News

 

ICMA Quarterly Report for the Third Quarter of 2024 now available
10 July 2024 The latest edition of the ICMA quarterly report is now available.To access the report, click here.
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ICMA and the NUS Asian Institute of Digital Finance announce strategic collaboration
3 July 2024 ICMA is pleased to announce its strategic alliance with the Asian Institute of Digital Finance (AIDF), a university-level research institute under the National University of Singapore, to advance educational excellence with industry relevance.To formalise this collaboration, ICMA and NUS-AIDF have signed a...
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The Principles announce guidance for green enabling projects and guidelines for Sustainability-Linked Loan financing Bonds (SLLB) alongside other important updates
25 June 2024 The Green, Social, Sustainability and Sustainability-Linked Bond Principles (the “Principles”) announce guidance for green enabling projects and guidelines for Sustainability-Linked Loan financing Bonds (SLLB) alongside other important updates. The Principles are the global standard for the $5 trillion sustainable bond market that...
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ICMA launches video series to support the industry in navigating a rapidly changing market
20 June 2024 International Capital Markets Association (ICMA) Education & Training, the leading training provider for finance professionals, has unveiled the first two videos in a new 10-part series, “ICMA Education and Training presents: Let’s Talk Markets”. The series sees industry experts discussing key industry trends,...
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ICMA feedback on the application of Paris-aligned Benchmarks (PAB) exclusions to sustainable bond investments under the recent ESMA Guidelines
20 June 2024 Today, ICMA has given feedback on the application of Paris-aligned Benchmarks (PAB) exclusions to sustainable bond investments under the recent ESMA Guidelines.Click here to read the feedback. ...
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Enter the ICMA Future Leaders Essay Competition
11 June 2024 Professionals with a maximum of 8 years experience in financial markets and who currently work for ICMA member firms are invited to take part in the ICMA Future Leaders (IFL) essay competition on the theme of ‘Navigating the future of finance: Transforming...
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ICMA responds to the technical standards proposed by ESMA for the external reviewers of EuGBs
11 June 2024 ICMA has today responded to the technical standards proposed by ESMA for the external reviewers of EuGBs.View the response...
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Highlights of the 56th ICMA AGM & Conference in Brussels
The 2024 ICMA Annual General Meeting (AGM) and Conference was the 56th edition of ICMA’s flagship event which brought together its global membership and representatives from the wider financial market. This year’s event in Brussels attracted 1,100 senior public sector officials, bankers and investors who...
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ICMA responds to joint Bank of England and FCA consultation on a Digital Securities Sandbox
29 May 2024 The International Capital Market Association (ICMA) today submits its response to the Bank of England’s and FCA’s proposal to implement and operate the Digital Securities Sandbox (hereafter referred to as “Sandbox” for ease of reference).ICMA’s response reflects the views of a subset of...
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ICMA members elect new board at Brussels annual meeting
23 May 2024 Members of the International Capital Market Association (ICMA), the global trade association for the cross-border bond markets, have elected new board members at the ICMA annual general meeting in Brussels. The following were elected to the Board:...
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ICMA ERCC publishes Best Practices on pair-offs and error trades for consultation
20 May 2024 ICMA’s European Repo and Collateral Council (ERCC) has published today two separate sets of proposed best practices for wider market consultation on pair-offs and error trades.
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Industry-led working group launches consultation on Hong Kong Code of Conduct for ESG ratings and data products providers
17 May 2024 The Hong Kong Environmental, Social and Governance (ESG) ratings and data products providers Voluntary Code of Conduct Working Group (VCWG), with Secretariat provided by the International Capital Market Association (ICMA) and with the support and sponsorship of the Hong Kong Securities and Futures...
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Participate in the ICMA European Repo and Collateral Council's 47th European repo market survey
All European repo market participants are invited to participate in ICMA's 47th survey of the European repo market. The survey will be based on data of the repo business outstanding at close of business of Wednesday, 12 June 2024.
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ICMA announces new co-head structure for its Market Practice and Regulatory Policy team
14 May 2024 ICMA is pleased to announce that effective 1 July, Andy Hill and Natalie Westerbarkey will co-head ICMA’s Market Practice and Regulatory Policy (MPRP) team. Within this, Andy will lead our work on Market Practice and Natalie will lead on Public Policy and...
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The European repo market – ICMA survey shows record outstanding value of EUR 10.9 trillion at December 2023
14 May 2024 ICMA’s European Repo and Collateral Council (ERCC) has today released the results of its 46th semi-annual survey of the European repo market.The survey measured and analysed the value of outstanding repo plus reverse repo on the books of 60 participants at close...
