The ICMA Buy-in Rules: A webinar explainer


The webinar was intended to provide:

  • A step-by-step guide to the buy-in process,
  • How the ICMA Buy-in Rules should be followed,
  • How to mitigate some of the risks that can arise, both for failing parties and firms issuing the buy-in.

This webinar is particularly suitable for traders, but should be equally relevant to middle office and operations teams, risk managers, and lawyers, all of whom are also likely to be involved at some stage in the buy-in process.

The ICMA Buy-in Rules are a long-established tool for managing counterparty credit risk in the international bond markets. Part of the ICMA Secondary Market Rules & Recommendations* (SMR&Rs), the Buy-in Rules provide a contractual mechanism for market participants to resolve failing trades while persevering the economics of the original transaction. Over time, the Rules have evolved to reflect changing market structure and liquidity conditions, ensuring that they remain an effective and efficient remedy. While investment firms and professionals active in the international bond markets may be aware that the Rules exist, it is often the case that they are unaware of the process and mechanics of executing a buy-in, or being executed against. 

*The ICMA SMR&Rs apply automatically between ICMA members.

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