new Primary Qualification Framework (PQF), which was recently put in place in Hong Kong.
For more information ICMA Executive Education courses, including the IFID and OCP, click here.
ICMA publishes 2012 legal opinions on master repo agreement for over 60 jurisdictions
4 April 2012 ICMA has published the 2012 legal opinions on the Global Master Repurchase Agreement (GMRA), together with the Guidance Notes and specific annexes to the GMRA 2011.
To view the press release click here.
For more information about the legal opinions, including a list of covered jurisdictions, click here.
ICMA European Repo Council paper explores official concerns about ‘shadow banking’ and repo
20 March 2012 (Zurich, Switzerland) ICMA’s European Repo Council (ERC) has today published a paper entitled: ‘Shadow banking and repo’ which explores concerns raised by regulators about ‘shadow banking’, particularly in the context of the European repo market. For a copy of the paper, click here.For a copy of the press release, click here.
See also the ERC paper ‘Haircuts and initial margins in the repo market’
ICMA European Repo Council information
The ICMA European Repo Council is updating its record of contacts who trade or are involved in the repo market. Members and non-member firms are invited to send their repo contacts Click here to sign-upInternational Capital Market Association (ICMA) appoints new General Counsel
1 March 2012 (Zurich, Switzerland) The International Capital Market Association (ICMA), which represents capital market participants globally, is pleased to announce that it has appointed Leland Goss to the post of General Counsel. For a copy of the press release, click here.ICMA European Repo Council paper examines role of ‘haircuts’ in European repo market
8 February 2012 (London, UK) ICMA’s ERC has today published a paper entitled: ‘Haircuts and initial margins in the repo market’, which calls for more detailed understanding of the precise impact of collateral haircuts in the repo market to inform the regulatory debate. For a copy of the paper, click here.For a copy of the press release, click here.
AFME, ICMA and ISDA Publish Paper Analyzing the Impact of European Sovereigns’ Collateral Policies
19 December 2011 (London) AFME, ICMA and ISDA today announced the publication of a paper titled “The Impact of Derivative Collateral Policies of European Sovereigns and Resulting Basel III Capital Issues”
Click here for a copy of the paper
Click here for a copy of the press release
ICMA welcomes invitation to comment on European Commission Paper on Stability Bonds
23 November 2011 (Zurich, Switzerland) ICMA has welcomed the invitation to comment on the proposals today in the European Commission’s Green Paper regarding the “Feasibility of introducing Stability Bonds".
Click here for a copy of the press release.
Markit iBoxx™ Indices
Markit iBoxx™ Bond Indices are leading, global indices that are used for benchmarking and as the basis for index linked financial products. These indices provide data for research, asset allocation and performance evaluation and cover government, sub-sovereign, agencies, corporate, inflation-linked and emerging markets bonds in all major currencies. The daily Markit iBoxx™ is available here on the ICMA website.The daily Markit iBoxx™ are available here on the ICMA website.
ICMA submits comments to IOSCO regarding principles for benchmarks
16 May 2013 The ICMA has submitted a response to IOSCO’s consultation regarding principles for financial benchmarks. To see the response, click here.ICMA ERC submits comments to CPSS/IOSCO on trade repositories
10 May 2013 The ICMA ERC has submitted comments to CPSS/IOSCO in relation to their joint consultative report regarding “Authorities’ access to trade repository data”. To see the ERC response regarding one aspect of this consultation, click here.ICMA Quarterly Report Second Quarter 2013
9 April 2013 The latest edition of the ICMA quarterly report is now available.To download the report, click here. To access the recording of the related Quarterly briefing call click here (ICMA members only).
Economic Importance of the Corporate Bond Markets
8 April 2013 ICMA has prepared a paper for policy makers about why corporate bond markets are so important for economic growth, for investors, for companies, and for governments, around the world; and why it is therefore essential that laws and regulations that affect them avoid any unintended adverse consequences that could inhibit those markets. To view the paper, click here.Repo FAQs
A comprehensive list of FAQs on the repo market, ranging from the simplest enquiries such as “What is a repo?” to more detailed topical discussions on specialist questions, for example “Do haircuts/margins exacerbate pro-cyclicality?”, is now available to the market from the link below. Click here to viewICMA submits comments regarding benchmarks to IOSCO and to ESMA-EBA
11 February 2013 The ICMA has submitted responses to IOSCO and ESMA-EBA consultations regarding benchmarks. To see the responses, click here.ICMA ERC & AMIC submit comments to the FSB on shadow banking
14 January 2013 The ICMA ERC and the ICMA AMIC have submitted comments to the FSB in relation to the FSB’s three consultative documents regarding “Strengthening Oversight and Regulation of Shadow Banking”. To see the ERC response on repo related aspects, click here.To see the AMIC response, click here.
ICMA responds to EC Consultation Paper on non-bank recovery and resolution
21 December 2012 ICMA has responded to the European Commission's consultation on a possible framework for the recovery and resolution of nonbank financial institutions.To see the response click here.
ICMA submits comments to BBA on “Strengthening LIBOR”
6 December 2012 ICMA has submitted a response to the BBA’s consultation on "Strengthening LIBOR".To see the response, click here.
