Terms of reference

The ICMA Secondary Market Practices Committee is an open forum for sell-side and buy-side member firms active in the international, cross-border secondary bond markets. Through open dialogue and engagement, as well as through its subsidiary working groups and work-streams, it seeks to be the representative body of the international, cross-border secondary bond markets: addressing practical issues directly relevant to market practitioners; standardising market best practice; disseminating relevant market information; and promoting the best interests of efficient and liquid markets.

Current/recent workstream priorities include:

  • Bond market functioning and liquidity
    • Engaging with global and national policy makers and standard setters to promote functioning and resilient bond markets
    • 3rd report on the Asia international bond markets
    • Bond Market Liquidity Taskforce – focused on recommendations to improve bond market liquidity and resilience
    • Compiling and publishing the semi-annual MiFIR Secondary Bond Market Data Reports
  • Best practice in the international bond markets
    • Maintaining and reviewing the Secondary Market Rules & Recommendations
    • Considering best practices for electronic trading
  • MiFID ll/R Review
    • Promoting a workable transparency regime for bonds in the EU
    • Providing input into the UK proposals for a bond consolidated tape and associated transparency framework
    • Advocating to ensure that the EU’s proposed mandatory buy-in regime is never implemented
    • Supporting initiatives to improve settlement efficiency
    • Drawing attention to both the risks and benefits of accelerated settlement
  • E-trading & FinTech
    • Promoting common data standards (eg CDM)
    • Mapping and supporting the development of electronic trading and digitalization in fixed income

The current composition of the Committee

David Camara    
Co-chair (sell side)

Yannig Loyer
Co-Chair (buy-side)
AXA Investment Managers GS Limited

Ruud Teeuwen    
Christophe Marcilloux    
Amundi Asset Management

Jane Duscherer
Trading Technologies International

Pablo Fenoll
Banco Bilbao Vizcaya Argentaria, S.A.

Loli Spinola
Bank of China

Daniel Stevens
Bank of Montreal

Christian Pfund    
Bank Vontobel AG

Laura Coote
Bank of New York Mellon

Arran Rowsell
BGC Brokers L.P.

Quentin van Lidth
BNP Paribas

Martina Ben-Shaul    
Canadian Imperial Bank of Commerce London Branch

Gareth Barber
Citigroup Global Markets Limited

Saher Bing Jung
Commerzbank AG

William Dawber 
Commonwealth Bank of Australia London Branch

Fares Hajjar
Crédit Agricole Corporate and Investment Bank

Hans Henrik Duus

Danske Bank A/S

Stephen Fisher
Deutsche Bank AG, London Branch

Matthew Johnson

Marco Ferrari

Robert Koller

Goran Hoblaj
Erste Group Bank AG

Kemal Cenan    
European Bank for Reconstruction and Development (EBRD)

Sebastien Rosset
European Investment Bank (EIB)

Eric Heleine
Groupama Asset Management

Luke Eaton
HSBC Bank plc

Stephane Malrait    
ING Bank N.V.

Nick Robinson
Insight Investment Management (Global) Limited

Gherardo Lenti Capoduri
Intesa Sanpaolo S.p.A

Barbara Zittucro    

Intesa Sanpaolo S.p.A.

Paul Glasgow
J.P. Morgan Securities plc

Craig Colenso    

Jefferies International Limited

Shyam Kumar
Kotak Mahindra (UK) Limited

Antony Baldwin
LCH Limited

Boris Tadic
Lloyds BankCorporate Markets plc

Andrew Khatri
Lord, Abbett & Co. LLC

Paula Redondo Pereira
Luxembourg Stock Exchange

Christophe Roupie
MarketAxess Europe Limited

Aristo Vounakis
Mizuho International plc

Ruchi Gawri    
Morgan Stanley & Co. International PLC

David Waslker

Daniela Petti
National Australia Bank Limited

Phil Lloyd
NatWest Markets plc

Oscar Kenessey    

NN Investment Partners B.V.

Andrew Bowley    

Nomura International plc

Fredrik Jenestrand    

Nordea Bank Abp

Tina Bach
Nordea Investment Management AB

Pauli Mortensen    
Norges Bank

Lorenzo Pagani    

PIMCO Europe Ltd

Vincent Grandjean

Robert Kliesspiess    

Raiffeisen Bank International AG

Tim Cole

RBC Europe Limited

Jordi Cabero Borros

Ricardo Goddard    
Schroder Investment Management Limited

David Eley    

Skandinaviska Enskilda Banken AB (publ)

Marc Billy    

Société Générale S.A.

Dan Burke
Standard Chartered

Louise Drummond
Standard Life Investments Ltd.

Johan Wijkström    
Swedbank AB (publ)

Paul Cable
T. Rowe Price International Ltd

Wilbur Yang
TD Securities

Nicola Danese

Sam Johnson    

Martine Wehlen-Bodé    

Christoph Hock    

Union Investment Privatfonds GmbH

Nick Bennet
Wells Fargo Bank, N.A.

Terms of reference

In 2015, the SMPC updated its Terms of Reference and mission statement to reflect better 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 markets, it broadened its membership to include both sell-side and buy-side trader representation from ICMA members.

In 2018, the SMPC revised its Terms of Reference to reflect the broader scope of ICMA’s secondary market remit, members, and the application of its Secondary Market Rulebook. Accordingly, the scope of the SMPC covers all international securities (primarily, though not exclusively, government, agency, supranational, and corporate bonds).

If your firm is interested in becoming a member of the SMPC, please contact us.

To view the Terms of Reference, click here.


Andy Hill
Managing Director, Head of Market Practice; 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

Gabriel Callsen
Director, Fintech and Digitalisation; Secretary to the ICMA Fintech Advisory Committee (FinAC)
Direct line: +44 20 7213 0334

ICMA Zurich
T: +41 44 363 4222
Dreikönigstrasse 8
8002 Zurich

ICMA London
T: +44 20 7213 0310
110 Cannon Street
London EC4N 6EU
ICMA Paris
T: +33 1 8375 6613
25 rue du Quatre Septembre
75002 Paris

ICMA Brussels
T: +32 2 801 13 88
Avenue des Arts 56
1000 Brussels
ICMA Hong Kong
T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong
info@icmagroup.org (general enquiries)
education@icmagroup.org (education enquiries)
sustainabilitybonds@icmagroup.org (sustainable finance)
Copyright © 2024 International Capital Market Association.