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ICMA ERCC publishes a Briefing Note on EU NSFR and short-term reverse repos
7 May 2024 The ERCC has published a Briefing Note highlighting concerns related to the re-calibration of the NSFR RSF factors for short-term securities financing transactions that is due to be applied in the EU in June 2025. The note attempts to quantify the impacts for EU banks,...
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ICMA, IsDB and LSEG publish guidance on green, social and sustainability sukuk
29 April 2024 The International Capital Market Association (ICMA), the Islamic Development Bank (IsDB) and LSEG (London Stock Exchange Group) today publish new guidance on the issuance of green, social and sustainability sukuk (together, “sustainable sukuk”).A copy of the guidance can be found here.The guidance...
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New ICMA members in April 2024
ICMA welcomes the following new members in April 2024: Charltons, Hong Kong; Japan Credit Rating Agency, Ltd., Japan; and Snam S.p.A., Italy.
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ICMA Quarterly Report for the Second Quarter of 2024 now available
11 April 2024 The latest edition of the ICMA quarterly report is now available...
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ICMA publishes 2024 legal opinion updates for the Global Master Repurchase Agreement
11 April 2024 Today ICMA announced the publication of the 2024 GMRA legal opinion updates. The opinions provide ICMA members with exclusive access to a substantive body of legal know-how regarding the enforceability of the GMRA and, in particular, the GMRA netting provisions in almost...
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ICMA welcomes Geffen Report on faster settlement of financial trades in the UK
28 March 2024 ICMA welcomes the report released today by the Chairman of the UK Accelerated Settlement Taskforce (AST), Charlie Geffen (the “Geffen Report”). ICMA has been a member of the AST since its inauguration in December 2022, and an active contributor to the constructive...
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ICMA publishes a fourth edition of The Asian International Bond Markets: Developments and Trends report
26 March 2024 ICMA, with support from the Hong Kong Monetary Authority, is pleased to announce the release of the fourth edition of its highly anticipated report, The Asian International Bond Markets: Development and Trends.Download the report here:English version     Chinese versionAmidst global challenges such as fluctuating...
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ICMA and CCDC issue joint White Paper on the use of RMB bonds in global repo transactions
26 March 2024 ICMA and the China Central Depository & Clearing Co (CCDC) issued an English edition of their joint White Paper Use of RMB-denominated Bonds as Collateral for Global Repo Transactions. The paper was released at an ICMA event in Hong Kong (hosted by HKMA)...
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ICMA co-signs Joint Associations’ response to the ESMA consultation of December 2023 on the review of SECR Article 7 templates
25 March 2024 ICMA co-signs Joint Associations’ response to the ESMA consultation of December 2023 on the review of SECR Article 7 templates.The promotion of well-functioning cross-border debt securities markets, without unnecessary fragmentation, is at the heart of ICMA’s mission and a priority for ICMA’s members. This...
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ICMA publishes report outlining how bond markets can meet future EU investment challenges
22 March 2024 ICMA has today published a report entitled “Bond markets to meet EU investment challenges”, containing regulatory policy recommendations for the next EU political cycle.The report underlines the transformational role that bond markets can play in funding the investment that the EU needs for sustainable economic growth...
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ICMA publishes the fourth semi-annual report that provides detailed data on EU and UK bond market trading activity
19 March 2024 ICMA’s Secondary Market Practices Committee (SMPC) has published its fourth semi-annual report that provides detailed data on EU and UK bond market trading activity.This report was produced in collaboration with Propellant.digital.One of the core objectives of MiFID II/MiFIR was to provide greater...
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ICMA and a number of US and global organisations oppose New York legislature bill on sovereign debt
13 March 2024 Today, the International Capital Market Association (ICMA), The American Council of Life Insurers (ACLI), The Credit Roundtable (CRT), the Investment Company Institute (ICI), the Institute of International Finance (IIF), the Life Insurance Council of New York (LICONY), the Partnership for New York City...
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New ICMA members in March 2024
ICMA welcomes the following new members in March 2024: Autostrade per l'Italia S.p.A., Italy Cassa depositi e prestiti S.p.A., Italy Commercial Bank of Dubai PSC, UAE Hamburg Commercial Bank AG, Germany Oldenburgische Landesbank AG, Germany Shook Lin & Bok LLP, Singapore SynTao Green Finance Co, Ltd., China Click here to view the full list of...
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ICMA publishes briefing note on the ESMA proposals for CSDR penalties
11 March 2024 ICMA has published a briefing note on the ESMA proposals for CSDR penalties. The briefing note is in response to ESMA proposals to increase the penalty rates for settlement fails, as applied under the EU CSDR, from current levels by a factor of...