ICMA submits comments to European Commission on “benchmarks”
27 November 2012 The ICMA has submitted a response to the European Commission’s "Consultation Document on the Regulation Of Indices". To see the response, click here.ICMA responds to EC Consultation Paper on Liikanen’s recommendations
13 November 2012 The ICMA has responded to the European Commission's consultation on the recommendations of the Liikanen High-level Expert Group. To see the response, click here.To see our new webpage "Information on European Banking Union and Bank Structural Reform", click here.
ICMA AMIC responds to EC Consultation Paper on UCITS
18 October 2012 The ICMA AMIC has responded to the European Commission's Consultation Paper on UCITS: Product Rules, Liquidity Management, Depositary, Money Market Funds and Long-term Investments. To see the response, click here.For more information, see the UCITS tab on our webpage here.
FATCA information resources
Many are still unclear as to the implications of FATCA, particularly regarding capital market transactions. Consequently, ICMA has published a webpage where some useful resources are available. Click here to view.ICMA submits comments on recovery and resolution of FMIs
28 September 2012 The ICMA has submitted comments to the CPSS and IOSCO, in relation to the bail-in aspect of their joint consultative report on Recovery and Resolution of Financial Market Infrastructures. To see the comments, click here.ICMA AMIC and ERC submit comments on margin requirements for non-centrally-cleared derivatives
28 September 2012 The ICMA AMIC and the ICMA ERC have both submitted comments to BCBS and IOSCO, in relation to their joint consultative paper on “Margin requirements for non-centrally-cleared derivatives”. To see the AMIC response, click here.To see the ERC response, click here.
ICMA AMIC responds to ESMA Consultation Paper on recallability of repo and reverse repo arrangements
25 September 2012 The ICMA AMIC has responded to ESMA's Consultation Paper on recallability of repo and reverse repo arrangements. To see the response, click here.ICMA ERC submits comments on broadening the UK resolution regime
24 September 2012 The ICMA ERC has submitted comments to HMT, in relation to its consultation paper on broadening the UK resolution regime to cover non-bank financial institutions.To see the response, click here.
ICMA ERC submits comments on the recovery and resolution of FMIs
24 September 2012 The ICMA ERC has submitted comments to CPSS and IOSCO, in relation to their joint consultative report on the “Recovery and resolution of financial market infrastructures".To see the response, click here.
ICMA submits comments to the Wheatley Review
7 September 2012 The ICMA has submitted comments in relation to the August 2012 initial discussion paper “The Wheatley Review of LIBOR”. To see the comments, click here.ICMA responds to EBA on Draft Regulatory Standards on Own Funds
3 July 2012 ICMA has responded to the questions enumerated in the European Banking Authority (EBA) Consultation Paper on Draft Regulatory Technical Standards on Own Funds. Click here to see the response.ICMA CBIC feedback on ECBC Covered Bond Label Initiative
15 June 2012 The ICMA Covered Bond Investor Council (CBIC) has given feedback to the ECB and the EMF on the ECBC Covered Bond Label Initiative. The comments are available here.ICMA AMIC responds to EC Green Paper on shadow banking
15 June 2012 The ICMA Asset Management and Investors Council (AMIC) has responded to the EC on it's Green Paper on shadow banking and shared its concerns regarding the definitions of the term ‘shadow banking’ and its potential effects on the asset management industry.To view the response, click here.
ICMA ERC submits comments to the European Commission on shadow banking
30 May 2012 The ICMA ERC has submitted comments to the European Commission in relation to its Green Paper on Shadow Banking. To see the comments, click here.ICMA ERC submits comments to the FSB on shadow banking and repos
22 May 2012 The ICMA ERC has submitted comments to the FSB in relation to the FSB Shadow Banking Workstream’s Interim Report on Securities Lending and Repos.
To see the comments click here
ICMA CBIC/Covered Bond Report event held in Frankfurt on 10 May
11 May 2012 Andreas Denger, Vice Chairman of the CBIC, presented the transparency template, its rationale and the amendments made to the template. For more information, click here.ICMA submits comments to European Commission on “bail-ins”
20 April 2012 The ICMA has submitted a letter in response to the questions enumerated in the European Commission’s "Discussion paper on the debt write-down tool – bail-in". To see the letter, click here.ICMA ERC submits comments to ESMA on draft regulatory technical standards
2 April 2012 The ICMA ERC has submitted comments to ESMA, in relation to the ESA joint consultation paper on draft regulatory technical standards on risk mitigation techniques for OTC derivatives not cleared by a CCP under EMIR.To see the comments, click here.
ICMA AMIC ETF Working Group submits response to ESMA consultation paper
30 March 2012 The AMIC ETF Working Group has submitted a response to the ESMA consultation paper on guidelines for UCITS Exchange-Traded Funds and Structured UCITS.
To view the response, click here.AFME, ICMA, ISLA and ISDA joint input for ESMA Consultation Paper on possible Delegated Acts
10 March 2012 AFME, ICMA, ISLA and ISDA have submitted their joint input for ESMA Consultation Paper on possible Delegated Acts concerning the regulation on short selling and certain aspects of credit default swaps ((EU) No XX/2012). To see the response, click here.ICMA AMIC Solvency II Working Group submits response to EIOPA Consultation Paper
20 February 2012 The AMIC Solvency II Working Group has submitted a common response to the EIOPA Consultation Paper on the proposal for Quantative Reporting Template for Financial Stabiity Purposes.
To see the response, click here.