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ICMA responds to UK FCA Consultation on improving transparency for bond and derivatives markets
7 March 2024 ICMA is pleased to announce that it has submitted its response to the FCA consultation CP23/32 Improving transparency for bond and derivatives markets. ICMA has long advocated for the introduction of a consolidated tape for bonds in Europe, supported by a well-designed and...
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ICMA publishes a new paper on liquidity and resilience in the core European sovereign bond markets
5 March 2024 ICMA has published an in-depth analysis of liquidity and resilience in the core European sovereign bond markets. Using data analysis, modelling, as well as interviews with sell-side and buy-side market participants, the report attempts to identify potential vulnerabilities in underlying market structure.Focused on the five...
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ICMA has responded to the ESMA consultation on the EU CSDR Penalty Mechanism
29 February 2024 ICMA has responded to the ESMA consultation on the EU CSDR Penalty Mechanism. ICMA and its members welcome the opportunity to review the EU CSDR Penalty Mechanism and to make constructive suggestions to enhance its effectiveness. However, it is disappointed that the...
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ICMA publishes a new paper on transition finance in the debt capital market
14 February 2024 The International Capital Market Association (ICMA) publishes a new paper on transition finance in the debt capital market.ICMA has been at the forefront of transition finance since the release in 2020 of the Climate Transition Handbook (CTFH). Today we publish a new thought-leadership paper...
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ICMA announces 2024 scholarship programme recipients
12 February 2024 ICMA is delighted to announce the students who have been selected from Africa and Asia to join our 2024 scholarship programme.The 15 individuals were selected from an extensive number of applicants, based on their academic attainments and a personal statement on their suitability for their chosen course...
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ICMA responds to the FCA Consultation CP23/33 on Payments to Data Providers
ICMA submitted today its response to the UK FCA Consultation on Payments to data providers and forms for Date Reporting Services Providers (CP23/33) Key messages: ICMA welcomes the introduction of a UK consolidated tape for bonds to improve bond market transparency, thereby reducing the cost of accessing...
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Results of the ERCC Committee elections 2024
8 February 2024 We are pleased to announce the 19 individuals that were successfully elected to form the new ERCC Committee. The term of office of the Committee will be approximately one year starting immediately and ending on the day the results of the 2025 ERCC...
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ICMA welcomes the HKSAR Government digital green bonds’ alignment with ICMA’s Bond Data Taxonomy
The International Capital Market Association (ICMA) today welcomes the Hong Kong Monetary Authority (HKMA)’s announcement of a successful offering of digital green bonds implementing ICMA’s Bond Data Taxonomy.The digital green bonds issued by the Government of the Hong Kong Special Administrative Region of the People’s...
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New ICMA members in February 2024
ICMA welcomes the following new members in February 2024: Abu Dhabi Commercial Bank PJSC, United Arab Emirates; aosphere Trading Limited, United Kingdom; Bank of Nova Scotia, Canada; GIC Private Limited, Singapore; H Capital Ventures Management Consultancies Co. LLC, United Arab Emirates; J.P. Morgan Chase Bank...
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ICMA co-signs joint trade association response to BCBS consultation on banks' disclosure of crypto-asset exposures
1 February 2024 ICMA has co-signed, alongside the Global Financial Markets Association, the Institute of International Finance, and the International Swaps and Derivatives Association, a joint trade association response which was submitted on 31 January 2024 to the Basel Committee on Banking Supervision’s (BCBS) public consultation...
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ICMA ERCC responds to AMI-SeCo survey on remaining post-trade barriers in Europe
31 January 2024 The ERCC has submitted a response to an ECB survey on remaining post-trade-barriers in Europe which was launched among members of the ECB’s Advisory Group for Market Infrastructures for Securities and Collateral (AMI-SeCO). The ERCC is represented on the AMI-SeCo through ERCC...
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ICMA ERCC publishes its analysis of how the repo market performed over the 2023 year-end
29 January 2024 The ICMA European Repo and Collateral Committee has published its annual analysis of how the repo market performed over the recent year-end: The European repo market at 2023 year-end.Year-end repo market pricing and liquidity are generally a focus of market attention, with...
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ICMA and ASIFMA publish results of the latest survey of the Asia-Pacific repo market
26 January 2024 ICMA’s Global Repo and Collateral Forum (GRCF) and ASIFMA’s Secured Funding Markets Committee have published the results of the latest survey of the Asia-Pacific repo market.Using similar methodology to the established European repo market survey, released by ICMA’s European Repo and Collateral Council (ERCC),...
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Celebrating 10 years of the Green Bond Principles
Since the release of the Green Bond Principles, ICMA and its members have played a central role in nurturing and promoting best practice in sustainable finance.In January 2024, we celebrated 10 years of the Green Bond Principles. A lot has been achieved in that time.In...
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Paul Richards to step down as Head of ICMA’s Market Practice and Regulatory Policy
After working for over 50 years in international capital markets and with the official sector, including the last 16 years as Head of Market Practice and Regulatory Policy (MPRP) at ICMA, Paul Richards will be stepping down from this role at the end of June...
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New ICMA members in January 2024
ICMA welcomes the following new members in January 2024: A2A S.p.A., Italy; British Arab Commercial Bank plc, United Kingdom...
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A review of 2023: ICMA members update
21 December 2023 Reflecting on 2023: An overview of ICMA's Strategic and Member-Centric Initiatives. Our December update for members includes: An overview of activity in 2023 from Bryan Pascoe, Chief Executive Officer of ICMA; Navigating Primary Markets in 2023: A Market Insight Recap; Secondary Markets...
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The European repo market – ICMA survey shows new record outstanding value of EUR 10,794 billion at June 2023
20 December 2023 ICMA’s European Repo and Collateral Council (ERCC) has today released the results of its 45th semi-annual survey of the European repo market.The survey measured and analysed the value of outstanding repo plus reverse repo on the books of 62 participants at close...
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ICMA responds to ESMA Call for Evidence on the Shortening of the settlement cycle
15 December 2023 ICMA has responded to the ESMA Call for Evidence on the shortening of the settlement cycle.  The response was produced by ICMA’s T+1 Taskforce, representing around 150 members, including sell-sides, buy-sides, market infrastructures as well as other relevant service providers.ICMA views a potential...
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ICMA publishes a new GMRA annex and templates
14 December 2023 ICMA is pleased to announce the publication of a new annex and templates to accompany the 2000 and 2011 versions of the Global Master Repurchase Agreement (GMRA). Developed by the ICMA Repo Legal Working Group, working with Linklaters, the following templates have...
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ICMA publishes voluntary Code of Conduct for ESG ratings and data products providers
14 December 2023 The International Capital Market Association (ICMA) today publishes a new, globally consistent, voluntary Code of Conduct for ESG ratings and data products providers. A copy of the Code can be found here.In line with recommendations by the International Organization of Securities Commissions (IOSCO), the Code focuses on...
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Joint ICMA response to the European Commission’s targeted consultation on the SFDR
13 December 2023 ICMA submitted today its response to the European Commission’s targeted consultation on the SFDR. behalf of ICMA and its constituents, especially by the Asset Management & Investors Council (AMIC) and the Executive Committee of the Principles.The letter summarising our key responses and positions...
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New ICMA members in December 2023
ICMA welcomes the following new members in December 2023: Banque Nomura, France Korea Exchange, Inc., Republic of Korea Wells Fargo Securities Europe S.A., France Wells Fargo Securities International Limited, United Kingdom Click here to view the full list of ICMA members...
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ICMA to host list of adopters of the Singapore Code of Conduct for ESG Rating and Data Product Providers
7 December 2023 The Singapore Code of Conduct for ESG Rating and Data Product Providers was co-created by the Monetary Authority of Singapore (MAS) with industry players and aims to establish baseline industry standards of transparency in methodologies and data sources, governance, and management of conflicts of interest that...
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ICMA publishes updated Master Regulatory Reporting Agreement
6 December 2023 ICMA has today, in collaboration with AFME, FIA, ISDA and ISLA, published an updated version of the Master Regulatory Reporting Agreement (MRRA) and the accompanying Explanatory Memorandum. Originally published in 2019, the MRRA provides users with a template agreement for documenting regulatory reporting arrangements...
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ICMA, IsDB and LSEG announce collaboration to develop a practitioners guide on the issuance of Green Sukuk
4 December 2023  ICMA has announced an industry collaboration with the Islamic Development Bank (IsDB) and the London Stock Exchange Group (LSEG) on the sidelines of the COP28 in Dubai. The three parties will work to develop a practitioners’ guide on the issuance of Sukuk (Islamic...
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ICMA, ISDA, ISLA and FINOS launch version 5.0 of the Common Domain Model
4 December 2023 ICMA, in partnership with the International Swaps and Derivatives Association (ISDA), the International Securities Lending Association (ISLA) and the Fintech Open Source Foundation (FINOS) announce the launch of version 5.0 of the Common Domain Model (CDM), released in November. This major release, hosted on...
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ICMA at COP28
Nicholas Pfaff, deputy CEO and Head of Sustainable Finance, and Simone Utermarck are headed to UAE for COP28, where they have a full schedule of conference engagements, championing the role that The Principles play in the global sustainable bond markets, helping corporates and countries to...
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ICMA and the Executive Committee of the Principles update the Guidance Handbook
29 November 2023 The Executive Committee of the Principles with the support of ICMA has published in November 2023 an updated edition of the Guidance Handbook.Since the original publication of the Green Bond Principles (GBP) in 2014, and the subsequent releases of the Social Bond...
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ICMA publishes considerations for risk factors and disclosure in DLT bond documentation
21 November 2023 The International Capital Market Association (ICMA) has today released a paper that offers further insight into legal aspects of distributed ledger technology (DLT) and blockchain relating to the issuance of debt securities. To promote transparency in light of the increasing frequency of tokenised securities...
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Are you attending COP28?
17 November 2023 ICMA will be represented at COP28 in the UAE this December with our delegation composed of:Nicholas Pfaff, ICMA Deputy CEO, Head of Sustainable Finance and Simone Utermarck, Director, Sustainable Finance.From December 2 to 9, Nicholas and Simone will be speaking at a number...
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ICMA publishes Guide to Asia Repo Markets: South Korea
8 November 2023 ICMA publishes Guide to Asia Repo Markets: South Korea.Download ICMA Guide to Asia Repo Markets: South Korea.This is the sixth in a series of reports on domestic repo markets that ICMA is publishing as part of its continued commitment to promoting the development...
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ICMA publishes updated Guide to Best Practice in the European Repo Market
2 November 2023 ICMA’s European Repo and Collateral Council (ERCC) has today published an updated version of the ERCC Guide to Best Practice in the European Repo Market.  The ERCC Guide is a flagship document for ICMA and provides detailed guidance, best practice recommendations, and clarifications that are...
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Hong Kong SFC sponsors ICMA to form a working group to develop an ESG code of conduct
31 October 2023 ICMA to form a working group to develop an ESG code of conduct for Hong Kong.ICMA is to convene a working group to lead the development of a globally consistent, interoperable, and proportionate voluntary code of conduct for ESG ratings and data product...
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New ICMA members in October 2023
ICMA welcomes the following new members in October 2023: Fidelity International, United Kingdom Raiffeisenbank a.s., Czech Republic Revolut Bank UAB, Lithuania Click here to view the full list of ICMA members.
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ICMA releases new paper on market integrity and greenwashing risks in sustainable finance
10 October 2023 Since the release of the Green Bond Principles in 2014, ICMA and its members have played a central role in nurturing and promoting best practice in sustainable finance. As such, we have felt a particular responsibility to engage with the debate on...
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ESMA issued today a Call for Evidence on the shortening of the settlement cycle in the EU
5 October 2023 ESMA issued today a Call for Evidence on the shortening of the settlement cycle in the EU. ICMA will work with its members to prepare a response to the consultation by the deadline of 15 December 2023, building on the discussions to date...
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ICMA publishes the third semi-annual report that provides detailed data on EU and UK bond market trading activity
27 September 2023 ICMA’s Secondary Market Practices Committee (SMPC) has published its third semi-annual report that provides detailed data on EU and UK bond market trading activity. This report was produced in collaboration with Propellant.digital.One of the core objectives of MiFID II/MiFIR was to provide greater...
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ICMA and the Executive Committee of the Principles update the Q&As related to Sustainability-Linked Bonds
26 September 2023 The updated Q&As are based on input from the members of the Sustainability-Linked Bonds working group. They are published on ICMA’s website in the form of a stand-alone document, replacing the 2022 version, and will be integrated at a later stage to...
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ICMA response to the FCA Consultation Paper on The Framework for a Consolidated Tape
15 September 2023 Today, ICMA submitted its response to the FCA Consultation Paper on The Framework for a Consolidated Tape. ICMA’s response reflects the consolidated views of ICMA’s MIFID Working Group, consisting of members on the sell-side and buy-side, as well as market infrastructure and data...
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ICMA to hold side events at the World Bank and IMF Annual Meetings in Marrakech
7 September 2023 ICMA will be holding a number of side events during the World Bank Group (WBG) and International Monetary Fund (IMF) Annual Meetings this year which are taking place from 9 to 15 October 2023 in Marrakech. Click here to learn more and request your place.
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New Guidance on Blue-Themed Bonds to Help Unlock Finance for a Sustainable Ocean Economy
6 September 2023 The International Capital Market Association (ICMA) together with the International Finance Corporation (IFC) - a member of the World Bank Group, United Nations Global Compact (UN Global Compact), United Nations Environment Programme Finance Initiative (UNEP FI), and the Asian Development Bank (ADB)...
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ICMA AMIC responds to FSB consultation on liquidity mismatch in OEF
4 September 2023 ICMA's Asset Management and Investors Council (AMIC) welcomes the opportunity to respond via letter to points made in the Financial Stability Board’s Consultation Addressing Structural Vulnerabilities from Liquidity Mismatch in Open-Ended Funds – Revision to the FSB’s 2017 Policy Recommendations.
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ICMA enhances its offering to members with the launch of its GMRA Clause Library and Taxonomy
31 August 2023 ICMA is pleased to announce the launch of its Global Master Repurchase Agreement (GMRA) Clause Library and Taxonomy, an additional valuable service for ICMA members that will help facilitate standardisation and improve efficiencies in the process of negotiating and managing GMRAs.Developed by...
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ICMA responds to the ESMA consultation on the draft regulatory technical standards under the revised ELTIF regulation
24 August 2023, ICMA’s Asset Management and Investors Council (AMIC) submitted its response to the European Securities and Markets Authority (ESMA) consultation on the draft regulatory technical standards under the revised European Long-Term Investment Funds (ELTIF) regulation.AMIC recommended a number of considerations to be taken...
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New ICMA members in August 2023
ICMA welcomes the following new members in August 2023: Agence Française de Développement (AFD), France Aldermore Bank PLC, United Kingdom Eni S.p.A., Italy Bryan Cave Leighton Paisner LLP, United Kingdom Pérez-Llorca Abogados SLP, Spain Click here to view the full list of ICMA members.
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ICMA responds to HM Treasury's consultation on a UK Digital Securities Sandbox
22 August 2023, ICMA submitted its response to HM Treasury’s consultation on a UK Digital Securities Sandbox. ICMA’s response reflects the views of a subset of its DLT Bonds Working Group, notably issuers, banks, investors, market infrastructures and law firms across the international debt capital markets.Key points:  ICMA welcomes...
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UK prospectus regime: ICMA comments on near-final statutory instrument
21 August 2023 - ICMA welcomes the publication, by HM Treasury (HMT) for technical comments, of the 11 July near-final version of the statutory instrument (SI) on the new UK prospectus regime.This follows ICMA’s 14 February comments on HM government’s prior 1 December 2022 illustrative version...
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ICMA identifies 58 solutions for electronic trading in fixed income markets
27 July 2023 ICMA has updated its Electronic Trading Directory following its latest review of electronic trading platforms, order and execution management systems (OMS/EMS) and bulletin boards in fixed income markets. Key observations: The directory now includes 58 technology solutions, up from 55 in 2022. Although...
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New ICMA Podcast with four Leading Law Firms about Transition from Legacy US Dollar LIBOR in the Bond Market
17 July 2023 This ICMA podcast with four Leading Law Firms is about the transition from legacy US dollar LIBOR to SOFR in the bond market.The background is that panel bank US dollar LIBOR ceased publication on 30 June, as planned. The FCA as global regulator...
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Industry led working group launches consultation on Code of Conduct for ESG ratings and data providers
5 July 2023 The ESG Data and Ratings Working Group (DRWG), with Secretariat provided by the International Capital Market Association (ICMA) and the International Regulatory Strategy Group (IRSG), has today launched a consultation to develop a voluntary Code of Conduct for ESG Ratings and Data...
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UK FCA launches consultation on a consolidated tape for bonds
5 July 2023 Today the Financial Conduct Authority published a consultation paper on its proposed framework for establishing a consolidated tape.ICMA is pleased to receive the FCA’s proposals to improve markets and bolster competitiveness, in particular the creation of a consolidated tape for bonds.We have long advocated on the benefits...
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ICMA responds to ESAs’ joint consultation on the review of the SFDR Delegated Regulation
3 July 2023 ICMA has responded to the ESAs’ joint consultation on the review of the SFDR Delegated Regulation though a dedicated Taskforce between its Asset Managers and Investor Council and the Executive Committee of the Principles.In its response, ICMA: Queried the timing and sequencing of...
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Political agreement reached on MiFIR review
3 July 2023 On 29 June 2023, the trilogue discussions between the EU Council and European Parliament (EP) for the Markets in Financial Instruments Regulation (MiFIR) Review came to their political conclusion.ICMA welcomes the agreement to remove the pre-trade reporting requirement related to Request-for-Quotes (“RFQs”)...
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European Council and Parliament reach agreement on CSDR Refit
28 June 2023 On 27 June, the European Council and Parliament reached a provisional interinstitutional agreement on the CSDR Refit. A critical element of the Refit is the revised settlement efficiency regime, in particular the highly controversial application of the mandatory buy-ins in the event of settlement...
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The Principles announce updated guidance for transition finance and climate-themed bonds, and the integration of sovereign issuer considerations in the recommendations and tools for sustainability-linked bonds
22 June 2023 The Green, Social, Sustainability and Sustainability-Linked Bond Principles (the “Principles”) announce the 2023 editions of the Climate Transition Finance Handbook (CTFH) and the Sustainability-Linked Bond Principles (SLBP) as well as of the accompanying Key Performance Indicator (KPI) registry. The Principles are the...
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ICMA response to HMT consultation on ESG ratings providers
21 June 2023 ICMA has today provided feedback to His Majesty's Treasury on its consultation on a future regulatory regime for Environmental, Social, and Governance (ESG) ratings providers.View the response...
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Pricing references for new Sterling Eurobonds
21 June 2023 ICMA publishes notice on pricing references for new Sterling Eurobonds.
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ICMA Women’s Network (IWN) announces new Chair of the IWN International Steering Committee
Angela Brusas, Director, Funding & Investor Relations, Nordic Investment Bank, has been elected to replace Nathalie Masset, Head of Fixed Income at Euronext, as Chair of the ICMA Women’s Network (IWN) International Steering Committee, after a transitional period.
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New ICMA members in June 2023
ICMA welcomes the following new members in June 2023: Banca Monte dei Paschi di Siena S.p.A., Italy; CARE Ratings (Africa) Private Limited, Mauritius; ICBC Austria Bank GmbH, Austria.
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ICMA members elect new board at Paris annual meeting and new ICMA chair appointed
25 May 2023 Members of the International Capital Market Association (ICMA), the global trade association for the cross-border bond markets, have elected new board members at the ICMA annual general meeting in Paris.The board subsequently appointed Janet Wilkinson, Managing Director, Head of Global Markets Institutional Sales,...
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ELFA and ICMA publish Practical Recommendations for High Yield Sustainability-Linked Bonds
22 May 2023 The European Leveraged Finance Association (ELFA) and the International Capital Market Association (ICMA) have partnered to create a set of recommendations for the high yield bond market in line with ICMA’s Sustainability-Linked Bond Principles (SLBP) and are today publishing the Practical Recommendations...
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ACLI, The Credit Roundtable, ICI, ICMA, IIF and LICONY Oppose New York Legislature Bills on Sovereign Debt
22 May 2023 The proposed legislation would have unintended consequences for emerging economies, investors and state of New York.View the release.
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ICMA launches new sustainable bond database powered by the LGX DataHub
17 May 2023 The International Capital Market Association (ICMA) and the Luxembourg Stock Exchange (LuxSE) are pleased to announce the launch of ICMA’s new database dedicated to sustainable bond data.Established by ICMA and built and fed by the Luxembourg Green Exchange (LGX), LuxSE’s leading platform...
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ICMA publishes the second semi-annual report that provides detailed data on EU and UK bond market trading activity
25 April 2023 ICMA’s Secondary Market Practices Committee (SMPC) has published its second semi-annual report that provides detailed data on EU and UK bond market trading activity. This report was produced in collaboration with Propellant.digital.One of the core objectives of MiFID II/MiFIR was to provide...
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New ICMA members in April 2023
ICMA welcomes the following new members in April 2023: Agora Digital Markets Ltd, United Kingdom; Arab Petroleum Investments Corporation (APICORP), Saudi Arabia; Bank of China (Europe) S.A., Luxembourg; Close Brothers Group plc, United Kingdom; Close Brothers Limited, United Kingdom; MCB Capital Markets Ltd, Mauritius; and...
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Miriam Patterson: joining ICMA
ICMA has appointed Miriam Patterson, who has joined from Thomson Reuters, where she has worked since 2008, most recently as Senior Editor of Practical Law Global Capital Markets. Before Thomson Reuters, Miriam was at Latham & Watkins and at Allen & Overy. She has been...
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ICMA publishes 2023 legal opinion updates for the Global Master Repurchase Agreement
13 April 2023 Today ICMA announces the publication of the 2023 GMRA legal opinion updates. The opinions provide ICMA members with exclusive access to a substantive body of legal know-how in relation to the enforceability of the GMRA and, in particular, the GMRA netting provisions in over...
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ICMA update on the EU GBS Provisional Agreement
5 April 2023 On 28 February 2023, the EU co-legislators reached a milestone provisional agreement on the Regulation for European green bonds.ICMA welcomes the voluntary nature of the EU Green Bond Standard as well as of the disclosures recommended for the broader market.In this update note,...
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ICMA updates public version of its SFTR reporting recommendations
5 April 2023 ICMA has released today the ninth update to its detailed Recommendations for Reporting under SFTR. The updated version incorporates a few changes based on the recent updates made to ESMA’s validation rules on 8 March, as well as the ongoing discussions within...
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New ICMA members in March 2023
ICMA welcomed the following new members in March 2023: Bank of New York Mellon, United States; Bank of New York Mellon (International) Limited, United Kingdom; Bank of New York Mellon SA/NV, Belgium; Silk Road Fund Co., Limited, China; SNB Capital Co., Saudi Arabia.
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ICMA analysis: SFTR public data for repo in 2022
4 April 2023 ICMA released a report today which provides a closer look at SFTR public data for the year 2022. In line with SFTR itself, the data is split between figures reported for the EU repo market and those for the UK repo market.This follows...
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ICMA publishes a third edition of the report Asian International Bond Markets: Developments and Trends
29 March 2023 ICMA, supported by the Hong Kong Monetary Authority (HKMA), has today published the third edition of its report, The Asian International Bond Markets: Development and Trends. The report shows that annual issuance of cross-border bonds from Asia amounted to USD 346 billion in...
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Update to Members on Credit Suisse / UBS merger and the trading of Credit Suisse AT1 Bonds
24 March 2023 The recently announced combination of Credit Suisse and UBS together with the write down of Credit Suisse AT1 bonds has led to market participants not being able to settle trades that were agreed prior to issue of the write down notice. ICMA continues to...
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Digital evolution in debt issuance - ICMA primary markets technology directory review
20 March 2023 The digital evolution of issuing bonds is driving both new solutions and at the same time vendor consolidation. ICMA's most recent assessment of its primary markets technology directory has identified several new and emerging platforms designed to facilitate the issuance of debt instruments.
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The European repo market – ICMA survey shows new record outstanding value of EUR 10,374 billion at year-end 2022
15 March 2023 The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 44th semi-annual survey of the European repo market.The survey, which measured the amount of repo business outstanding on 8 December 2022, from...
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ICMA releases Bond Data Taxonomy
14 March 2023 As the digital transformation of primary bond markets continues to accelerate, ICMA and its primary market constituents have built consensus to represent key bond information. The Bond Data Taxonomy (BDT), formerly known as the Common Data Dictionary, provides an agreed language to...
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ICMA responds to FCA Discussion Paper - Future Disclosure Framework
7 March 2023 ICMA has responded to the FCA Discussion Paper - Future Disclosure Framework (DP22/6).
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ICMA supports voluntary nature of EU Green Bond (EU GB) label and of wider sustainable bond disclosures
1 March 2023 Following the announcement of the provisional agreement reached yesterday on the EU Green Bond Standard (EU GBS) under the Swedish Presidency of the Council of the EU, ICMA reiterates its support for the voluntary nature of the proposed EU Green Bond label...
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ICMA courses chosen for HKMA Sustainable Finance Support Scheme
20 February 2023 ICMA is at the forefront of the financial industry’s contribution to the development of sustainable finance and leads on many initiatives worldwide. We are proud to have two flagship sustainable finance courses – the Introduction to Sustainable Bonds and the Sustainable Bond...
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ICMA responds to ESMA’s Guidelines on funds’ names using ESG or sustainability-related terms
20 February 2023 ICMA has responded to ESMA’s Guidelines on funds’ names using ESG or sustainability-related terms.ICMA is supportive of efforts to bring more clarity to the sustainable investment landscape, and believes that clarity in fund naming can be an important enhancement to the existing...
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FINOS Launches Common Domain Model Project in Partnership with ISDA, ISLA and ICMA for Standardizing Financial Products and Worksflows
16 February 2023 The three associations have teamed up with FINOS to provide a repository for the CDM project, aimed at fostering the growth of an open-source community for the CDM and ensuring neutralityToday, FINOS (the Fintech Open Source Foundation) announces the open source availability of its highly...
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ICMA announces 2023 scholarship programme recipients
9 February 2023 ICMA is delighted to announce the students who were awarded its 2023 scholarship programme. The 23 individuals from Sub-Saharan Africa, 9 from Asia and 3 from Latin America were selected from an extensive number of applications received, based on their academic attainments...
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Results of the ERCC Committee elections 2023
9 February 2023 We are pleased to announce the 19 individuals that were successfully elected to form the new ERCC Committee. The term of office of the Committee will be approximately one year starting immediately and ending on the day the results of the 2024...
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ICMA ERCC publishes its analysis of how the repo market performed over the 2022 year-end
26 January 2023 ICMA ERCC publishes its analysis of how the repo market performed over the 2022 year-endThe ICMA European Repo and Collateral Committee has published its annual analysis of how the repo market performed over the recent year-end: The repo market at 2022 year-end. The 2022 euro...
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